With property prices soaring at unprecedented rates, becoming a homeowner has become near-impossible for the general population. This has led to an exponential increase in the popularity of rental properties throughout the country. To manage your properties well, you need to develop an understanding of rent agreements in Pakistan.
Whether you’re a landlord or a tenant, you are bound to encounter several rental agreements, and having a sample can cut down the hassle of forming a new agreement. Graana.com features a rent agreement format that you can use on the go to ease the process.
Before delving into the agreement format, it is essential to understand the basics of a rental agreement. A rent agreement is a legally binding contract in the tenant-landlord agreement. The contract’s key points depend on negotiation between both parties. However, there are certain state-issued rules that the contract must abide by.
The rent agreement consists of several key factors: contract duration, monthly rent, rent due date, annual increment rates, and miscellaneous points discussing repair and maintenance costs. Both sides must agree with every single clause in the agreement to be valid.
Component | Description |
---|---|
Parties Involved | Names and details of the landlord (lessor) and tenant (lessee). |
Property Description | Address and description of the rental property. |
Term of Lease | Duration of the lease, including start and end dates. |
Rent Amount | Monthly rent amount and due date for payment. |
Security Deposit | Amount of security deposit and conditions for its return. |
Payment Method | Method and place of rent payment (e.g., bank transfer, cash, cheque). |
Utilities and Services | Responsibility for payment of utilities (e.g., electricity, water, gas). |
Maintenance and Repairs | Responsibilities for maintenance and repairs of the property. |
Use of Property | Permitted use of the property (e.g., residential, commercial). |
Subletting | Conditions under which subletting is allowed or prohibited. |
Termination Clause | Conditions for early termination by either party. |
Renewal Terms | Conditions and process for lease renewal. |
Property Inspection | Rights and schedule for property inspections by the landlord. |
Tenant Obligations | Specific obligations of the tenant (e.g., keeping property clean, no alterations). |
Landlord Obligations | Specific obligations of the landlord (e.g., ensuring property is habitable). |
Dispute Resolution | Method for resolving disputes (e.g., mediation, arbitration). |
Legal Compliance | Compliance with local laws and regulations. |
Signatures | Signatures of both parties and date of agreement. |
Following is a rent agreement sample that you can use while renting a house in Pakistan.
This rent agreement is signed at [city name], on this day of _________ date.
BETWEEN
_________________________________________________________________________________________________________________
Hereinafter known as the “landlord” of the one part.
AND
_________________________________________________________________________________________________________________
Hereinafter known as the ‘tenant’ of the other part.
Whereas the landlord confirms that he is legally competent to rent out ______________________________ ____________________________________________________ with necessary electrical fittings and fixtures therein. The landlord has agreed to rent and the other party has agreed to accept the rent of said property.
NOW, THEREFORE, THIS AGREEMENT IS WITNESSETH AS UNDER:-
In witness whereof, the parties named above have ascribed their hands hereto legitimise this agreement at _______ (city name) and the date mentioned above.
Owner: _________________
Tenant: _________________
WITNESSES
____________________ _____________________
Witness from the owner’s side Witness from the tenant’s side
In Pakistan’s fast-paced real estate market, rental properties has become the population’s go-to option for housing. In this market, a rent agreement is something that you will encounter. With a sample rent agreement format ready to use, the process can become a breeze. Visit Graana.com – Pakistan’s first online real estate market.
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