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Who Keeps The Original Copy Of Rent Agreement?

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Who Keeps The Original Copy Of Rent Agreement?

The rent agreement is a crucial document that lays out the terms and conditions between a landlord and tenant. It serves as evidence of the agreement between both parties and protects their rights in case of any dispute. It is essential to keep a copy of the rent agreement in a safe place to avoid any confusion or misinterpretation in the future.


Who is Responsible for Keeping the Original Copy?


The original copy of the rent agreement is usually kept by the landlord. This is because it is the landlord's responsibility to ensure that a record of the agreement is kept safely for future reference. In most cases, the landlord is the one who drafts the rent agreement, and it is their responsibility to keep the original copy.

However, some landlords may choose to give a copy of the original agreement to the tenant for their personal record. In such cases, it is the responsibility of the tenant to keep the copy safe and secure.


Why is it Important to Keep the Original Copy?


Keeping the original copy of the rent agreement is important for several reasons. It serves as a reference in case of any dispute between the landlord and tenant. In case of any disagreement regarding the terms and conditions of the agreement, both parties can refer to the original copy to resolve the issue.

The original copy of the rent agreement is also important for legal purposes. In case of a legal dispute between the landlord and tenant, the original copy of the rent agreement serves as evidence of the agreement between both parties. It is a legally binding document that can be used in court as evidence in case of any legal proceeding.

Moreover, the original copy of the rent agreement is also important for tax purposes. It is necessary to keep the original copy of the rent agreement to claim the HRA (House Rent Allowance) exemption from the income tax department.


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Where to Keep the Original Copy?


The original copy of the rent agreement should be kept in a safe and secure place. It is recommended to keep it in a fireproof and water-resistant place, such as a safe or a lockable cabinet. The original copy should not be kept in a place where it can easily be damaged or lost, such as a car or a backpack.

Some landlords choose to keep the original copy of the rent agreement in a bank locker or a safe deposit box. This is a safe and secure option, as banks have stringent security measures in place to protect their customers' valuables.

Tenants can also choose to keep the original copy of the rent agreement in a safe place, such as a fireproof box or a safe deposit box. This is important in case the tenant needs to refer to the agreement in the future or in case of a legal dispute.


Conclusion:


In conclusion, the original copy of the rent agreement is a crucial document that lays down the terms and conditions between a landlord and tenant. It is the responsibility of the landlord to keep the original copy of the agreement, but in some cases, the tenant may also be given a copy for their personal record. Keeping the original copy of the rent agreement is important for reference, legal, and tax purposes. It should be kept in a safe and secure place to avoid any damage or loss.


Written by Pawan Singh


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