1. Home
  2. »
  3. Blogs
  4. »
  5. House Lease Agreement

House Lease Agreement

House Lease Agreement Banner | JAM

A lease and rent agreement have one thing in common: it involves letting an individual/family reside in the rented/leased property for a certain period. However, the similarities end there. A house rent agreement allows the tenant to reside in a rented property, usually for 11 months, during which that person could be evicted or leave on his own. Well, a house lease agreement differs with its own set of rules and conditions agreed by both parties. We shall be exploring the whats, wheres, whens, hows, and whys of a house lease agreement and understand when to go for it.  

 

image of documents | JAM

 

What’s a House Lease Agreement? 

A house lease agreement acts as a more formal and contractual agreement that transfers the property’s ownership conditionally to the tenant for a fixed period – it could be months, years, or even decades. The payment structure generally designed in this agreement would likely resemble a fixed amount to be paid within the period mentioned. The tenant can also be granted permission to modify the property to his needs, however, they shall also be held responsible for the property’s condition during the lease period. 

 

image of both parties in discussion | JAM

 

Why You Need a Solid Lease in Writing 

There are two types of lease agreements: verbal and written, which are legal. However, a verbal lease agreement comes with more downfalls than benefits, as discrepancies regarding the agreement tend to arise between both parties. Such situations are harder to solve with limited to almost no proof, which further complicates the case. In contrast, a well-written house lease agreement deletes many doubts and erases almost any chance of property-related disputes ever occurring, as both parties are bound to the agreement. Both sides need to know what goes into a well-written house lease agreement, which shall be discussed below: 

 

What Goes Into Your House Lease Agreement:  

Generating a house lease agreement is, honestly, a simple task with one tricky tough spot: getting it in sync with the laws of the state/country. The additional problem of jargon of words infused in it can cause anxiety among a majority of the public, as they appear to be complicated. We shall divide and simplify the contents that go into a house lease agreement:  

Who’s Signing and Who’s Renting:

This section involves both parties (the owner/lessor and the tenant/lessee) signing the house lease agreement, with the tenant renting out the property for the period of time mentioned in the agreement.  

Describing Your Place 

The landlord needs to accurately describe the property and its features to avoid potential cases that can fall under fraud. It should also include non-fixed assets in the property like a fridge, furniture, and even a TV, describing their current condition. 

Setting Your Lease Term 

The inclusion of a proper lease term is necessary, which should mention its duration and notice period for tenants. There should also be a clause detailing how the agreement renewal can occur if the tenant decides to extend their stay. 

Rent and How to Pay 

The time frame for paying the rent must be clearly outlined without hiding any additional info. It should include any increase in rental payments as well as when the new notice period can be established. 

Security Deposits 

Along with mentioning the mode and timings of rental payment, any security deposit needs to be detailed along with any extra fees or costs. 

House Rules

The owner needs to mention any rules to be followed by the tenant, as they are meant to ensure the safety, security, and well-being of tenants and other neighbours. It also helps prevent potential ruckus from occurring due to misunderstandings between the tenant and others. 

Who’s Responsible for What

This section should clearly outline both sides’ responsibilities to ensure a hassle-free experience during the contract’s tenure. Depending on the agreement, both parties must oblige to the responsibilities given to them.  

Utilities and Services 

Landlords are generally responsible for ensuring the availability and working of essential utilities such as water, heating, and electricity. However, the tenant shall be paying the upcoming bills that come with these utilities, as they are the residents. 

Renewals and Termination

 Ways to renew the house lease agreement need to be mentioned in case the tenant wants to extend their stay. However, when terminating a tenant due to reasons mentioned in the agreement or a breach in it, the owner generally provides a 30-day notice period.  

 

image of man going through document carefully | JAM

 

Making Sure Your Rights Are Covered: 

Both sides need to ensure their rights are properly mentioned in the lease agreement, as it would prevent misusing of the property for reasons other than the one mentioned in the agreement.

Tenant Rights

A lease agreement restricts the landlord from evicting the tenant if the pre-defined period is yet to end. In addition, there is usually no annual rent increment, which allows expenses to remain the same for the occupier. 

Landlord’s Rights

If the tenant is found to be breaking the rules of the rental lease agreement, by utilizing it for commercial purposes or allowing others to reside for an extended period, then they may be evicted. In addition, the tenants are to leave the property in good condition, for which they have to follow the agreement and repair what they are supposed to. 

Understanding Fair Housing Laws

This needs to be kept in mind by both sides, as discrimination based on skin color, race, and religion is prohibited and should not be implemented during the renting, selling, or financing of real property. In addition, unwanted rules based on these factors cannot be imposed. 

Dealing with Evictions

If the tenant has paid all bills on time and fulfills the requirements of the house lease agreement, they can promptly refuse to evict and it is also backed up by the government. If the harassment goes on, they can even file a police complaint and press charges.  

 

Extra Bits and Pieces

Navigating Pet Policies 

Pet Policies vary widely in each area. Certain breeds of various sizes are restricted for reasons such as perceived aggression or even potential property damage concerns. Navigating through it can ensure everyone’s safety while bringing the best out of it. 

Subleasing Rules 

Subleasing involves the existing tenant renting out property to a third party with the timeframe being within the existing lease contract. Even if permitted, the original tenant is still obligated to follow the requirements of the lease agreement, like paying the rent every month. 

Sorting Out Insurance

 A well-written residential lease agreement helps both the landlord and tenant obtain the ideal insurance to avoid coverage gaps, under-insurance, and even the transfer of unfair risk to an insurer due to one party’s exercise of their contractual lease rights. 

Resolving Disputes 

This section remains mostly hidden and unthought of until a sudden conflict pops out of nowhere. A solution to resolving a dispute legally would be to mention methods such as mediation and arbitration in the clause.  

