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Do you want to get a registered rental agreement without any hassle? Licit 360 provides perfect compliance while writing rental agreements. We ensure that the agreements are prepared, evaluated, and legally compliant. We strive to provide a simple and secure way to plan and make formal renting arrangements.
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An oral agreement is not legally binding, and one should never accept it while renting a residence. So, create your Rent Agreement with Licit 360 and live stress-free!
A rental agreement is a written agreement between the property’s landlord/lady and the tenant who is renting it. Surprisingly, most individuals disregard it; however, they should not. This one agreement covers all of the necessary information, terms and conditions, and clauses for renting out a home.
A Rent Agreement includes security deposits, property information (size, address, type, and term of the agreement), and your monthly rent. As a result, before signing it, you must properly prepare/read it, including all of the regulations and restrictions.
According to the Registration Act of 1908, any property leased for 11 months or more must be registered. And both parties must sign it. In the event of a dispute, a Rent Agreement serves as legal proof for both the landlord or lady and the tenant.
So, if you are new to town and moving into a rented house, or if you are renting out your property for the first time and need someone to assist you draft your rental agreement, you’ve come to the perfect place! Let us know what you need, and Licit 360’s experts will handle it for you.
Essentials and Format for a Rental Agreement
Names of the parties:
In the agreement structure, the parties' names are clearly given as Lessor (landlord) and Lessee (tenant), along with their respective permanent addresses.
Right to enjoyment or death:
The lease/rent agreement gives the tenant the right to enjoy the property, but the lessee does not have any ownership rights.
Immovable Property:
The property for which the agreement is made must be immovable.
Duration:
The Rent Agreement shall specify a statement for the duration of the lease, which could vary from a year to a longer period. If the agreement is less than 11 months, it does not need to be registered.
Consideration
It refers to the amount that the lessee needs to pay for the enjoyment of property, which is agreed upon between the lessor and lessee, and it could be in a set form (e.g., monthly rent or annual rent).
Security Deposit:
A lump sum amount agreed upon by the parties is temporarily deposited with the landlord (lessor). In the usual run of business, this deposit sum is repaid at the end of the lease period.
Notice period and renewal terms:
These agreements must specify the time period before which the landlord must give the renter notice to quit the property. Also, the terms of renewal should be indicated; some agreements include provisions for auto-renewal or no renewal. The terms and circumstances for notice and renewal are best stated clearly in the lease agreement.
Exit Clause:
If the lessee quits the agreement before the required period, the loss experienced by the lessor will be compensated by the lessee.
Signature and date:
The agreement must be signed, understood, and registered to make it legitimate and enforceable.
Required documents for a rental agreement
- Identity Proof (Aadhaar Card) of the Landlord and Tenant
- Passport-size photographs
- List of fittings and furniture for the property to be rented
- Police Verification Form
- Non-judicial Stamp
- Registered Rented Agreement printed on stamp paper with sufficient stamp duty.
Benefits of Registered Rental Agreements
Legally defines (tenant and landlord) ownership rights.
Helps to protect the owner's rights and interests.
The landlord feels more safe if the agreement is registered.
strengthens one's claim to the property.
It informs all others about the ownership of the property. Ownership becomes certain.
A Registered Lease Agreement is legally legitimate and enforceable in a court of law.
FAQs on Rental Agreement
A Rent Agreement is a legal agreement between the landlord or lady and the renter. It results in a relationship involving the rental of a certain premises for a set amount of time.
Rent review is the process of reviewing the rent each year.
A security deposit is a lump sum money that must be paid under the rent agreement as a guarantee that the tenant will follow the rent agreement's deadline and can be used to pay for any damage caused by the renter. This payment is to be refunded (refundable) at the time of contract cancellation.
If the term of the rental agreement exceeds 11 months, it must be registered.
The advantages of a residential agreement include the promotion of occupational relationships, liquidity, legal security, immediate effect, suitability, budget-friendliness, respectful relationships, and protection against unexpected incidents.
The Residential Agreement contains the following components: the name of the tenant(s), the limits of occupancy, the terms and conditions of the tenancy, the rent amount, the security deposit, the repairs and maintenance, the entry to the rental/lease property, the landlord's restrictions, the allowance of pets, and any other important additions by the landlord or lady.
It is the legal duty of all landlords/ladies to obtain police verification for their tenants in accordance with Section 188 of the Indian Penal Code.
Typically, the landlord can request that the tenant remove the premises, and the renter can leave within one to three months. This clause must be explicitly stated in the rental agreement with common consent.
In India, the rental agreement does not have to be notarized.
Yes, in most cases, insurance in a rent agreement refers to the landlord's insurance policy.
A rental agreement becomes a legal document when it is registered through the due process of law; non-registered agreements are acceptable in court of law.
The owner retains ownership of the property; but, the Tenant is granted the right to use it for a set period of time.
Yes, only a registered rental agreement is acceptable in court.
If the renter and the landlord cannot reach an agreement, the tenant may refuse to quit the property, or the owner may evict the tenant without warning.
We deliver our services right at your doorstep; simply phone 91 777 28 77729 or email contact@Licit 360.com.
Yes, there is a basic rental agreement framework, however parties are free to make changes to a rental agreement that are acceptable under the law.