A rental agreement is a document that binds the Tenancy of a property. There are majorly two types of rental agreements:
- Commercial Rental Agreement: Agreement made for commercial properties like offices, shops, or godowns.
- Residential Rental Agreement: Agreement made for the residential properties.
Now coming to our topic what is a Basic Rental Agreement form?
The basic Rental Agreement form is a contract between the tenant and the owner. So, all the necessary details that make a rental agreement are mentioned in a basic rental agreement form. These details are as follows:
1. Owner Details:
In this section of the rental agreement form, the owner will fill out all his basic details and in the section of the permanent address of the owner, the rented property address can also be used.
2. Tenant Details:
The tenant is the person who is taking the property on rent. So, it is very necessary to provide the basic details to make the rental agreement.
3. Property Details:
4. Agreement Details:
This is the most crucial part as the whole agreement depends upon the details filled in this particular section. Hence, we are going to elaborate each point one by one:
- Monthly Paid Rent: This is the monthly rental price of the property which the tenant has to pay to the owner.
- Rent Date: This is the date on which the tenant has to pay the rent to the owner.
- Maintenance Charges: These are the maintenance charges which are notified by the owner to the tenant. That will charged monthly for the maintenance of the property.
- Security Amount: This is a one-time refundable amount the owner will take from the tenant as the assurance of his/her valuable asset.
- Mode of Payment: Mode through which the rent will be paid like cash, cheque, UPI, net banking, etc.
- Date of Commencement: The date on which the rental period has started.
- Notice Period: This is the period that the tenant has to inform before ending the rental period of the property.
- Increment in Rent: The amount of percentage by which rent will increment after the expire of the rental period as per agreement.
- Lock-in Period: This is the period before which the termination of the rental period will not allowed by both parties.
5. Fittings and Fixtures Details:
These are the details of the fittings and equipment provided by the Owner in the rental property to the tenant,
We hope that the information was sufficient and now you know all about the basic rental agreement form.