Rental Agreement

A rental agreement, also known as a lease agreement, is a contract between a landlord and a tenant that specifies the terms and conditions of renting a property. It details everything from the duration of the lease to the rules about pets and maintenance responsibilities. This document is legally binding, which means that both parties must adhere to its terms or face potential legal consequences.

Key Components of a Rental Agreement

1. Parties Involved: The agreement should clearly state the names of the landlord and tenant. It’s important that these names match the official records to avoid any confusion.
2. Property Description: The rental agreement must include a detailed description of the property being rented. This typically includes the address, unit number (if applicable), and any common areas the tenant has access to.
3. Lease Term: This specifies the length of the rental period. Leases can be short-term (month-to-month) or long-term (typically one year). The agreement should clearly define the start and end dates of the lease term.
4. Rent Amount and Payment Terms: The agreement should specify the monthly rent amount, due date, and acceptable payment methods. It’s also important to include information about late fees, if any.
5. Security Deposit: Most rental agreements require a security deposit, which is held by the landlord as a safeguard against damage or unpaid rent. The agreement should detail the amount of the deposit, the conditions under which it can be withheld, and the timeline for its return after the lease ends.
6. Utilities and Maintenance: The agreement should outline which utilities (e.g., water, electricity, gas) are included in the rent and which are the tenant’s responsibility. Additionally, it should clarify the responsibilities for maintenance and repairs.
7. Rules and Regulations: This section covers any specific rules the tenant must follow, such as policies on pets, smoking, noise, and alterations to the property. It’s crucial to review this section carefully to ensure you’re comfortable with all the stipulations.
8. Termination and Renewal: The agreement should specify the conditions under which the lease can be terminated by either party, including notice periods. It should also outline the process for renewing or extending the lease.
9. Legal and Dispute Resolution: This section includes information on how disputes will be resolved and which laws govern the rental agreement. It might also specify the jurisdiction or court where legal matters will be handled.

Specimen of Rental Agreement:
This Rent Agreement is made on this _____________, __________ at _______

                                                    BY

1^st party , ___________ , aged about ________, resident at ____________________ (Hereinafter known as Owner/Lessor of the First Part which expression shall mean and include the Lessor above named and her respective heirs, successors, assigns, executors and administrators)

AND

_______________ (under Incorporation) will be having its registered office at______________________ , Represented through proposed Designated Partner ____________ (Hereinafter known as Tenant/Lessee of the Second Part which shall include its successors and permitted assigns)

That the expression of the   term, Lessor and the Lessee shall mean and include   their   legal    heirs   successors, assigns, representative etc.

Whereas the Lessor is in possession of the at ____________________has agreed to let out the property for office purposes, to the Lessee and the Lessee has agreed to take the same on rent of Rs.  _______ (Rupees ______________ Only) per month.

 NOW THIS RENT AGREEMENT WITNESSETH AS UNDER: –

1. That the Lessee shall pay as the monthly rent of _____ (Rupees __________only) per month, including electricity and water charge. (Without any advance)
2. That the Lessee shall not sub–let any part of the above said demised premised premises to anyone else under any circumstances without the consent of Lessor.
3. That the Lessee shall abide by   all the bye – laws, rules and regulation, of the local authorities in respect of the demised premises and shall not do any illegal activities in the said demised premises.
4. That this   Lease   is   granted for a period   of Eleven (11) months only commencing from _______ and this lease can be extended further by   both   the   parties with   their mutual consent on the basis of prevailing rental value in the market.
5. That the Lessee shall pay Electricity & Water charge as per the proportionate consumption of the meter to the Lessor.
6. That the Lessee shall not be entitled to make structure in the rented premises except the installation of temporary decoration, wooden partition cabin, air – conditioners etc. without the prior consent of the lessor.
7. That the lessee can neither make addition/alteration in the said premises without the written consent of the lessor, nor the lessee can sublet part or entire premises to any person(s)firm(s)company(s).
8. That the Lessee shall permit the Lessor or his Authorized agent to enter   in to the   said premises for inspection general checking or to carry out the repair work, at any reasonable time.
9. That the Lessee shall keep the said premises in clean & hygienic condition and shall not do or causes to be done any act which may be a nuisance to other.
10. That the Lessees shall carry on all day-to-day minor repairs at his/her own cost.
11. That this Agreement may be terminated before the expiry of this tenancy period by serving One-month prior notice by either party for this intention.
12. That the Lessee shall use the above said premises for Official Purpose Only.
13. That the Lessee Shall not store/Keep any offensive, dangerous, explosive or highly Inflammable articles in the said premises and shall not use the same for any unlawful activities.
14. That the Lessee shall pay the one month’s advance rent to the Lessor the same shall be adjusted in monthly rent and the lessor shall make reasonable deductions from the rental deposit towards paintings and other petty expenses.
15. That both the parties have read over and understood all the contents of this agreement and have signed the same without any force or pressure from any side.

SCHEDULE

SPACE SITUATED AT

In WITNESS WHEREOF the lessor and the Lessee have hereunto subscribed their hand at __________on this ________ year first above Mentioned in presents of the following Witnesses  

WITNESSES: –

Name:                                          Name:

Address:                                       Address:

Signature:                                    Signature: