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Rental agreement: It?s Importance and Requirements to Enter into lease
By: Maria   |    December 11, 2012   |   0 Comments (0) (0)

The person who wants to lease such homes has to enter a lease agreement, which has to be signed, by both property owner and tenant. This trend was not in demand earlier, but with the changed scenario of the real estate industry, both the parties need to sign the lease or rental agreement.

Real estate is one of the most valuable assets these days. A person who has a roof has the comfort to get to a place you can regard as home. In today's economy, not everyone can afford his/her own home because it is a real estate investment and buying a property in India is a big task and responsibility in itself. Still people dream of owning a big house and have a great lifestyle. Before making the dreams come true, a person can enjoy the lavishness and comfort in rented homes.

 The lease or rental agreement should mention the rental value of the property, the duration of the lease and the signatures of both property owner and the tenant. However, before adjusting for a lease agreement, every person must have some knowledge about the facilities and procedures of law, and that standards may vary if anyone wishes to go for a rented accommodations, particularly in the metropolitan cities like Delhi, Mumbai, Kolkata, Chennai, Pune, Bangalore or Hyderabad.

 

Requirements to enter into a lease:

 

1. Consent: Consent of the parties entering into the lease agreement is very important, and must address the following points:

 

a. The details about the property being leased.

b. The agreed amount.

c. The duration of the contract and

d. The use for which the property is intended.

 

2. Capacity: The owner of the property has the rights to manage the contract according to his preferences, of course while abiding by the law and with the consent of the tenant. In the case of renting a property, children under 18 years of age cannot be the owners, and their parents or legal guardians should carry out the proceeding.

 

3. Lawful thing: The tenants are not allowed to conduct illegal trade or things. Based on such things, the owners can ask the tenant to evacuate the house.

 

Documents needed to enter the lease:

 

When you think about renting a property, the rental agreement should be prepared from the notary. The rental or lease contract requires following types of documentation:

 

By the owner:

 

1. Identity card: A proper photo identity card is required for identification of the person who is about to lease his/her property.

2. Document that proves ownership of the property to lease, this may be the witness of the deed of sale, donation, contribution or any other document proving that the person owns the property.

3. If a legal representative, the document should prove the valid representation.

 

By the tenant:

 

1. Identity card: Like the owner, the tenant also has to present his photo identity card and other documents, which are to be checked for the identification of the person. 

2. Proof of Income and the details of his/her home town.

3. A guarantor along with his photo identity proof.

 In some countries, laws are quite dramatic. In case any type of dispute related to the property arises, property owner may be forced to seek a legal counsel to enforce his rights. Nobody wants to get involved in legal proceedings; therefore, it is advised that a contract for rental homes is always the best option for security reasons. Consider this as an investment in preventing future conflicts that may happen between the property owner and the tenants.

 Author Bio:

 Rashmi Karan writes on behalf of 99acres.com, a leading online portal thriving to solve the consumer’s requirements in real estate segment. The site offers a galore of information regarding the real estate property such as flats and houses to buy, sale or rent at different locations like apartments in Pune, Delhi and Bangalore etc.

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