Generally, long term more than 11 months is termed as a lease agreement. The lease agreement is executed one stamp paper between the first party, owner of the property, who is letting out the house, flat, or room and second party, the tenant (individual) who agrees to take on rent. It is a good practice to mention specifically all the terms and conditions, generally like tenant is not allowed to sublease, has to bear all the damages if any, and painting at the termination of the agreement and if it mutually agreed to extend, there will usually be a 5% to 10% increase in the rent after the lease term. Often the cost of documentation will be borne by 50% both by the owner and the tenant (individual) and depending on the total amount, total rent per annum plus advance together sets the value of e stamp paper required.
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Terms and Condition