Rent agreement is an authentic document that helps building a long term relationship between you a tenant and homeowner. A rent agreement helps in keeping transparency and clears everything from the rent to the period of stay.

Why there is a need to have an online rent agreement?

With the advancement in technology, it is important to have an online agreement. It is easy and convenient and 100% percent safe to have and sign an e- rent agreement. It has a value equivalent to that of the hard copy of the rent agreement.

Let’s see the process of online rent agreement:

An online rent agreement can be created by filling in the owner-tenant-property details, making the payment, and digitally signing the agreement.

What details does an online rent agreement consists of?

Here we have the list of necessary elements to be kept in an online rent agreement.

Name and addresses of the landlord and the tenant

Having name and address of the landlord and tenant over the rent agreement is mandatory. It is important to know to whom the rent agreement belongs to and for what purpose it is.

Digital signatures of the landlord and the tenant

An online rent agreement needs to have the digital signature which you can sign at ease form anywhere. So now coming to a place where you have to sign the rent agreement is no more needed.

Type of tenancy

To state the type of tenancy is necessary to be mentioned in the rent agreement. The rent agreement belongs for commercial or residential purpose is needed to b clearly mentioned.

Duration of tenancy

The duration of the rent agreement as is mentioned in the hard copy should be mentioned in the online rent agreement. Generally the rent agreements are made for around a year’s period and can be renewed later.

Monthly rent

Having mentioned the rent duration in the rent agreement, also mention the rent amount and the increment rate too during the renewal of the rent agreement.

The extent of increase in rent every year

Generally the rent increment I s done after the completion of rent period and the increment of the rent is by 10 percent but it totally depends upon the owner and tenant mutual concern that how much rent is to be increased.

Security deposit

Security deposit is the most important part that is refundable and is a compensation in favour of the damages done by the end of the tenant. Some of the simple repairs comes under the account of tenant.

Terms and conditions of the tenancy

In the online rent agreement, all the clauses of the tenancy are mentioned like the property is rented for residential purposes and not for commercial purposes, no sub-letting of the property is allowed etc.

Responsibilities of the land lord and the tenant

All the responsibilities by tenant and landlord are mentioned in this online rent agreement. The roles of tenant and landlord are clearly mentioned in the rent agreement. For example, homeowner cannot enter in the rental premises anytime without prior information to come and tenant cannot withhold the rent amount without any information.

While a standard rent agreement will have all these details, you can also customize the online rent agreement according to your specific requirements. Get instant online rent agreement here.