Rental Agreement in pakistan
A Rental Agreement is a document that is signed by the landlord and the tenant. Basics terms and conditions are mentioned in this agreement and by the will of both the parties, this document is then signed.
Terms and conditions may include the amount of rent, a description of the property, the term of the tenancy, and the amount of security deposit. This agreement is used for both residential and commercial property. A landlord uses this documentation to clearly define the rental terms of his property.
The landlord is responsible to provide every facility that he has mentioned in the agreement regarding electricity, water, etc. Before handling the keys proper inspection must be done by both parties to avoid any inconvenience in the future.
Proper maintenance work should be done before renting. The tenant should read the documents carefully before signing them. The documents may be in Urdu or English language. The rental agreement should always be in written form it could be helpful The terms and conditions can be changed according to the mutual understanding of both tenant/landlord. Tenants need to pay stamp duty charges on this agreement. After the registration, the agreement is legally binding. The agreement remains invalid until two witnesses are not present and the papers are not signed by them. The process of rental agreement registration takes a few days since it goes through levels of legal procedures. Compared to the notarised agreement, a registered agreement costs more. You have to pay registration fees and stamp duty.
This agreement holds a vital place to regulate tenancy. This agreement safeguards the right of both parties. If in case of any dispute between both the parties, the agreement is the only solution to bring them to one table.
The quickest way to get this agreement is to go to a real estate or rental agency. You can also go to the courts and file a lawsuit. You will need to provide the landlord with copies of your identification, your lease agreement, and your rent check.
