RENT AND LEASE AGREEMENT

A lease is an implied or written agreement specifying the conditions under which a lessor accepts to let out a property to be used by a lessee. The agreement promises the lessee use of the property for an agreed length of time while the owner is assured consistent payment over the agreed period.

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Overview of RENT AND LEASE AGREEMENT

A lease is an implied or written agreement specifying the conditions under which a lessor accepts to let out a property to be used by a lessee. The agreement promises the lessee use of the property for an agreed length of time while the owner is assured consistent payment over the agreed period.

An implied or written agreement specifying the conditions under which a lessor accepts to let out a property to be used by a lessee.

A rental agreement is an agreement where an owner of a property (landlord) gives temporary possession to another person (tenant). Unlike the lease agreement, a rental agreement is for shorter durations and the payment for possession is done on a monthly basis. The terms of the agreement, usage and payment details are decided by the landlord and the tenant

Advantages of RENT AND LEASE AGREEMENT

Rent Agreement:

Constant Income This becomes a means of monthly income to the landlord who is renting the property
Relationship There will be a legal relationship between the landlord and tenant
Legal Protection This agreement provides legal protection to both landlord and tenant

Lease Agreement:

Stability The lease agreement means stability for the lessor as it provides income for a period of time.
Finance With the lease, the lessor has the means to finance their property without any dependency.
Time Saving With Comparision of legal agreements there is time saving in purchasing an actual property where there are so many requirements

Registration Process

  1. An agreement should be drafted either by the lessor or the tenant.
  2. Agreement to be printed on the stamp paper with the instructions and specific value.
  3. Once the agreement is ready, both the parties have to sign the agreement along with their identification details.
  4. Atleast two witness should be present at the time of the registration.
  5. The agreement should be submitted to the sub registrar office within the 4 months of the signing the document.
  6. Registration fees should be paid by either party
  7. The confirmation will be made by the Sub-registrar office.
  8. Then the agreement is valid after the verification

Required Documents

For Landlord/Lessor:

  •       Copy of 2 recently taken passport size photos.
  •       An Aadhar card or its receipt while applying for it is mandatory.
  •       Original copy of proof of ownership of the landlord’s property.
  •       Any government-issued ID proof- driving licence, voter’s ID, passport etc.
  •       The rental agreement that is printed on the stamp paper of the recommended value

For Tenant/Lessee

  •       2 passport size photos.
  •       Aadhar card or the receipt received while applying for it. If the person is not Indian, then he/she has to submit the original passport.
  •       ID representing another person for the registration, then a Power of Attorney should be presented.

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FAQ's RENT AND LEASE AGREEMENT :-

There needs to be a legally valid documentation of the terms and conditions of the rental agreement. The lease agreement or rent agreement needs to be in a specific format as per certain convention and laws.
It is rather a convention that is being followed by landowners to seal rental/lease agreements only for 11 months to avoid registration of the agreement with the local competent authorities.
There is no specific provision under rental laws on the initial deposit amount. 10 months advance is more of a convention that is being followed.
It is generally between 1 to 3 months to either parties to vacate or be asked to vacate the premises. This clause needs to be clearly documented in the rental agreement with a common consensus.
No. In India, it is not mandatory to notarize a rental agreement.

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