85+ Lawyers are online 
Procedure for giving residential property on lease.
29-Aug-2023 (In Property Law)
I would like to Lease out my 3BHK apartment for residential purpose for the duration of 3 years. As a house owner, a) Should I collect Lease Cost from the Tenant on yearly / half-yearly basis (or) else how exactly the Lease Cost should be calculated ? b) Should I refund the entire Lease Cost to the Tenant upon expiry of the Lease agreement ? If so, what are all the expenses that the Tenant is supposed to bear ? c) Should I collect any Security Deposit(of-course refundable) separately from the Tenant ? d) Assuming that the Tenant pays the Lease Cost on yearly basis, is there any provision to increase the Lease Cost every year say by 5% or 10% during the Lease period ?
One can definitely execute the rental agreement for 36 months with some additional clauses, which include the following:
• Average increase of 5-7 per cent on an yearly basis.
• Either party can terminate the rent agreement by giving a notice in three month advance without mentioning any reason for termination and conditions as standard.
Renewable/extendable agreements for three to five years can also be made and registered. However, the stamp duty and registration charges for longer duration may differ. I advise you to demand advance rent for one or two months as security deposit which should be refunded at the time of termination of agreement or completion of time period for which it is entered into.
• Average increase of 5-7 per cent on an yearly basis.
• Either party can terminate the rent agreement by giving a notice in three month advance without mentioning any reason for termination and conditions as standard.
Renewable/extendable agreements for three to five years can also be made and registered. However, the stamp duty and registration charges for longer duration may differ. I advise you to demand advance rent for one or two months as security deposit which should be refunded at the time of termination of agreement or completion of time period for which it is entered into.
Helpful?
16+
16+
Adv. Siddhant Sharma
Delhi | 500+ Answers
Chat
Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.
Connect with top Property lawyers for your specific legal issue
No Comments! Be the first one to comment.
"lawrato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."
