Common contents of a rental agreement include:
- Names of the landlord and tenant and/or their agents.
- Description of the property.
- Amount of rent and due dates for payment, grace period, late charges.
- Mode of rent payment.
- Methods to terminate the agreement prior to the expiration date and charges if any.
- Amount of security deposit and the account where it is held.
- Utilities furnished by the landlord and, if the landlord charges for such utilities, how the charge will be determined.
- Facilities in the premises which the tenant is entitled to use such as swimming pool, security systems etc.
- Rules and regulations such as pet rules, noise rules and the penalty for violation.
- Identification of parking available, including designated parking spaces, if provided.
- How tenant repair requests are handled and procedures for emergency requests.
- the tenant is responsible for.
- Insurance: Whether the tenant is required to insure the property – this is most often used in commercial rental agreements.
- Repairs and Maintenance: Party responsible for repairs and maintenance of the property – landlord or tenant.
In India, security deposit or advance is also paid by the tenant to the landlord which is to be repaid at the time of cancellation of the contract. Usually, it is calculated anywhere from 2 or 3 months to up to 10 months of the rent. Security deposits are given at the time of signing the contract.
A part of the security deposit can be used by the landlord towards any damages caused to the furniture, appliances, electrical, or the property itself, by the tenant. After deducting the security deposit towards damages, the landlord is to return the remainder of deposit to the tenant, at the time of cancellation of the contract.