What are the essentials to mention in a rent agreement (>12 months)

What Things to Include in Rental Agreement?

• Names and Addresses of Parties: Clearly mention the full names and addresses of both the landlord and the tenant.
• Description of the Property: Provide a detailed description of the rented property, including its address, floor area, and any specific features or amenities.
• Term of the Tenancy: Specify the duration of the tenancy, including the start date and end date. If it's a fixed-term tenancy, mention the exact duration. If it's a periodic tenancy (month-to-month), specify the notice period required for termination.
• Rent Amount and Payment Terms: Clearly state the monthly rent amount payable by the tenant and the due date for payment. Also, specify the mode of rent payment (e.g., bank transfer, cheque, cash) and any penalties for late payment.
• Security Deposit: Specify the amount of security deposit to be paid by the tenant, along with the conditions for its refund at the end of the tenancy.
• Maintenance Responsibilities: Clarify the responsibilities of the landlord and the tenant regarding maintenance and repairs of the property, including who is responsible for routine maintenance, repairs, and payment of utility bills.
• Use of the Property: Clearly outline the permitted use of the property by the tenant and any restrictions or prohibitions on activities such as subletting, alterations, or commercial use.
• Notice Period for Termination: Specify the notice period required by either party to terminate the tenancy, along with any conditions or penalties for early termination.
• Rights and Responsibilities of Parties: Include provisions outlining the rights and responsibilities of both the landlord and the tenant, such as access to the property, restrictions on entry, and compliance with housing laws and regulations.
• Other Terms and Conditions: Depending on the specific circumstances, include any additional terms and conditions relevant to the tenancy, such as restrictions on pets, parking arrangements, or rules for common areas (in the case of multi-unit buildings).
• Signatures and Witnesses: Ensure that the rent agreement is signed by both the landlord and the tenant, along with two witnesses, to make it legally binding.