Renewal Of Lease Agreement Template: Fill & Download for Free

What is the difference between rent and lease?When you are considering to rent out a property, you will need to decide if you wish to offer your tenant(s) a rental or a lease agreement. However, it looks that these terms are often used interchangeably, their meanings differ. Before you rent out your property, be sure to take into account the differences between a lease and a rental agreement so you can make the best choice for your situation.How are rent agreement, lease agreement, and leave and license agreement different from each other?Here are the most important differences everyone who is asking himself or herself this question should understand:Rental AgreementsRental agreements are often shorter and allow owners to rent properties that might not be desirable to long-term renters. A rental agreement differs from a lease agreement because it is not a long-term contract and usually occurs on a monthly basis. Such month-to-month lease agreement expires and then renews each month upon agreement of the parties involved. So they often have no long-term requirements. At the end of each thirty-day period, both you and your tenant are free to change the rental agreement (subject to local rental laws).Rental agreements, therefore, have more leeway. However, either the tenant or the landlord can alter the terms of the agreement at the end of the period. Think about changes like raising the rent asking the tenant to vacate the property or modifying the initial terms agreed. However, often both landlord and tenant need to mutually agree and give a period of notice before any modifications can be made. A landlord must give a proper notice to quit, however, prior to requesting the tenant leaves the property.This video shows an explanation of a sample rental agreement, that is also easy to modify for lease:Lease agreementsIn comparison to rental agreements, a lease has a set term, often for long periods of time, usually a period of 12 months, during which the tenant agrees to rent the property. A lease agreement is a contract between a landlord and a tenant that covers the renting of property, usually or more. The lease agreement is very specific in detailing the responsibilities of both parties during the lease and it includes all the necessary terms to provide protection to both parties.During the duration of the lease, both must adhere to the lease agreement. For example, tenants agree to make monthly rent payments and follow the other obligations in the lease. This ensures that the landlord cannot at random just raise the rent fee and the tenant cannot just leave the property whenever he or she wants to, without any consequence.The lease agreement is effective for the specific time mutually agreed and is then considered ended. If the tenants wish to remain in the property, both parties must enter into a new agreement. So, therefore, neither party is able to change any terms until the lease period expires. Unless both parties mutually agree to the change the terms. A lease agreement, on the other hand, is advantageous to a landlord by providing the stability of guaranteed, long-term income. It is advantageous to a tenant because it locks in the rental amount and length of lease and cannot be changed even if property or rent values rise.Leave and Licence agreementsA leave and license agreement is a specific kind of agreement wherein the licensor temporarily allows the licensee to use licensor's immovable property full or a portion of it, for the purpose of carrying business activity or residential use. A rental or lease agreement is creating a transfer of interest from the owner to the tenant. However, with a 'Leave & License,' it ensures that there is no transfer of interest from the Owner/Licensor ( person or company with exclusive legal rights over something other than selling) to the Licensee. It is a License to occupy and use the premises in the mentioned duration on mutually agreed terms.Source: Lease Rental Agreement template

Due to the special rights that the law provides for retailers, the termination of a commercial lease is subject to special laws that can make terminating such contracts very difficult.The lease is usually for a set period for which preparations need to use legal contracts , but only because the agreed-upon lease term expires does not mean the contract is over, because the law recognizes the tenant's right to have the contract extended. Commercial lease agreement templates help to write lease agreements easily.This privilege is outlined in article 518 of the commercial code, which states that a lessee who has occupied the same commercial establishment for at least two years has the right to have the lease renewed.The lease cannot be terminated (not renewed) after two years unless one of the above reasons is configured, or the occupant chooses not to proceed with the contract.The tenant owns the right, which he or she can exercise or not.What follows refers to any commercial contract, including premises, offices, factories, and warehouses, in short, any land used for a commercial establishment.The reasons for the commercial premises lease being terminated.If there is a legal or just cause, the commercial premises lease contract may be terminated by the end of the term without being extended, or in the execution of the contract, that is, before the term expires.Article 518 of the commercial code specifies the reasons for terminating the contract due to non-renewal.The grounds for terminating a lease during its execution are governed by the civil code, the most important of which is the parties' free will.Causes for the commercial premises lease to be terminated by the landlord.For the following purposes, the owner has the right to terminate the commercial lease at any time.The lessor has the authority to terminate the lease if the lessee violates it in some way.Compensation for the lessee's breach.The terms of article 2003 of the civil code apply if the tenant fails to comply with the lease. And the lessor is required to terminate the contract:

