A rental agreement or a lease agreement is a contract between two or more parties that defines the partnership terms and how the profits will be shared among them. It is legal and hence enforceable against everyone who have signed the agreement.
Usually a rental agreement is a form that specifies the condition applicable to the landlord and the tenant as long as the tenant uses the landlord’s property. All the conditions like the rent amount, the minimum time duration if any, etc. are to be specified in the rental agreement.
What to provide in a Rental agreement
As it is a deal between the landlord and tenant, and as it is also a legal agreement, there are some necessary elements to be provided in a rental agreement.
- Name and address of the landlord
- Name and the contact number of the person who is in-charge of the premises.
The tenant should know the address of the landlord in order to contact him in case of any problems regarding the area. Also, there can be a person in-charge of the premises so that the landlord can know about his property in case he is not able to make it to the place at the time.
The minimum time and the maximum time (if required) should be specified in the agreement. For example, if the landlord specifies a bond of one year, the tenant should be staying there for a year failing which there should be some compensation from the tenant’s side.
Rental agreement Format
Like any legal documents, the rental agreement or a lease agreement has a format to be followed while making one.
Execution of the agreement
The rental agreement is a legal document that both the parties namely the landlord and tenant have to agree. Hence, it goes without saying that both the parties have to agree to the terms by signing the document to show that they accept the terms and conditions.
Terms of the rental agreement
The terms are simply the conditions that the landlord and the tenant have to agree upon. For example, in India the lease agreement will usually have an eleven-month agreement.
The rental agreement should also contain the basic details like the name of the city, month and date when the agreement is printed, year when it ends, name of the landlord and his address, tenant’s name and his present address, the address of the property given for lease, etc. Also, the agreement should have the details about the equipment in the property being leased. It should have the number of bedrooms, bathrooms, the electronic equipment (in case the landlord is leasing out that also) like the refrigerator, ceiling fans and whatever included. The car parks also should be mentioned in the agreement.
Check the List of Free Printable Sample of Rental Agreement in Word Doc and PDF:
Rental Agreement Template
Basic and Simple Rental Agreement
Residential Lease Agreement Forms
House or Room Rental Agreement Template
11 Months Rental Agreement Format
Lease Agreement Template
The details that has to be included in a rental agreement has been mentioned in the passage. You can check out the format of a rental agreement by downloading the templates available online. Note that when you sign it, you have to go by the conditions mentioned. Be sure you have read the agreement completely and have understood the terms you have to abide by.