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Rent Agreement
Overview

A Rent Agreement sets out the terms and conditions of the arrangement between the landlord and the tenant and provides for the rights and obligations of both parties. MyAdvo will help you draft and notarize a Rent Agreement through an expert property lawyer.

 

A rent agreement needs to be drafted carefully and needs to cover all terms of tenancy. It generally includes the following details:

  • Name and address of the landlord and tenant
  • Detailed description of property
  • Term of tenancy (usually 11 months)
  • Total rent payment to be made, mode of payment, date when the rent is to be paid
  • Security Deposit
  • Restrictions/ limits on tenancy
  • Charges for repairs and maintenance
  • List of the fittings, furniture and appliances
Steps involved in drafting of Rent Agreement
Understanding your requirement
MyAdvo will share a questionnaire to understand your requirements.
Drafting
Based on your responses, the lawyer will draft the Rent Agreement within 3 working days for your review and approval.
Printing of Rent Agreement
Post approval, the Rent Agreement will be printed on Non Judicial Stamp Paper.
Fixing an appointment with the Notary
The lawyer will take an appointment with a local Notary for a date convenient to you.
Notarization of Rent Agreement
The landlord and tenant along with two witnesses and the lawyer will visit the office of the Notary to get the Rent Agreement notarized.
Why MyAdvo?
Pool of expert property lawyers who have experience in drafting and notarization of Rent Agreements
Dedicated case manager to provide you with timely updates
Payment is fixed in the beginning and you are not hassled by the lawyer
Dedicated portal to manage your documents and communicating directly with the lawyer
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Property Due Diligence to Minimize Risks

Before investing in a property, it is highly recommended to get a due-diligence conducted of the property to minimize risks. MyAdvo can assist in conducting due diligence of the property through expert diligence professionals.

 

Types of Due Diligence

Depending upon the nature of the transaction and the property involved, due diligence can be either:

1.    Full Search (tenure of search is usually between past 30 years to 99 years)

  • Recommended for sale, resale, long term lease transactions and transactions that involve obtaining financial loans against the property.

2.    Limited Search (tenure of search is restricted to past 15 years)

  • Recommended for short term rental/lease transactions.

The diligence for both the methods involves a rigorous search of all components of a real estate property and carried out comprehensively. The only difference being the tenure for which the search is done.

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