About Residential Rental Agreement
A rental agreement is an agreement drafted between the owner of a property, house or flat and the party or parties are renting the same.
The elements of a rental agreement usually are the following-
a) The amount that has been taken as the security deposit
b) The amount that has been taken as the License Fee
c) The Amount that must be paid on a regular basis (i.e. monthly, bi-monthly, semi-annually or annually) a.k.a the rent
d) Name, Age, Address and Occupation of the Renter(s)
e) The time period after which the rental agreement expires and the renters can either renew the agreement or repudiate the same
f) Maintenance and Electricity Charges. These clauses usually region that these bills must be paid by the Licensor himself or herself
g) Use- This clause will almost always state that the property, house or flat must be used only for residential purposes
h) Tenancy clause- This clause prohibits the Licensor from sub-letting the property, house or flat to a third party
i) Cancellation clause- This clause states that if the Licensor behaves in such a manner deemed contradictory to the provisions of the agreement, he/she has the right to cancel the agreement.