When it comes to preparation of a lease agreement, it’s remarkable to comprehend the way the entire document must be planned. Basically, a lease is intended to protect both the lessee and the lessor. It defines the extent of their agreements, including precise terms and conditions that both parties ought to abide by.
Usually, if one of the parties goes contrary to the terms of the lease document, the lease is prescribed as no longer binding. For that reason, the offending party may be subjected to legal actions which includes and not limited to financial penalties for breaching the terms of the contract.
While the specific terms of a lease agreement format tend to differ depending on several factors such as the location of the property, there are certain definite clauses that all landlords must include in their lease terms. According to the lease agreement, flats on rent in Pune, the provisions of documents should answer certain questions like:
• Who the agreement is between
• Where the agreement is located
• When the contract is valid
• What the tenant should pay and
• How the contract becomes binding
Identification of the Property
The accurate name of the property must be included in the lease agreement document. For instance, if the name of the property is �’Sunrise Estates’’, that must be properly included in the document. It must also indicate the full mailing address of that particular property: street name, house number, town, state, and the postal code.
Here’s a clear sample of how identification of property in Pune, India looks like:
“The landlord approves to rent to the tenant and the tenant agrees to lease from the landlord, Apartment number one with 4 bedrooms and 2 bathrooms, located at 457 Sunrise Lane, Double Street, MI 23145. This rental unit will therefore be referred to in the lease as an ‘Apartment.'”
Parties Involved in the Agreement
Of course, every lease agreement should clearly spell the parties involved in the contract. In the case of flats in Pune, India, the agreement is between the tenant, landlord, and/or landlord’s agent. It must also indicate the identification/addresses of both contracting parties in order to be binding to both parties.
The following is a clear example of how contracting parties must place their terms:
“This Lease is BETWEEN the Tenant(s)
Insert Tenant(s) Name
whose address is
Insert Full Address of the Rental You Are Leasing to Your New Tenant(s)
referred to as the “Tenant,”
AND the Landlord
Insert Landlord’s Name
whose address is
Insert Landlord’s Full Mailing Address
referred to as the “Landlord.”
Lease Terms-When the Contract Stated is Valid
The lease agreement terms will have to include the details of exact date: day, month and the year when the lease contract begins.
Again, the contract must clearly define the details of exact date: day, month and year when the terms of the contract end.
Even though the lease terms may be for five months or a year, it is above reproach to quote the precise dates when the contract commences and when it ends. It may be very confusing and contradictory if the terms of the lease agreements aren’t presented accurately.
Here’s a clear sample:
A tenant (provide name) signs this lease agreement on January 6, 2014. The lease commences on January 8, 2014 and ends on October 30, 2014.
Amount of Rent due-What the Tenant Ought to Pay
It is very crucial to include the full amount of the rent due over the entire period of the stated lease agreement. Also, it is recommended that the parties involved should break all the rent amounts due per month.
Another notable aspect is that the terms of the lease must include the dollar amount of rent to be paid by the tenant every month throughout the stated period. It should also present the exact date when this rent is due.
Here is a precise illustration of a rent clause in a lease:
“The Tenant approves to pay $4,000 as rent, to be paid as follows: $2,000 per month, due on the 1st day of each month. Payment of the first month’s rent and any security deposit is due upon the signing of this Lease by the Tenant. The Tenant must pay a late charge of $ 50.00 as additional rent for each payment that is more than five (5) days late.”
Acknowledgement – How the Terms of Contract Come to be Binding
A completely filled lease agreement be signed and dated by both parties entering a mutual contract. If the sign is not appended, the entire agreement is worthless. Signatures acknowledge that both parties agree to abide by the specified terms of the lease.
The landlord himself or the landlord’s agent must properly sign and date the lease agreement. Tenants must also append the signature and date the lease. All tenants signing the lease must have a minimum age of 18 years and above. This indicates that they’re adults with a proper sound mind.
Here’s an illustration of the lease acknowledgement:
Through signing the lease agreement, the Tenant accepts that they’ve read, understood and agreed to comply with all its rules, terms and the conditions provided.
Print Name of Landlord……….Landlord’s Signature………..Date……….
Print Name of Tenant………….Tenant’s Signature…………..Date……….
Print Name of Tenant………….Tenant’s Signature…………..Date……….
In some situations, tenants are given the ability to renew the terms of the contract. That should be specifically indicated in the lease. Usually, this area might also include the statements about new rental rates for a specified period. Some property owners take account of escalation clauses in the agreement.