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Rental agreement or lease deeds are used by landlord and tenants to put in writing the terms of a rental or lease. A good rental agreement has many parts and the following are some of the main areas covered in a rental agreement: i) Lessor & Lessee: The rental agreement should state the names of the lessor (Tenant) and the lessee (Landlord), their contact information and any other pertinent information to identify the lessor and the lessee. Ii) Property Information: The property to be rented out must be identified along with the address, door number, area of the property and other fixed/movable assets present in the property. iii) Tenor of Lease: Details how long the lease will be valid and if the lease will be renewable at the end of the lease term. Also, in case of early termination of the lease, if there are any penalties and the notice period to be provided to vacate the premise without any penalty. iv) Payment terms & Deposit: Details with respect to the amount of deposit taken from the tenant and the monthly rental payable at the beginning or the end of the month. Utilities: Details of the utilities provided (power/water/gas/maintenance) and the time and amount of payment to be made for those services and the responsibility.
In addition to the above basic items in the lease deed, it would be good to have other information such as pet policy, information about damage / loss of property, conditions on subletting / sub-leasing, usage of property, condition of property, clause for inspection of property, steps to be taken on non-payment of rent, dietary habits, legal issues, etc.,
Considering the complexity of a rental agreement, it is good to have a rental agreement prepared by a lawyer to ensure your rights are safeguarded in the event of misunderstanding. An IndiaFilings Business Expert can help you find a Lawyer to draft a comprehensive custom rental agreement based on the understanding you have with the landlord / tenant for leasing of property.
Obtaining a customized rental agreement from an experience Lawyer provides peace of mind on the terms of the rental.
Having a customized rental agreement can help unavoid unnecessary disputes pertaining to the terms of the rental.
Preparing a customized rental agreement is not a costly affair and can be as low as just Rs.1000.
IndiaFilings can help you obtain a custom rental agreement from a Lawyer close to you.
Got questions? Request a call from an IndiaFilings Business Advisor.Let's talk!
An IndiaFilings Business Expert determines your requirement and helps choose a Lawyer close to you.
The Lawyer reviews all documents and information pertaining to the lease or rental to draft an agreement.
Based on the information, the Lawyer provides a customized rental or lease agreement for review and final changes, if any.
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