Residential Lease Agreement (Drafting)

A lease of immoveable property is a transfer of a right to enjoy such property, made for a certain time, express or implied, or in perpetuity, in consideration of a price paid or promised, or of money, a share of crops, service or any other thing of value, to be rendered periodically or on specified occasions to the transferor by the transferee, who accepts the transfer on such terms.Lease agreement gives right to the landlord to enter.

As per definition of Transfer of property Act, 1882 lease is defined as “A lease of immoveable property is a transfer of a right to enjoy such property, made for a certain time, express or implied, or in perpetuity, in consideration of a price paid or promised, or of money, a share of crops, service or any other thing of value, to be rendered periodically or on specified occasions to the transferor by the transferee, who accepts the transfer on such terms.Lease agreement gives right to the landlord to enter.

 

RESIDENTIAL LEASE AGREEMENT

 

BASIC INFORMATION

 

As per definition of Transfer of property Act, 1882 lease is defined as “A lease of immoveable property is a transfer of a right to enjoy such property, made for a certain time, express or implied, or in perpetuity, in consideration of a price paid or promised, or of money, a share of crops, service or any other thing of value, to be rendered periodically or on specified occasions to the transferor by the transferee, who accepts the transfer on such terms. Getting more specific to the term lease agreement is Residential lease agreement. As the word suggests “residential lease agreement” refers to the legally binding contract made between a landlord and his tenant. Residential Agreement contains all the relevant terms for renting a house or apartment as a residence. This document may also be called as an “apartment rental agreement” or a “landlord-tenant lease”.

 

Lessor, lessee, premium and rent defined-The transferor is called the lessor, the transferee is called the lessee, the price is called the premium, and the money, share, service or other thing to be so rendered is called the rent.

 

ADVANTAGES OF RESIDENTIALLEASE AGREEMENT

1.Quality Assets

2.Better usage of capital

3.Termination rights 

4.Faster and simple documentation

 

FEATURES OF RESIDENTIAL LEASE AGREEMENT

 

1. ALTERATIONS TO THE PROPERTY: Lease agreement specifically provide clause of alteration in the property by the tenant/landlord so one of them will be free from extra additional expenses to repair the same on other hand to make such alteration in the said property the tenant need to take the prior written consent of the owner if the agreement clause is included in the lease agreement.

2. LEGALLY ENFORCEABLE: Lease agreement is legally enforceable agreement. On the breach of any terms and condition of lease agreement by lessor or lessee they both can sue each other on the basis of Lease agreement.

3. RIGHT TO ENTRY: Lease agreement gives right to the landlord to enter and inspect the property which is given under the lease agreement if the clause in include in the lease agreement.

4. FIXATION OF RESPONSIBILITY: Lease agreement includes the provision relating to who will take the responsibility in case of fire, theft and any other circumstances so it will give to the peace of mind because someone will watch and guard your premises/ home in case of fire and other circumstances.

5. DESCRIPTION OF THE PROPERTY: The lease agreement should contain the physical location of the property as well as any non-fixed related assets such as refrigerators, microwaves, dryers, water filtration systems, dishwashers and ovens. In this way, the landlord is protected when the tenant moves out and the landlord is required to maintain the property and such items in working order during the lease term.

6. NAMES OF THE TENANT(S): A rental lease agreement must include names and signatures of every adult who lives at the property. This will ensure that each tenant takes responsibility for the terms contained in the lease. It also allows the landlord to claim full rent, regardless of roommate turnover.

7. DURATION OF THE LEASE: The lease duration could be month-to-month, annual or some other length of time.

8. SECURITY DEPOSIT AND FEES: All monies that the tenant needs to pay to the landlord, as well as other costs, have to be noted in the agreement.

Documents


Passport Photo

Passport photo of all parties.


PAN Card

PAN card of all parties.


Aadhar Card

Aadhar card of all parties.


Utility Bill

Utility bill of Electricity or Telephone.


Address Proof

Valid Address Proof of all the parties.


Licence

Valid Driving Licence of all the parties.


Terms and Conditions

Terms and Conditions between the parties.


Other Documents

Other documents will be intimated through e-mail.

FAQ

The tenancy agreement is a contract between you and your landlord. It may be written or verbal. The tenancy agreement gives certain rights to both you and your landlord. For example, your right to occupy the accommodation and your landlord's right to receive rent for letting the accommodation.

In leasing, the servicing and maintenance are done by the lessee when s/he takes the equipment on lease. In renting, on the other hand, the servicing and maintenance are done by the landlord even if the tenant takes the property on rent. Leasing is done for a fixed period of time – mostly for the medium to long term.

In short, a lease is a contract to grant someone the use of an asset, like a house or apartment, for a specified period of time, typically in exchange for regular payments. Renting involves a tenant periodically paying a property owner (often referred to as a landlord) money to live in a house or apartment.

As a tenant, be sure about what standards and laws are followed in the locality you are eyeing to take a flat or house on rent. If you wish a secure and lasting accord, a lease might be ideal, however, if you want more flexibility, go for a rental agreement.

It is not required that you hire an attorney to draft the agreement for you, but the benefit in doing so is that the attorney will have both the knowledge as to what the effect of the language of the proposed agreement will be, as well as the background and experience to anticipate common problems that need to be addressed. Attorneys are often hired to "clean up" matters because people draft their own contracts, sometimes just copying language from other contracts, and the contract they draft does not accomplish what they were trying to do. It's then one of those cases where it is less expensive to hire an attorney to do it correctly at the onset than to hire an attorney when things go bad.