The rent agreement is signed in writing, signed by the parties. The transfer of ownership under a rental agreement for the alienation of real estate for a fee is subject to state registration.
If the rental agreement provides for the transfer of the property for a fee, the rules of the contract of sale shall apply to the relations between the parties regarding the transfer and payment of it, and in case of free transfer of the property, the rules of the donation agreement, if it does not contradict the essence.
The rent is paid in drams in the amount defined by the rent agreement concluded between the parties. Rent can also be paid through the provision of property, works or services corresponding to its monetary value. According to the RA Civil Code, the amount of rent payment increases in proportion to the increase of the minimum wage, unless otherwise provided by the rent contract.
The RA Civil Code defines 2 types of rent agreement:
- Permanent rent
- Lifetime rent
Only citizens, such as non-profit organizations, can receive permanent rent, if it does not contradict the law and corresponds to the goals of their activities.
Lifetime rent can be set for the entire life of the citizen who handed over the property for payment of rent or any other citizen indicated by him.