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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. <br>
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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? • Two types of agreement: • Rental agreement • 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? • 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? • Legal advisor • Advocate • Magistrate • NRI services provider, like S2NRI
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…. • 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.
