Home is where love resides, memories are created, friends always belong, and laughter never ends so it is a place to unwind, relax and recharge. Buying a house in Delhi NCR is achievement for many individuals. Owning a house is dream come true for middle income population. Dream home is built on strong groundwork after careful consideration by investing one’s life long savings. When the ideal house is unearthed, the proud owner can live a dream lifestyle The per capita income of 21st gen youngsters is high when compared to the previous generations. Due to this owning a home for them is becoming easier, Banks and financial houses are ready to provide loan with tenure more than 20 years, which also helps in owning home in prime locations. The availability of financial assistance clubbed with savings motivates people to construct bigger homes or multiple smaller portions so that they can be let out. This will result in additional rental income for the owner.
Landlord gives the property for a consideration while the tenant pays their rent on time and they both keep to their various obligations so that they get mutually benefitted. Still 80’s people rented there house based on trust and with referral from known sources. The increase in the migratory population makes getting references from known source almost impossible. So a legal agreement is entered between the landlord and tenant and is named as rental agreement. The legal agreement is signed and binds both the parties to fulfil their commitments. The rental agreement clearly mentions the details the rights and duties of landlords and tenant.
The details mentioned in the agreement include the following address of the rental property, names and signatures of the tenant(s) and landlord, date the agreement was signed. Start and end dates of the rental period, terms for the collection of rent (i.e., amount, due date, late fees, etc.), amount of the security deposit and policies for returning, notice required to terminate the lease, availability of car parking areas, details regarding sub letting and maintenance of the property.
Legal agreement also mentions the responsibilities of landlord as maintaining the property in habitable condition, Keep electrical, plumbing, sanitary facilities and appliances in good and safe working order. The responsibilities of the tenant is mentioned as Use the rental property for legal, residential purposes, Keep the property and adjacent area clean and in good condition, notify if something needs to be repaired. It is the moral binding which both the parties under take to fulfil.