Since time a lot of us have entered into contracts while living with landlords or as tenants but we fail to address one of the biggest challenge and just set out up right to copy and old deed for a new one .
But then as they say a few saved now leads to a lot spent in litigation . With the demand of legal consultancy firms the requirement of legal advisors has seen a new dawn in this era of advancement .
In order to save those few thousands let’s now understand what Is the actual meaning of the basic words before we get into further technicality .
Rent means money that you pay regularly for the use of land, a house or a building.
The entire process is called a lease or in other basic language lease is
a legal agreement that allows you to use a building or land for a fixed period of time in return for rent.
The definitions of both rent and lease may just look to have a small difference as lease being the process for the transaction of receiving rent.
But Legally,
Rent is procedure where the tenant is allowed to use the assets of the landlord for a short period of time usually 11 months as the rent agreement is always less than a year.
The rent deed so signed between a landlord and the tenant can be amended or the rent can be raised at any given point of time by the landlord by giving a written notice to the tenant. The landlord extents the agreement on monthly basis until they mutually agree to cease the relationship.
The landlord has the option to raise the rent or request that the tenant quit the premises without violating the rental agreement. A landlord must give a proper 30-day notice to quit, however, prior to requesting the tenant leaves the property.
The Agreement is monitored under the provisions of the Rent control act of the state .
The abuse of the rent control act is one of the main reasons for the wide spread prevalence of leave and license agreements in India. Leave and license agreements are entered into for a period of 11 months, with an option to renew the agreement at the expiration of the agreement, rent control laws do not apply.
The lease is an agreement where the leassor allows the leasee to use as well as control the assets of the leasee for which the agreement is made for a long period of time.
The terms of a lease are made into only once and can’t be altered until the expiry of the period of lease.
A leassor takes to detail the responsibilities of both parties during the lease and it includes all the necessary information to ensure that both parties are protected.
A lease agreement, on the other hand, is advantageous to a leassor by providing the stability of guaranteed, long-term income. It is advantageous to a leasee because it locks in the rental amount and length of lease and cannot be changed even if property or rent values rise.
The agreement is monitored by the either contract act , transfer of property act or local laws.
Once the lessor transfers the property leased to the lessee, the lessee in the absence of contract to the contrary shall possess all the rights and will also be subject to all the liabilities of the lessor as he is the owner of it.
A lease of an immovable property can be determined through 8 modes and it is only by one of these methods that the lease stands determined and the lessor gets back right of possession of the property;
- By efflux of time limited thereby;
- where the interest of the lessor terminates on happening of an event;
- the interest of the lessor terminates on, or his power to dispose of the same extends to the happening of any event;
- in case the interest of lessor and lessee becomes vested;
- express surrender before the term is over;
- implied surrender;
- forfeiture;
- When the lessee renounces his character
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