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Tenant

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Description

A tenant is a person who occupies the property of another person by signing a lease or rental agreement. Even though tenants do not own the property, by signing a rental or lease agreement, they have certain rights over the property they occupy.  Watch this video to know the term 'tenant' better.

Transcript

A tenant is a person who occupies the property of another person by signing a lease or rental agreement. Even though tenants do not own the property, by signing a rental or lease agreement, they have certain rights over the property they occupy. Tenants are granted possession because they pay a certain amount of money as the annual or monthly rent. The legal agreement the tenant signs is called a rental agreement or a lease. If a property is under lease or rented out to a tenant, the sale of the property should be subject to the terms of the lease or the rental agreement. The new owner would be expected to honor the terms of the lease too. In cities like Mumbai, owners are allowed to sell the property, while tenants can sell the right to occupy the property, if the property is under rent control laws. In some countries, tenants cease to have rights over the property when they stop making the monthly of annual payment. But, in India, it is more difficult to evict tenants. The Housing and Urban Poverty Alleviation Ministry’s draft of the Model Tenancy Bill, 2015, was written to ensure that the law is not biased in favor of tenants, hampering the development of residential real estate in India. According to the draft of the Model Tenancy Bill, landlords will be able to evict a tenant on one month’s notice if he does not pay the rent or misuses property.

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