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What is Lease Deed- Residential Property ?

A rental agreement is a legal document which lays out the prescribed terms and conditions under which the rented property is leased out that is to be followed between the land lord and the tenant. Though the relationship between the land lord and the tenant is cordial most of the time, it is good to have a written rental agreement in place if the relationship turns sour or becomes fraught with complaints and misunderstandings.

Executing a Rental Agreement
  • The rental agreement must be printed on a Non-Judicial Stamp Paper with a value of Rs.100/- or more. The rental agreement is usually signed on payment of deposit for the rental property between the lessor and the lessee. Two copies of the document are usually executed, with each party retaining one of the original copies.
  • This rental agreement or lease deed format can be used by the lessor or lessee of a residential property.
Terms of Rental Agreement
  • One of the most common features while entering into a property rental transaction in India is the prevalence of the 11 month rental agreement or license agreements.
Lease Agreement
  • Rental agreements that are over 12 months have to abide by strict rent control laws that are mostly favorable to the tenants.The rental control laws currently prevent the landlords from overcharging the tenants and protect the tenants from sudden or unfair eviction.
Rental Agreement or License Agreement
  • Rental agreement or license agreements on the other hand are entered into for a period of 11 months, with an option to renew the agreement at the expiration of the agreement.
  • Further, rental agreements that are 11 months long allow the landlord more measures to take in case of eviction of tenant from the property.
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