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Rent & 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 & 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 & 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 Comparison of legal agreements there is time saving in purchasing an actual property where there are so many requirements |
Registration Process of Rent & Lease Agreement
- An agreement should be drafted either by the lessor or the tenant.
- Agreement to be printed on the stamp paper with the instructions and specific value.
- Once the agreement is ready, both the parties have to sign the agreement along with their identification details.
- At least two witness should be present at the time of the registration.
- The agreement should be submitted to the sub registrar office within the 4 months of the signing the document.
- Registration fees should be paid by either party
- The confirmation will be made by the Sub-registrar office.
- Then the agreement is valid after the verification
Documents Required of Rent & Lease Agreement
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.
FAQ's on Rent & Lease Agreement
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