Since home ownership may sometimes be inconvenient or unaffordable, a majority of the migrant working population in India’s major cities live in rented homes. For this, the tenant signs a rent agreement with the landlord, which includes the terms and conditions that shall be binding on both the parties.
11-Month Rental Agreement – Typically used in most rental transactions, the 11-month rental agreement is one of the most commonly used rental agreements throughout the country. The term of the lease is 11 months following which both parties can choose to either renew it or end it. Registration and notarization are skipped most of times as the term is less than a year.
Long Term Lease – Signed commonly for residential purposes, long term leases have durations in years. They involve large sums of money to be paid upfront and this sum is often returned to the tenant at the end of term. They are less frequently used as compared to the 11-month rental agreement.
Commercial Lease – Signed exclusively for business deals, commercial leases involve large sums of money and long periods of duration. Commercial leases have an agreement format that is quite different from that of residential rental agreements. They do not have a standard format as needs and clauses vary with the type of business.
This agreement made at [City, State] on this [Date, Month, Year] between [Landlord Name], residing at [Landlord Address Line 1, Address Line 2, City, State, Pin Code] hereinafter referred to as the `LESSOR` of the One Part AND [Tenant Name], residing at [Tenant Address Line 1, Address Line 2, City, State, Pin Code] hereinafter referred to as the `LESSEE` of the other Part;
WHEREAS the Lessor is the lawful owner of, and otherwise well sufficiently entitled to [Lease Property Address Line 1, Address Line 2, City, State, Pin Code] falling in the category, [Independent House / Apartment / Farm House / Residential Property] and comprising of [X Bedrooms], [X Bathrooms], [X Carparks] with an extent of [XXXX Square Feet] hereinafter referred to as the `said premises`;
AND WHEREAS at the request of the Lessee, the Lessor has agreed to let the said premises to the tenant for a term of [Lease Term] commencing from [Lease Start Date] in the manner hereinafter appearing.
NOW THIS AGREEMENT WITNESSETH AND IT IS HEREBY AGREED BY AND BETWEEN THE PARTIES AS UNDER:
IN WITNESS WHEREOF, the parties hereto have set their hands on the day and year first hereinabove mentioned.
[Address Line 1] [Address Line 1]
[Address Line 2] [Address Line 2]
[City, State, Pin Code] [City, State, Pin Code]
WITNESS ONE WITNESS TWO
[Name & Address] [Name & Address]
List of fixtures and fittings provided in [Lease Property Address Line 1, Address Line 2, City, State, Pin Code]:
The Registration Act, 1908, makes it mandatory for a lease agreement to be registered, if the leasing period is more than 11 months.
The rent agreement should include the names and address of the landlord and tenant, terms of the tenancy, period of tenancy, rent and security deposit amount, restrictions on both parties, conditions for termination of the agreement, conditions for renewal and details of who should bear other charges such as maintenance charges, repairs, etc.
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