Residential Lease Deed

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It is also an official contract signed by tenant and the landlord. This agreement offers you 11 months of validity. It also provides an option to renew the agreement before the expiry. Having a validity of 11 months, it is just a license that offers a short duration of occupancy to the tenants. Besides, the license agreements of 11 months are favorable towards the landlord. The landlords have power to evict any tenant that they want. Hence, most of the landlords prefer the license agreements of 11 months.

The common contents of every rental agreement include are:

1) Name of the landlord, tenants and any other agents

2) Description About the property to be rented

3) Rent amount and the due date of the payment

4) Grace period and late charges

5) Mode of payment

6) Process of terminating the agreement

7) Amount of deposit as security

8) Utilities furnished, rules and regulation,

9) Facilities in the premises

10) Repair request procedure

The residential lease agreement is for tenant and the owner of a property. Both the owner and tenant sign the legal document. It indicates that both parties agree to the terms and conditions mentioned in the document. This legal document can be presented in the court of law in case of disagreement by both owner and tenant. It is mandatory that the rental agreement should be printed in the stamp paper worth INR 100. The time to sign the agreement is during the payment of deposit.

There are two types of Residential Lease Contracts in India. Both of these agreements have different terms. Rental lease agreement offers you 12 months of validity while license agreement offers you 11 months of validity. The landlords mostly prefer the agreement with 11 months of term. It is because it favors landlords.