If you are a homeowner and have properties for rent, it is important to have a written lease. If you and your tenant have a legal dispute, your chances of getting a favorable outcome will improve if you have a written agreement. If no lease is signed by both parties, this will lead to legal inefficiencies in the event of a dispute. Many provisions can be included, but a basic lease must contain at least the following 10 conditions: Until a rental agreement is registered with the Sub-Registry Office, it has no legal validity. It is up to both parties to draft and register an agreement with specific conditions. After concluding the rental agreement, the owner must print it on stamp paper. Once the tenant and landlord have signed the documents in the presence of two witnesses, they must register them with the Deputy Registrar after paying the required fee. Also known as a lease, a lease is a written contract between the owner of a property (the owner) and the tenant who takes it back to rent it. The contract defines the conditions on the basis of which the property is rented, such as: description of the property (address, type and size), monthly rent, deposit, purpose for which the property can be used (residential or commercial property) and duration of the contract. Its terms and conditions can be negotiated, but after its signature, it is binding on both the owner and the tenant.
It also defines the conditions under which the contract may be terminated. To promote rental housing in India, the government has formulated a draft policy, the Model Tenancy Bill, 2020, to make the transaction beneficial to both landlords and tenants. The provisions in this model policy should be the guiding principles for drafting a lease. . . .