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Raju (business)     25 March 2013

Rental agreement for 15 + 6 years

Dear Experts,

 

I am planning to buy a commercial property and rent it to already existing tenants (3 tenants). They have rented the property (with existing owner) already for 15 years (since 2008). They want me to sign a rental agreement for another 6 years with an option to increase the rent after every 2 years by certain percentage.

If I sign an agreement with the tenant for 6 more years, will there be any legal issues in the future? Will the tenants aquire any special rights by staying so long? If they refuse to vacate after 6 years, what can be done? Can you please give some detailed information and links to understand the laws governing all this?

Looking forward for your valuable suggestions.

 

Best Regards,

Raju



Learning

 2 Replies

Manish Udar (www.Mehnat.IN)     25 March 2013

Spend some money and go to a real lawyer. It is not wise to follow advice obtained from the internet where your life's savings are concerned.

www.mehnat.in

Raju (business)     26 March 2013

Hi Manish,

Thank you for your advice.

Are you saying that I will loose the ownership of the property? Or I will have no right to ask them to vacate after 6 more years? or? Could please be little bit more specific to first understand, how serious is the issue.

Best Regards,

Ramesh


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