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Rental agreement is actually a contract between two parties. One is the owner of a property and the other one is the tenant, when he wants to have possession of the owner’s property for a certain period of time. A rental agreement is also called a rent deed or lease deed. The agreement contains the details of the property, the owner’s name and the tenant’s name, the term of the rent or lease and the monetary amount of the rent for the said period of time.
Usually most of the agreements are signed for 11 months in order to avoid stamp duty and other charges. As per the registration act, 1908 the registration of a lease agreement is essential in case of the lease term is more than 12 months. Once the agreement is registered, stamp duty and registration fee have to be paid for the same. For example, in Delhi, for a lease up to 5 years, the stamp paper value is 2% of the average annual rent. If a security deposit is a part of it, then add a fee of Rs 100. For a lease of more than 5 years and less than 10 years, the cost is 3% of the annual average rent. For a lease of more than 10 years and less than 20 years, the cost is 6% of the average annual rent. The stamp paper can be made under the name of the tenant or the landlord. Also, a registration charge of Rs 1,100 has to be paid by demand draft.
Terms commonly included in a Rent agreement
• Duration: The rent agreement will be effective for this period.
• Rent: The amount of payment made by the tenant to the landlord for the specific property.
• Lock-in period: Either party can not terminate the agreement during this lock in period. It is the minimum duration to make sure neither party changes its mind and backs out after the agreement is issued and other party faces loss. This lock in period must be specified in the agreement.
• Deposits: TThe deposit amount is required for rental agreement. The purpose of the deposit and conditions of return of the deposit after the completion of rental period is mentioned in the agreement.
• Utilities: The utilities that are included in the rent and the utilities the tenant is responsible for.
• Insurance: If the tenant is bound to insure the property. This term is often used in commercial rental agreements.
• Repairs and Maintenance: Whether the landlord or the tenant- which party is responsible for the repairs and the maintenance of the property.
In order to understand the partnership deed, the buyer and the owner should acknowledge the existence of this particular deed. While commencing a business deal accompanied by more than two partners, they should map their shares of profit and losses into a written contract also known as partnership deed or agreement.
The collaboration of these business partners agreed by the partnership deed is often termed as partnership firm.
When partners have a partnership deed it helps them with legal responsibilities towards the firm. Partnership deeds do not require registrations and can be used anyway.
Benefits of a well contracted partnership deed:
It adjusts and balances the privileges, duties, and responsibilities of all partners
It helps in preventing any confusion and misinterpretation between the partners as all the clause of the alliance have been pre-contracted
It helps in settling disputes between the associates by referring to the points mentioned in the deed.
It clears uncertainties in terms of profits and losses ratio between partners.
It decides the exact job roles and each partner have their clear set of tasks.
Partnership deed contain articles that simplifies the salary (remuneration) to partners and the interests for partners who invested capital in the business.
It is advisable to have a well-drafted partnership deed instead of oral contracts.
Sale Deeds are important legal functionalities that come in form of documents and incorporated between the purchaser and seller. Sale Deeds are executed during property purchasing or real estate transactions. The sides participating in a sale deed are often termed as grantee or grantor pertaining to legal expressions. Sale Deeds include the ownership transference from the seller to the buyer (as per the pre-determined favorable clause) and the purchaser continues to be in the complete possession of the property.
Sale deeds are crucial during any property deals. It is like a right to agreement over the deals that are pre- determined and to be followed by either parties i.e. the buyer and seller. In order to process a sales deal, the documents required are proof of identity of both parties, ownership proof and other important documents. It margins the purchasing rights of the buyer and provides legal rights. Sale deeds are mandatory for establishing property claims. All pending documents such as taxes, electricity/water charges are to be included in the sales deed.
Sale Deed Can Be Made for:
Vehicle: Car & Bike
Lands: Agricultural, Commercial & Vastu
Property: Commercial & Residential
Draft of Sale Deed/Title deed/Conveyance Deed
7/12 extract or RTC (Records of Rights and Tenancy Corps) Khata Certificate and Extracts
Joint development agreement, GPA, & Sharing/supplementary Agreement, between land owner and builder
Power of Attorney if any
Building plan sanctioned by the Statutory Authority
Allotment Letter from the Builder/Co-Operative Society/Housing Board/BDA.
If any loan on the property (Current or past) / Original Property Documents with Bank
Sale agreement with the Seller
All title documents of land owner
A Copy of all registered previous agreements (in case of resale property)
NOC from Apartment Association (in case of resale property)
According to Transfer of Property Act, Section 105, Lease is defined as a handover of a right to claim property, land or estate for a particular period of time or in permanence. Owning a lease comes with the respect of an amount paid or agreed upon, a share of commodities (or any other form of supplies), service and any valuable payback. This share is redeemed periodically or during certain occasion from the leaseholder to the lessor as per agreement. In order to understand ‘lease’, one should first come to realize the below terms:
Lessor the lease provider (property owner) will have complete authority over the property which is then handed over to the lessee
Lessee the lease holder who obtains the entitlements to make use of and possess the property on contract from the Lessor
Duration the period of time against which the lessee possesses the property rights is also known as ‘duration’.
Premium or Rent is the amount or share required for permitting the rights to use and utilize the estate and paid periodically or at one time (as per the agreement). This amount/kind is also paid in intervals hence called rent.
The lease agreement is basically a contract between a lessor or landlord and a lessee or tenant in a written format which indicates that the lessor will get a periodic payment from the tenant in exchange of allowance for using and occupying his property.
A lease agreement is usually required when a property is leased for a long span of time period which generally ranges between 1 to 5 years or longer than that. In such kinds of cases, a lease agreement plays a vital role to govern the equation between the landlord and the tenant and also implements the provisions that bind them legally.
An expert documentation lawyer should draft a lease deed. He can understand the requirements of both the parties and henceforth draft an unbiased agreement to protect the interest of the landlord as well as the tenant
A joint venture is basically a tactical partnership in which two or more than two companies or individuals decides to put in products, services and capital to establish a commercial project.
The main key for success in joint venture in India is the compatibility and understanding between the contracting parties.
The associated parties must aim for a goal together and the conditions must be written in the clauses of Joint Venture Agreement. This can maintain the success of the collaboration in Indian scenario.
- Two or more parties must have the intension of getting involved in a partnership or a venture.
Both the parties invest in the venture or according to the agreement.
Each party is assigned with duties and rights as per the partnership.
The terms of the agreement define the venture or the partnership that includes the agreement span and the share of the parties.
The two options available for establishing a joint venture in India are:
- Contractual joint venture
Equity based joint venture
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