#1569, 2nd Floor, 7th Main,
4th Cross Hampinagara,
(RPC Layout), Vijayanagar Bangalore -560104
Lease Agreement
×
![]()
Lease Agreement
Get the license agreement ready for approving the licensee of the pre-defined rights.
A legal document between a landlord and a tenant, which lays down the terms and conditions under which a rented property is leased out, is called a rental agreement The relationship between landlord and tenant has full chances of turning into a sour and fraught relationship, even though, it seems all well in the beginning, that is why it is better to have a rental agreement written. The rental lease agreement is a contract that is bind legally between the owner of the property and the lessee of that property. By signing such an agreement both the parties protect themselves in case of misuse of rent or damage of the property for either side. The Rental Lease agreement is complete in itself and does not require any documentation or attachments along with it.
IMPORTANCE
The Rental Lease Agreement is important as it specifies the terms and conditions of the lease which includes the amount to be paid, amount of security deposit, etc. Since it is an important document, so it should contain important information as well like date, landlords’ details, tenants’ details, address of the property which is being leased, term and amount of rent, security deposit (if any), usage of the premises in a certain way, maintenance and repair clauses, property damages, late fees or defaults (if any), etc. The agreement must be signed by both the parties in the presence of witnesses to render it legally binding.
USAGE/PROCESS
Generally, the usage of the rental lease agreement is done by a lessor and a lessee only. It is signed by both the parties to indicate that they agree to each other’s terms and conditions. This document has a force of law and can be used as evidence in the court of law in case of any breach by either of the parties. Further, the agreement should be printed on a non-judicial stamp paper which has a value of more than Rs.100. There are two copies of such agreement which are executed and each party retains one original copy each. Further, if the agent is also involved, he shall also be given one copy to retain. The copies should be retained untill the termination of the agreement. Also, as regards the due date of the rental agreement, security deposit and the first payment are all subject to negotiations between the parties.
HOW WE HELP?
At AcreOk, we have adequate of executives who help in the making of the lease agreement. Owing to the brilliant contribution of our trained professionals, we have been able to achieve so much in a very less time. Our services are highly recognized for promptness, client centric approach, competitive cost and quality standards.
Frequently Asked Questions
A lease agreement is a legal document outlining the rental terms for either a commercial or residential property between the property owner, also known as the landlord or lessor, and the renter, also known as the tenant or lessee.
While most lease agreements are written, there are verbal lease agreements that can be enforced as oral contracts; however, it is important to note that not all states allow verbal residential lease agreements, and verbal commercial agreements are prohibited in every state.
Tenants with verbal residential lease agreements are protected by tenants-rights laws that exist in each state. The complexity of commercial leases makes it nearly impossible to substantiate verbal agreements in court and that is why they are not allowed.
No. Most states recognize oral leases or rental agreements that are for a year or less. However, oral agreements often lead to ambiguity about the obligations of each party since memories fade over time.
Having your lease term in writing is a safer bet.
Yes. A rental agreement, or a periodic or month-to-month agreement, is a written contract for a short-term tenancy. Most rental agreements are for 30-days but can be for other periods whereaslease is a contract by which one party conveys land, property, services, etc. to another for a specified time, usually in return for a periodic payment.
Rent-to-own lease agreements, also called option-to-purchase or lease-to-own agreements, give the renter the option to buy the property at a predetermined price
. In most cases, the renter pays an option fee to the landlord for the right to purchase the property later. If the renter decides not to go through with the purchase, then the landlord keeps the option fee.
Need Help ?
Fill the Form Below.