 

image of both parties shaking hands and agreeing | JAM

 

Top Tips for Making Your Lease Work for You 

Get Legal Advice 

If you are someone new to the world of leasing out property or searching for property to reside in, get in touch with a company that deals with real estate and its factors, like Jones Asset Management. These companies have teams of well-experienced members whose expert insight can provide benefits and avoid potential trouble. 

 

Make Sure Terms Are Crystal Clear

Never agree on a deal unless both parties are clear and their terms and conditions sync, and both parties need to mutually agree before initiating a house lease agreement

 

Fair Negotiations

A way to ensure fair negotiation is for both sides to be completely honest with each other regarding their needs. This way, they can agree on common grounds and ensure a fair lease agreement is being curated. 

 

Always Review Before Signing

This prevents future mishaps or conflicts between both sides from occurring, as there are chances of the agreement being manipulated in favour of one side.  

  

FAQs 

What is the stamp duty for the lease agreement in Karnataka? 

The formula to calculate stamp duty is as follows: An agreement of 10 years: 1% of annual rent and an agreement of 10 to 20 years: 2% of annual rent. 

Is it mandatory to register a lease agreement in Karnataka? 

It is mandatory to register a lease agreement in Karnataka when the duration exceeds an 11-month term. Lease agreements under 11 months may or may not be officially registered. 

What is the lock-in period in a lease agreement? 

Lock-in periods are for specific periods when both parties are dedicated to the agreement, and neither side can serve notice during the period.

Related Articles

Ultimate Guide to Understanding a Sale Deed | JAM

Ultimate Guide to Understanding a Sale Deed

May 24, 2024
What is Sale Deed: A Sale Deed is an authorized note that demonstrates the change of ownership of a piece of land o ...
Continue reading
Top Bedroom Wall Colour Combinations | JAM

Top Bedroom Wall Colour Combinations

May 23, 2024
Bedroom Wall Colour Combination: Painting bedroom walls in the right color combinations is a great way to decorate ...
Continue reading
Exterior House Paint Ideas | JAM

Exterior House Paint Ideas

May 22, 2024
Exterior House Paint Ideas: Explore the different exterior house paint ideas to add value to your home. Classic col ...
Continue reading

FAQ's

At Jones Asset Management, we offer a wide range of properties including apartments, villas, independent houses, commercial spaces, and plots of land. Our extensive listing database ensures that you can find the perfect property to suit your needs. With Jones Asset Management, you have access to 2000+ properties to choose from and we are committed to helping you find your dream property in Bengaluru.

At Jones Asset Management, we offer a comprehensive range of property management services precisely tailored to meet the unique needs of discerning property owners in Bangalore. Our services include Tenant Search & Screening, Property Marketing, Rent Collection & Management, Property Maintenance, Legal Compliance, Customer Support and more. We find qualified tenants, thoroughly screen their backgrounds, and verify their creditworthiness. We employ strategic marketing techniques to attract potential tenants and maximize property exposure across various platforms, ultimately minimizing vacancies and maximizing rental income. We handle rent collection from tenants promptly and efficiently. We take care of all property maintenance needs. Our experts stay up-to-date with the changing legal regulations and ensure your property adheres to all local laws and regulations, thereby mitigating any potential legal risks. Our team is available round the clock to address any queries or concerns you may have. We prioritize exceptional customer support and aim to provide prompt assistance whenever you need it. 

Jones Interiors provides a range of interior design services, including residential interior design, commercial interior design, smart home integration mastery, mobility-inclusive design, AI-powered mood board creation and multi-modal design presentations, as well as interactive 3D design workshops and design trend forecasting.

Jones Painting offers a wide range of painting services, including professional interior and exterior painting, property waterproofing and meticulous tile grouting, wall repair and creative highlights, door and window enhancement, and surface repair and renewal. We provide special and unique offerings to cover every need, such as in-home consultation and competitive pricing, cutting-edge technology and eco-friendly practices, daily quality assurance checks, zero-defect commitment, all-inclusive services, post-project cleanup, on-time completion, 24×7 service availability, and instant resolutions. The starting price for Jones Asset Management’s painting services is ₹7 per square foot only.

Jones Boom Barriers come equipped with a wide range of features, including DC Heavy-Duty Boom Barrier and AC Boom Barrier (Manual & Automatic Boom Barrier). They also have smooth and silent operation, easy installation, reliable and maintenance-free design, and robust weatherproof designs. Jones Asset Management follows a structured approach to provide necessary support to Boom Barrier customers. It includes project assessment within 0-48 hours, a proposal from us within 24-48 hours, and Boom Barrier supply and installation within 7 working days. Additionally, guards training can also be provided.

The current Bengaluru real estate market is experiencing a steady demand with a slightly upward trend in property prices. The city’s rapid urbanization, prominent IT sector, and growing population have contributed to the overall positive market conditions. Both residential and commercial segments are witnessing considerable growth, with developers focusing on luxury projects and affordable housing initiatives. Furthermore, numerous infrastructure developments and improved connectivity have enhanced the attractiveness of the market further, making it an even more favorable investment destination for both home-buyers and investors.

Get a Callback

Untitled*

Top Properties

2BHK Apartment for Lease in Kaggadasapura JAM(L1)-561

₹ 2500000

3BHK Apartment for Lease in JP Nagar 8th Phase JAM(L1)-560

₹ 3200000

2BHK Apartment for Lease Sanjayanagar JAM(L1)-559

₹ 1900000

Foote Logo

Follow us on Social Media

Contact Us

+91 81399 28888

Get a Callback

All Rights Reserved © Jones Asset Management 2023 | Sitemap

Compare Listings

Contact us

Untitled*