How to Draft Rental/Lease Agreement?

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How to Draft Rental/Lease Agreement?
2
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.
3
How Many Types of Lease Agreements Are There?

• Two types of agreement
• Rental agreement
• Lease agreement

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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.

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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.

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Whom should we considered for drafting rental or
lease agreement?

• Legal advisor
• Advocate
• Magistrate
• NRI services provider, like S2NRI

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What should be the content of lease agreement?

• Name, address and fathers 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.

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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.

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