All the listed below questions may not be applicable to you. Hence be selective on your questions.Try to gather true information from multiple sources instead of depending only on landlord. Other sources from neighbor, previous tenant, society maintenance staff, security, vendors (society electrician, plumber), etc..Here are few useful questions to ask,Ownership proof? Make-sure you are dealing with landlord, broker or property management firmIs the landlord lives in the same building?What is the rent per month?What is agreement duration? 12 month? 6 month? 1 month?How much is security deposit? Is security deposit refundable? Is security deposit paid on installment basis instead single shot?Is there lock-in period in this lease contract? What if we break contract early?What are my document require to complete screening procedureWill you provide PAN or aadhar number? (This is mainly applicable for Indian tenant to claim HRA and tax benefit)How is the water availability? Is there water scarcity?What is the frequency of power cut (electricity connectivity)?Power back-up available?Security and cctv camera available?Parking available for 4 wheeler and 2 wheeler?Transportation connectivity to office, hospital, school, market, bus stop, railway station, airport, bank and ATM?When is the possession available to occupy?Rent paid in month advance or month completion?Do i get rent discount if i sign long lease?Do i get rent discount if i pay quarterly or annual rent in advance? instead monthlyIf possession taken between month, is rent payable on pro-rated basis or complete month rent or rent free periodWhat is the maintenance cost? Is the maintenance cost paid monthly, quarterly or annual?In case of fluctuation in maintenance cost during tenant, who is liable to pay fluctuated cost?Which utility am i responsible to pay? such as electricity, water, parking, gas, common area utility etc..What are the furniture includes in lease? Is the details of furniture listed in lease agreement?What is year on year rental appreciation? what is the renewal policy?What is the mode of transaction for rent and security deposit payment? by online transfer, cheque or cash (Don’t accept cash transaction)Property be painted and cleaned before we take possession?Will i get receipt for rent payment?Guest are allowedWeekend party or family functions allowed to conduct?Who should execute lease agreement? landlord or tenant?Allowed to sub-lease property? especially parking space or additional room in basement which i will not be using?During tenancy, who is responsible for repair of furniture, fitting and appliances?At the time of vacating property, is tenant liable to pay renovation cost of painting & cleaning? and How much?Who is liable to pay taxes, cesses, assessment charges to Govt. Body / authority pertain to rental property?What is the notice period to vacate property? (usually anywhere between 1 - 3 months for residential and unto 6 month for commercial)Pets allowed? What is pet policy?What are the amenities includes? Gym, swimming pool, club house, children play area, Jogging track, super market? indoor games, out door games, library, visitors parking, etc…Is there penalty for late payment of bills and rent?What are the apartment or gated society rules and regulations?When are the utility bills to be paid?Is there periodic or proactive maintenance available?What is the typical turn-around time to attend maintenance issues?Does maintenance team function 24X7?Am I allowed to decorate interior? Hang pictures, frames, couple of needle hole, wall mount for television, air conditionerHas this place has pest issue? What are the pest control measures taken?Is there periodic inspection during tenancy, what will be your advance notice?What is the crime, accident and theft rate at this locality?Is the apartment noisy, is there highway road nearby and any other noise from sports club, children play area, factory, etc..Do all the fittings of water flow, faucet, curtain rods, windows, door stopper, cardboard hinges, toilet-seat, water heater, shower, soap stand, towel hanger are in good conditionDo you change lock between each tenant?Do you accept payments from individual roommate or one single consolidated pay? (This is applicable for only join tenancy)Is there Move-in and move-out charge?Is wi-fi available?Describe your ideal tenant?Will add more…Once you finalized the property, execute rental agreement on non-judicial stamp paper. Don’t depend on verbal agreement and promises.We share standard agreement template for Bangalore/ Karnataka location. Please write to us [email protected] to avail draft at no cost.We provide customized rental agreement service in Bangalore. Our service includes agreement execution + lawyer notary + home delivered. To opt for our service, please write to us [email protected] or whats-app +91–9742479020.Thank you for reading…