A lease agreement is essentially an agreement between a tenant and you that covers all the terms of the lease that you both agree on. Most leases in India cover the time frame you rent your property for, the amount you pay as rent, penalties if you don't meet the conditions etc. The lease agreement template is a document that is created by MS Word so that it can be used by non_programmers or people who don't have much knowledge about computers and related stuff. The basic structure of a lease agreement template is that of a simple agreement page that is usually blank on the front page.
Most lease agreement templates in India have several columns where you can add your requirements and explanations of the lease agreement you have prepared. You can add information such as the name of the landlord or the name of the tenant, names of the parties involved, dates of agreement, conditions to be fulfilled etc. You can also add additional columns like 'payment procedure' or 'market value' and other columns depending on your requirement. When you are done with the agreement, you can save it in a Word file by using the 'save as' option. Such templates can also be converted into other word processing document formats such as pdf and so forth.
There are a lot of advantages associated with the MS Word format. This format is universal, which means that it can be easily imported to other word processing document formats and even into different software programs. Because MS Word is an Open Source software it is also available at zero cost to the user. With this you get a chance to explore the world of open source codes and do things that otherwise would have cost you dearly. Also there are several legal support services available for using MS Word in creating a lease agreement template.
Creating a Word document from a lease agreement template is easy and simple. You can use one of the online services offered by various companies to get your document created for a very nominal fee. They have lawyers and expert staff who will create the best possible template to suit your needs. You are not limited to the templates they offer. You can actually change almost all the features and provisions of a lease agreement and make it unique. If you are not contented with the default templates and want to personalize your document then you can hire a company that offers to customize your template for you.
With a customized template you can personalize your lease agreement. It may be a provision to include a clause about mutual covenants to share ownership, or mention the time period for which the lease agreement has effect. You can also specify the amount you are willing to pay monthly as lease fee and the day on which you are required to pay the monthly lease fee. These customized options give you the flexibility to put in whatever you like in the agreement without fear of sticking out in front of your prospective tenants.
You can also make a lease agreement template from scratch and use it as per your specific requirements. For example, if you are starting a new franchise hotel chain and want to include all the details of the franchise in the agreement then you need to create a separate lease agreement template. The details need to mention the name of the franchisor and the name of the hotel chain. You can also mention the date when you are expected to close the deal.
You can also include clauses that will have the force once the agreement is signed. For example the details of how much excess rent the owner is expected to pay should be included in the contract. The details of other incidental costs should also be specified in the template. Create a template covering all the aspects of your business and save yourself a lot of time and money.
Another important advantage is that you can use templates to negotiate the price of your lease with the tenant. If you do not have much experience then it is advisable to use the services of an expert who will help you draft the best lease agreement possible. A good template will also give you a lot of options in terms of including clauses relating to the inception of any additional expenses like utilities, repair cost or emergency repairs. It is important to note that the lease agreement template is nothing more than a rough draft and that any changes can be made till you are completely satisfied with the final contractual document.