How to Draft Rental/Lease Agreement?

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NRIs or non-residents of India have to spend many months or years abroad without paying a visit to their own property in India. Rental/Lease agreement provides a secure arrangement in case NRI did property investment and lending it to the tenant for a limited period of time. It is a legal document that can be useful tool in litigation.

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How to Draft Rental/Lease Agreement? :

How to Draft Rental/Lease Agreement?

What is Lease Agreement?:

What is Lease Agreement? Rental agreement is a legal document that binds the landlord and the tenant to comply with the terms and conditions over which both are mutually agreed.

How Many Types of Lease Agreements Are There?:

How Many Types of Lease Agreements Are There ? Two types of agreement: Rental agreement Lease agreement

What are the Differences Between Rental and Lease Agreement?:

What are the Differences Between Rental and Lease Agreement? Rental Agreement: Works on monthly basis No period is fixed. Can be canceled at anytime No notice is required for its cancellation. No need to pay amount of rental in all.

What are the Differences Between Rental and Lease Agreement?:

What are the Differences Between Rental and Lease Agreement? Lease Agreement: Works on half or yearly basis. A lease period is fixed. Tenant can never be evicted anytime. Prior notice is mandatory to cancel the agreement. Amount of lease is to be paid in lump sum.

Whom should we considered for drafting rental or lease agreement?:

Whom should we considered for drafting rental or lease agreement? Legal advisor Advocate Magistrate NRI services provider, like S2NRI

What should be the content of lease agreement?:

What should be the content of lease agreement? Name, address and father’s name of the landlord and the tenant. For how long it will last? (Duration) Starting and date of maturity of the agreement must be clearly stated. Specify the mode of payment, i.e. either cheque or cash. How much interest to be paid if the payment cheque bounces or it goes outstanding for many months? Inclusion of utility bills, such as electricity bill, water bill, phone bills etc.

Continue….:

Continue…. Maintenance charges included and the amount for maintenance. Deposit security amount in the beginning month along with the rental amount or the wholesome payment in case it is lease agreement. Penalties to be imposed if violated the terms of the agreement. Signature of both parties along with the self-attested photos. Police verification.

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