8 THINGS TO REMEMBER WHILE SIGNING A RENT AGREEMENT
SUB-REGISTRAR OFFICES IN DELHI
Awell-drafted residential rent agreement between the landlord and the tenant in unambiguous terms helps to bring clarity, completeness, enforceability and effectiveness of the agreement. A legally binding rent agreement helps the parties to safeguard their interests and to avoid future legal disputes. The parties must ensure that the following main points amongst others are incorporated in the residential rent agreement:
of the parties: The rent agreement must specify the names of the parties to the agreement. This first element, while seemingly elementary, should not be overlooked as contract implies a relationship and a relationship requires more than one party.
Recitals include a background history of the rented property and describes the complete specifications and description of the rented property.
Consideration means the money paid or to be paid, the liabilities assumed or to be assumed, including tax liabilities. The rent agreement must clearly specify the rent to be paid by the tenant to the landlord including the security amount deposited with the landlord.
effective dates: Generally, two or more dates can often be found in a rent agreement, and the effective date of the agreement is not clear. Such clutter and confusion about multiple dates can be avoided by simple but incisive language, such as a provision specifying which date is the effective date of the rent agreement.
The rent agreement must provide the duration for which the rent agreement from the effective date will exist between the parties. The parties may also include provisions concerning the renewal of the rent agreement on expiry of the subsisting rent agreement.
in period: The parties may provide for the lock-in period in the rent agreement ie the period for which the rent agreement cannot be terminated by either of the parties. The lock-in period is in favour of both the parties and must specify the exceptional cases where such lock-in period would not apply - such as the transfer of the tenant to another ciyt. There should also be a severe penalty for terminating the agreement during the lock-in period.
and representations: The rent agreement must clearly specify the representations and warranties by the landlord and the tenant to bring comfort and certainty concerning the rented property. The representations help in allocating responsibilities and expenses to be borne by the landlord and the tenant, including (i) repair and maintenance expenses; (ii) water, electricity, parking charges; (iii) property taxes, rates, duties, fines, penalties payable to the appropriate local authorities and municipalities concerning the rented property; (iv) registration charges etc.
The rent agreement must expressly provide for the grounds under which the rent agreement can be terminated by the parties. The rent agreement must state the charges, expenses that the landlord and the tenant have to be bear at the time of termination.
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