Rental Agreement in Pakistan

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.

 Rental Agreement in Pakistan

TENANCY RENT AGREEMENT

 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 the said property.

NOW, THEREFORE, THIS AGREEMENT IS WITNESSETH AS UNDER:-

That the payment due each month for the property will be Rs. _____________. That the duration of the contract shall be Twelve (12) months. The agreement shall initiate from __________ and expire on __________. That the property will not be sublet and will not be used for illegal activities or any other reason but ‘Residential” use only. That the Landlord has received from the tenant a sum of Rs. ______________________ being the _________ month’s advance rent and Rs. __________________________ being the _________ month’s Security Fixed Deposit. That the Tenant will submit the monthly due rent to the homeowner/Landlord on or before the 5th of every calendar month till the expiry of the rent agreement. That the tenant will submit the due rent regularly for the tenancy period and shall be responsible for paying water, electricity, maintenance, and other bills. The photocopy of these bills shall be submitted to the landlord in due time. That the Tenant will allow the landlord or their authorized person to visit the property to view the condition a 24-hours before notification. That the Tenant will be responsible for maintaining the property in good condition and will hand over the possession of the property to the rightful owner upon termination of the rental agreement. That the residing Tenant will not make any changes, additions, or modifications to the said premises. That either party shall provide a four (04) week written notice to the other for the termination of the rental contract. That on the expiration of the contract duration of twelve months, this rental agreement can be extended/renewed by a consensual agreement from both sides for any further period; otherwise, after twelve months, the Tenant will give the vacant possession of the said property. That the Tenant will not be allowed to use the said property for any illegal activity or business. That both parties involved in the agreement have decided to increase _______% rent every year.

Both the parties have finalized the contract by themselves after satisfaction and inspection of the premises, including title documents and legal right of the landlord to rent as well as status and credentials of each other.

In witness whereof, the parties named above have ascribed their hands hereto legitimize this agreement at _______ (city name) and the date mentioned above.

Owner: _________________

Tenant: _________________

WITNESSES

                 ____________________                                                                                 _____________________

                A witness from the owner’s side                                                                         Witness from the tenant’s

How to finish a Rent Agreement in Pakistan?

If you're unable to comply with a rent agreement, you will wish to contemplate ending the rental agreement. you'll be able to do that by either giving the owner written notice or by about to court.

Jaageer.com

Blog Author

Jaageer Blog Logo Jaageer Blog

LEAVE A COMMENT

Your phone / email address will not be published. Required fields are marked *


RECENT POSTS

RUGS AND HOME DECOR

RUGS AND HOME DECOR

September 29, 2022
Pakistan Real Estate Domains.

Pakistan Real Estate Domains.

September 28, 2022

RECENT PROJECTS