Lease Agreement Letter: A lease agreement letter is a contractual document between a property owner and his/her tenant. It is a mutual agreement letter that states all the terms and conditions followed up between the two parties while the owner gives his property to the tenant on the lease. The occupant of the property, who is legally called the tenant, should oblige and abide by the plan stated in the lease agreement until he lives in the leased property.
A lease is paid either in a single wholesome payment or in instalments as per discussions between the tenant and owner. The property could be a residential or commercial occupation. It is legal binding for both the tenant and the owner to claim their rights as per the agreement’s statutory conditions. The agreement is to be renewed after a certain time. If either of the parties fails to abide by the stated conditions in the lease agreement, their behaviour could be debated upon and tried by the land’s law. Once both parties agree to the stated conditions in the document, they could stay in harmonium with the agreement until the tenant occupies the leased space.
Lease agreements, in short, legally specify the restrictions and privileges obtained by the owner and the occupant whenever a property is given out on lease. These agreements are prepared by legal experts who are well versed in preparing such legal documents. They are to be signed by both the parties involved, plus witnesses attesting the two parties’ identities. Be it a near relative or a close ally in the family; it’s always recommended to have legal standing for all our properties given out for occupation.
Lease Agreement Letter Format
Lease agreements are very important documents that should contain the following data in a specified format:
- Full names of the owner and the tenant.
- Time for which the property quoted is given out for lease.
- Mode of payment of the lease amount, payout intervals, and security fund to be given to the owner in case of a cheque bounce possibility.
- Additional charges like water and electricity costs that the owner and the tenant have to bear.
- Permission for bringing pets to stay along with the tenant.
- Permission to install fixtures like satellite antennas, dish antennas, and other electronic devices may need slightly boring parent property.
- A complete description of the state of the property before being occupied by the tenant.
- Rights of the owner to visit the tenant occupied home at any feasible time by giving prior notice before 24 hours.
- Offensive actions in the case of non-payment of fees or reducing the lease amount or any such kind of act that stands against the moral grounds of the agreement.
- A number of occupants may reside in the leased property.
- Miscellaneous details and utilities/ accessories belonging to the owner are part of the leased property and permitted for use by the tenant. Any damage caused shall be borne by the tenant.
- Painting of the leased premises before occupying and after surrendering the space back to the owner.
- Signature by concerned persons provided they have attained 18 years of age and majority status.
- Agreements that aren’t signed/ marked, or dated do not stand a chance to be called a legitimate document. All legally drafted lease agreements have various conditions that put together become a valid and legitimate document.
Sample Letter for Lease Agreement
Lease Agreement The following lease agreement is made on the day of ___________ and duly executed on the day of ____________. The agreement stands between Shri/Smt ___[full name of owner]________________ S/o D/o W/o _____[ full name of owner’s parents/ husband] _______ staying at ___[ full address of owner] _____________ and Shri/ Smt ____[ full name of tenant]___________ with address ____________[ new address of leased property] _____________________. The premises on ________ [owner’s property] are given on lease by the said owner to the tenant for a specified term of eleven months starting from [start date] to [end date]. The agreement is made for the lease amount of [mention full lease amount] to be deposited by the tenant in monthly payments before the 5th of every month. In case the tenant fails to deposit the lease amount before the due date of any month, then he would be liable to pay a penalty amount of INR ________ [mention penalty amount]. The semi-furnished residential premises consists of wardrobes, cupboards, air conditioners, four fans, and electrical chimney, an electrical geyser, a solar water heater and eight tube lights—additional utility charges for water and electricity to be borne by the tenant himself. In case the tenant fails to deposit the charges of any month, he would be answerable to the concerned authorities. Parking space for one four-wheeler and a two-wheeler is provided in the basement area. An initial deposit of INR __________ shall be provided by the tenant while making this agreement. Once the lease tenure is complete, the owner shall return the amount to the tenant. When the tenant agrees to leave the leased premises, the owner shall ensure payment of the full deposit amount to the tenant within thirty days from the day of confirmation of the tenant’s exit. Further, the owner shall look into any specific damages or wear and tear caused to the property during the tenant’s stay at the premises. In case any damages are found, the relevant amount shall be deducted from the deposit amount, and the remaining amount shall be returned to the tenant. Pets are permitted provided they don’t distract the owner and the immediate neighbourhood. The tenant cannot take any privilege to sublease the property. With prior notice of one day, the owner may come and inspect the residential premises at his own will during day time. The tenant should conform to moral standards of living by not disturbing the peaceful atmosphere in the neighbourhood and resort to unfair practices in the leased premises. The tenant cannot set up any commercial activities or establishments at the premises. The tenant cannot make any structural or internal changes to the property without the owner’s permission. If any lease-related disputes are taken to court, the losing party shall be liable to pay for all court charges acquired during the proceedings. The Undersigned agree to the above-stated lease agreement. Signature and Name of Owner Signature and Name of Tenant Date |
FAQ’s on Lease Agreement Letter
1. What is a lease agreement letter?
A legal document that provides a contract between the tenant and the owner stating the lease conditions for the desired property occupation is called a lease agreement.
2. What are the important details found in the lease agreement documents?
Some of the crucial points cited in legal agreement documents are:
- Full name and address of the owner
- Full name and address of the tenant
- Lease period
- The lease amount mutually agreed upon.
- Services and utilities offered on the leased premises.
- Initial deposit amount in INR
- Terms and conditions to be abided by the landlord and the tenant.
- Signature of both the owner and the tenant.
- Witness details.
- Contact information.
3. Explain the property/ premises given out on lease.
When a property is given out on lease, the owner and the occupant agree to certain terms and conditions stipulated legally between them. The property shall be leased for the particular lease tenure for the lease amount agreed mutually by the two parties.
4. Who and how is a lease agreement letter prepared?
The leased property owners get the help of legal experts in preparing an agreement letter on stamped paper. This document shall contain all the details of the lease agreement terms and conditions abided by both owners and tenants.