This agreement or document has to be followed by both landlord and tenant. Moreover, the tenure of the contract or agreement can be renewed if the owner of the property wishes to. The terms and conditions of the contract or agreement can be changed according to the understanding between the tenant and the landlord. Unless registered, this notarised agreement is not a legal binding. Therefore, to register the same, the tenant needs to pay stamp duty and registry charges on the agreement.
Here is the format of a rent agreement for reference:
This rent agreement is made on this __________ (date of rent agreement) by ________________ (name of the landlord) S/o _______________ (father’s name of the landlord), Address: ___________________________________________________ (residential address of the landlord). Hereinafter called the Lessor/Owner, Party of the first part
_____________________________ (Name of the proposed company), through its proposed director __________ (name of the director) called lessee/tenant, party of the second part
That the expression of the term, Lessor/Owner and the Lessee/Tenant shall mean and include their legal heirs successors, assigns, representatives etc. Whereas the Lessor/Owner is the owner and in possession of the property No: _______________________________________________________________________________________________ (registered address of the company) and has agreed to let out the one office room, one toilet & bathroom set on said property, to the Lessee/Tenant and the Lessee/Tenant has agreed to take the same on rent of Rs. ______/- (in words) per month.
Now This Rent Agreement Witness As Under:
That the Tenant/Lessee will have to pay Rs. ______/- (in words) as monthly rent, which does not include electricity and water charges.
That the Tenant/Lessee shall not lease the property to a subtenant under any circumstances without the consent of the owner/landlord.
That the Tenant/Lessee shall follow all the rules and regulations, by-laws set by the local authorities in respect of the leased property and will not get involved or do illegal activities in the leased property.
That this lease/agreement is granted for a period of eleven (11) months starting from ___________ (date of rent commencing from) and this contract can be extended further with the mutual consent of both the parties as per the current rental value in the market.
That the Lessee shall pay the water and electricity charges on the basis of the consumption to the landlord/owner.
That the Tenant/Lessee shall not be permitted to do a construction in the rented premises. Besides, he/she could do the installation of temporary decoration, wooden partition/cabin, air conditioners etc. without seeking the permission of the landlord.
That the Tenant/Lessee is not allowed to make any alteration in the rented property without the written consent of the owner.
That the Tenant/Lessee will have to allow the landlord or his authorized agent to enter in to rented premises for its inspection or general checking for any repair work, if needed.
That the Tenant/Lessee shall keep the premises clean and shall not involve in any activity that causes problems to neighbours.
That the Tenant/Lessees shall himself/herself bear the cost of day to day minor repairs.
That this contract/agreement could be revoked before the expiry of this tenancy period by serving one month prior notice.
That the Lessee/Tenant shall not involve in illegal activities and will not keep any offensive, dangerous or explosive articles in the premises.
That the Tenant/Lessee shall pay one month rent in advance to the landlord that would be further adjusted in the monthly rent.
That both the parties, landlord and the tenant, have read and understood this agreement and have agreed to sign the same without any pressure from any side.
In WITNESS WHEREOF the lessor/owner and the tenant/lessee have hereunto subscribed their hand at ______ (place) on this the _____________ (date of rent agreement) year first above mentioned in presence of the following witnesses.
___________ (name of the landlord) _________________ (name of the proposed company)
Which stamp paper is required for rent agreement?
The renting should be for either residential or commercial purposes. There should be a written agreement between the owner and the tenant. The agreement should be printed on a Stamp paper of a minimum value of Rs.100 or 200/-. Stamp duty is 1% of the total rent plus deposit paid annually or Rs. 500/- whichever is lower.
What should a tenancy agreement include?
Best practices state that a rent agreement should include basic information like rent amount, tenancy term, purpose, and allied details. Know more
Is Witness required for
If it is an 11-month rental agreement then registration of this rental agreement is not mandatory. The witness can be anyone, there is no strict rule about it.
Are Rent agreement and Lease agreement same?
No, lease and rental agreements are not the same. Know the difference