It is imperative to have a certificate that would preserve the interest of both the parties: a renter and a landowner. A rental lease agreement, therefore, is the paramount way to take a careful approach. Nearly every residential lease agreement lasts for 12 months. When the lease agreement comes to the closing stage, the renter and the landowner need to go to a decision whether to renew the rental agreement. Read more to understand how to renew the rent agreement in Mumbai.
Contents
Understand What Lease Agreement Is Before Planning to renew the rent agreement in Mumbai
To begin with, let’s understand what a lease agreement is. A rental or lease agreement is an officially authorized certificate that binds the owner of the land and renter and preserves the interest of both the rental parties. The landholder must either be the proprietor of the property or an individual having an attorney from the property owner. It is imperative to have a lease agreement as it protects the rights of a property owner as well as the renter. It prevents needless hikes and eviction without previous notice of at least one month.
Steps to Follow to renew the rent agreement in Mumbai
Let’s have a closer glance at the top factors that can make the progress of a rental agreement renewal smooth:
Step 1: Consider what you want to change in a rental agreement renewal
Consider the amount you shell out each month and any integrated facilities – are you still happy there? Do you want to carry on living there? If so, list whatever thing you may want to change in a rental agreement renewal. A change in your lease renewal agreement could be no change at all, as in keeping your present rental fee as contrasting to the usual increase in the rental fee. Or a change might be improving your residence in some way—new floor covering, new paint or new appliances.
Step 2: Book an appointment to discuss lease renewal agreement
Contact your property-owner or landholder at least 45 days before your rental agreement’s termination in writing or call for a meeting to talk about the renewal of your rental agreement. Carry the catalog of changes with you to the meeting and take account of supplemental information if you are willing to discuss.
Step 3: Things to Keep in Mind While Lease Renewal with Rent Increase for Whatever Reason
Be ready for an increase in the rental fee. Lease renewal with rent increase is a typical business. Be on familiar terms with what you can manage to pay for and are willing to pay for your exacting lease agreement. In spite of your negotiation effort, you might decide that the most wonderful thing for you is to stay at your place and pay slightly more. Even if you are agreeable to acknowledge a rent increase, don’t show your cards with the landholder or property-owner too fast. Just make out what your bottom line is.
Step 4: Rental Agreement Renewal – Final Steps
Make your final lease renewal agreement with your landholder or property-owner and get it in writing. Sign the citations and documents, ask for a copy of it, and keep a copy for your account.
Click here to Connect with Housewise team for Rental Agreement in Mumbai
Read more on: 5 use cases for property management in India
Read more on: Checklist for NRIs to invest in Indian Property
Read more on: Difference between NRI, RNOR, and Resident India
Read more on: How to register property in India? Guide for NRIs
