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What is a Rental/ Leave and Licence Agreement?
A lease or rental agreement sets down rules landlords and tenants agree to follow in their rental relationship. It's a legal agreement, as well as an exceptionally practical document filled with crucial details like the length of time the tenant may occupy the property as well as the sum of rent due every month. If the lease or rental agreement is as brief as one page or more than five, typed or handwritten, it requires to cover the essential conditions of the tenancy.
What are the key items to be covered?
The laws of each state differ and therefore a common format of rental agreement may not protect your rights. For eg. The laws for Maharashtra.
Purpose of Rental:
Your agreement should clearly define the fact that the rental unit is the residence of only the renters who have signed the lease and their small children. This guarantees your right to determine who lives in your house, preferably, people whom you've screened and approved, and also to limit the number of residents. The value of this clause is the fact that it provides you reason to evict a renter who moves in a buddy or comparable, or sublets the unit, without your authorization. Every rental document must state whether it's a rental contract or a fixed term rent.
Length of Stay:
Rental contracts often operate from month-to- month as well as self renew unless terminated by the landlord or tenant. Your choice depends on the length of time you need the tenant to remain and how much versatility you need in your agreement.
Mode and Amount of Rent:
Your lease or rental contract must specify the quantity of rent, when it's due, and how it is to be paid, like by mail to your workplace. Acceptable payment methods whether late fees may be due if rent isn't paid on time, the quantity of the fee, and whether there is any grace period, and any costs if a rent cheque bounces.