It is a good idea to rent out your property if you have second home or moving to another city or shifting to abroad or any other reason. It can help you financially and can generate good income if it is at a demanding location. But one needs to be careful as it is a task that involves some process to be followed like rental agreement, police verification, etc.What is a Rental Agreement?A rental agreement is a legal bonding between two parties one is the landlord and the other is tenant. It is the integral part of the process of renting any property. Though the rental laws are different from country to country and state to state but the intention is same in almost all the cases to safeguard the rights of both the parties to avoid future conflicts. If we define the rental agreement in simple words then we can say it is a relationship between an owner of the property and the tenant of the property who takes the property on rent. This agreement has no standard format and can be long or short as per the requirements of both the parties.A rental agreement includes all the terms and conditions that needs to be followed by the tenant then only he can take the place on rent.Some major points that are usually included in a rental agreement are:Period of tenancy:It is the time for which both the parties are agreed for the property to be rent out and after that period if tenant wants to continue to live there and the owner agrees then the agreement is renewed. In the new agreement there can be new conditions if required and revised monthly rent amount as well.Amount of rent:It is also written in the agreement that how much rent is to be paid monthly and till what date of the month.Deposit:There is certain amount that is kept with the landlord as a security deposit and it can range from one month’s rent to 6 months’ rent as per the landlord’s wish. This deposit is kept as security in case the tenant is not able to pay rent or refuses to pay for any damage to the property or any item that is lost or broken in the property so the actual amount will be deducted from this deposit. The amount of deposit is written in the agreement and is refunded in full when the tenant leaves the property if the house is kept as it was prior the moving of the tenant.Mode of payment of rent:It is also decided prior the agreement whether the rent will be directly deposited in the bank account or given in cash or cheque to the landlord. In case the owner lives in other city or abroad it is a better idea to make direct payment of rent into bank account of the owner.Date of agreement:It one definite point that is there in all rental agreements. The date on which the agreement is commencing and the expiry date of the agreement are written in the agreement.Increment in rent:It is mentioned in the agreement that over a period of time the rent will be increased by certain percentage if the current tenant continues to live in the property for the next year. Usually the agreement period is of eleven months.Maintenance/society charges:If the property falls in a society or a flat that comes under a society then the society maintenance charges are applied and either it is included in the rent or the tenant has to pay it separately to the society. It is usually mentioned in the agreement.Furniture or goods in the property: It is usually mentioned in the agreement what furniture or items are given along with the house if the house is furnished or semi furnished. The tenant is required to take care of everything provided by the owner.Damage to the property or goods in it: If the property is furnished or semi furnished it is important to include each and every thing/goods in the agreement so that any damage or loss of anything can be checked at the time of completion of the agreement. If the tenant has made any structural changes to the property and the owner is not aware of it then the tenant has to undo the changes. Any damage to the property is also fined by the owner as per the agreement.Utility charges:It is clearly mentioned in all the agreements whether the utility charges like electricity bill, telephone bill, water charges, etc. are separate or included as a fixed amount in the rent.Notice period:This is one of the most important points. Notice period is the minimum time frame required to inform to the owner before vacating the property by the tenant and also from owner’s side it is the same i.e. the minimum time frame required to inform the tenant before asking him or her to vacate the premises. It is mutually agreed time frame and signed by both the parties in agreement. In most of the cases the notice period is one month from both ways but if the tenant fails to inform prior one month or has to leave all of a sudden then he may have to pay one month or the notice period rent in advance.References:Usually there are two references in the agreement for the tenant who sign as a reference for the tenant in the agreement. They can be past employer or a reliable friend or a relative of the tenant.Name and address:The last but not the least the agreement does have name of both the parties, the landlord and the tenant and the address of the property which is given on rent.Ruchi Mahajanзайм на карту без отказов круглосуточновзять кредит онлайн