Important Clauses In Leave And License Agreement
If you had your holiday and license agreement registered by a lawyer in Mumbai, it could cost between INR 3,000 and INR 7,000, including lawyer`s fees. If you want to do it yourself, the INR fee is 1,000 if your property is covered by Municipal Corporation and INR 500 if your property is located in a rural area. Note that the agreement must be registered within 4 months of its signature. (10% of the refundable deposit) * (number of the years for which the contract is concluded) = when and how the contract can be renewed, how much the rent will increase at the time of the extension, whether or not there are provisions to renegotiate the rent, etc. Even in cities like Mumbai, real estate agents added clauses in the original agreement regarding the payment of brokers at the time of the extension. Discuss this clause and find out in advance what the brokerage amount will be for the extension and who will pay it. The agreement should clearly state what the apartment is to be in. This is important because the owner must then maintain and repair the house if necessary. The rental agreement should contain a clause relating to the proper maintenance of the property.
Tenants are generally expected to take care of minor repairs, so it is important to consider the form of the property before they are taken into possession. Find out if the electrical and hydraulic fittings are in perfect condition by turning on the faucets and turning on the lights. If you or the landlord wish to terminate the contract, notice, usually one month, must be served. However, some agreements may provide for a longer period. Licensees (tenants) must ensure that the agreement openly records the distribution of the royalty to be paid as well as the respective obligations in relation to their share of the total licence fee.. . . .