Agreement of lease is a legal contract between a landlord and a prospective tenant wherein the landlord agrees to grant occupation and usage rights to the tenant of his premises for a specified time period and in return of fixed monthly rent.
Such agreements generally entail the tenant occupying the premises and shouldering the responsibility of maintenance of the premises during the period of usage by the tenant. It also depends on the landlord prerogative to let out the premise to a single talent or go in for multi-tenant sharing lease arrangement. One should use the services of a well-qualified expert in area of leasing to draft such agreement of lease and should take due precautions to include all the clauses such as the lease period, the lease amount, security deposit to be paid, the responsibility of maintenance of the premises, the responsibility to shoulder payments such as property tax, utility bills etc. and the rights of both parties in case of any dispute.
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