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Lease deeds or Lease agreements can vary based on the terms and conditions agreed upon by the Landlord and Tenant. Most landlords in Gurgaon prefer a company lease. A personal lease with a comfort letter from the company also works well. If one must go in for a personal lease then various clauses can be built into the lease deed like advance rent, post dated cheques and even registration of the lease deed in court.
Once you select the house and agree upon the monthly rent with the landlord there are some other terms and conditions which you must discuss with her/him before finalizing the deal.
1. Duration of the lease- It can be a eleven month or a one/two/three year lease depending upon your requirement. Eleven month leases are very common these days as these leases don't require to be registered in court.
2. Security Deposit- This is mostly 2 or 3 months rent but can be more if it is a fully furnished apartment.
3. Escalation clause - its usually 5% or 10% after the first year or in some cases after the second year.
4. Termination Notice- To terminate the lease you can have a one or a two month notice period.
5. Lock in Period- Can be anything from 6 months to two years. This is mostly done by the landlords as a precautionary measure as sometimes they are given a notice after 3-4 months of the tenant using the premises and have to get into the whole hassle of painting the place and paying brokerage all over again in such a short time period.
6. Registration of the lease agreement- According to the law anything over and above a 11 month lease must be registered in court. In spite of this most landlords feel comfortable with a company lease (usually with MNC's) and don't get into registering those agreements. The cost of the registration is usually shared half and half by the landlord and tenant.
A Landlord - Tenant relationship can be quite stressful sometimes and it is important that you look into the above clauses thoroughly before signing the lease to save yourself hassles later.
Some general formats for leases are given below:
Company lease1 Company lease 2
Personal lease 1 Personal lease 2
General power of attorney Service appt/guest house lease
For any further details please email me on jugnu@rentingurgaon.com or call Deepak at the THE DOCUMENT POINT on +91 98181 16394 & +91 98996 24719
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