Leasing a property to strangers is a very tricky issue as how they take care of the property cannot be determined by meeting them just once. Legally, when a person leases his/her property to another person, s/he grants the lease to the lessee for the use, occupation and enjoyment of the said property for a pre-agreed period from the date of execution of the lease agreement, also referred to as the “lease period”.
For the use of the said property, the lessee shall pay to the lessor a monthly/annual rent, as agreed upon by both the parties. The rent must be paid to the lessor by the lessee within a specified period, failing which the lessee might have to either pay a late fee penalty in addition to the rent or get evicted. Taxes are applicable on the rent received by the lessor.
We have outlined in brief the essentials of the property leasing process above and the legalities involved are evident in terminologies such as “rental agreement”, “lease period”, “taxation”, which require the services of a legal expert to create a stronghold of tenant and owner rights for the lessor and the lessee.
The rental agreement is a legal document that enumerates the terms and conditions of use, period of lease, rent and the details of the house such as the condition of the house at the time of leasing. The rental agreement also defines the details of the termination of the agreement. It will specify the rights of the lessor and the lessee and in case of any conflict arising in the future, it is consulted for resolution.
The Lease Period
The period for which the property has been leased is clearly mentioned in the rental agreement and the lessor is expected to close the leaving formality within a month of the lease agreement’s termination. However, what if the lessee does not abide by the agreement or the lessor harasses the lessee to evict the house earlier? In such a case, legal advice is required to decide upon a course of action as both the parties have rights that cannot be violated unless some exceptional condition arises.
Why Legal Services?
The main disputes that arise in leasehold property transactions are that of final settlement where both the parties draw blank. The most common point of conflict arises when the lessor is not satisfied with the way the house is maintained and the lessee thinks the point is unreasonable. There are much more serious complications that might arise if a person does not have a strong legal agreement. Further, there are formalities to be dealt with the local tenancy laws, which the legal expert is most familiar with. Also, since they routinely deal with property related legal procedures, they already have formats for preparing rental agreements and are fully aware of the nitty-gritty of the property leasing procedures for both, the lessor and the lessee. Hence, it is time-saving, secure, and cost-effective to consult with leasing Property Legal services provider in case of rental agreement…