Answered on November 03,2020
Here are the few points to remember while drafting a rental agreement.
- Rental agreement made and execution date
- Landlord’s name, age, residential address and pan number
- Tenant’s name, age, permanent residential and pan number
- Complete address of rental premise address
- Rental duration or rental cycle
- Year on year rent appreciation value or percentage
- Rent commencement date
- Monthly rent
- Monthly maintenance cost
- Refundable security deposit
- Any other additional cost like electricity, water, gas, parking charge etc..
- Bank account to transfer monthly rent
- Date of rent payment
- Is sub-letting or re-letting allowed or only for said tenant possession
- Purpose of accommodation (Residental or commercial)
- Renovation cost (Painting & cleaning)
- Responsibility for damages & repairs
- Rules & regulation of owner’s association, society or maintenance office
- Details of periodic property inspection
- What if rent is not paid on time? Maybe penalty or late payment fee?
- Notice period
- Complete schedule of the property with fixtures, fittings and furniture details with brand name & quantity
- Section or space for signature of landlord, tenant, and witness
Below we attached the image of mock draft for your consideration.Please write to us if you looking for mock agreement in word format. We share draft at no cost.
In Karnataka, we provide rental agreement service with notary and home delivery. To opt for our service, please Whatsapp to 9 7 4 2 4 7 9 0 2 0.
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