Attornment Agreement India

An attornment agreement is a legal contract that relates to the transfer of a property from one owner to another. It is a common document used in the Indian real estate market, and if you are planning to buy or sell a property in India, you will likely come across this term.

The attornment agreement is a legal contract signed between the buyer and the tenant of a property. This agreement is primarily used to transfer rights of tenancy from one owner to another. In simple words, the buyer agrees to become the new landlord of the tenant by signing this agreement.

This agreement typically includes the tenant`s agreement to recognize the buyer as the new landlord and to follow all the terms and conditions of the new landlord as spelled out in the agreement. The terms of the agreement may include a description of the property, the tenancy period, and the rent amount, among other things.

In most cases, an attornment agreement is required when the seller of a property has a tenant. This is because the tenant has an existing lease or rental agreement with the former owner, and the new buyer needs to ensure that the tenant transfers the lease to them. If an attornment agreement is not in place, the buyer may not be able to legally take possession of the property or collect rent from the tenant.

If you are a buyer looking to purchase a property with an existing tenant, it is essential to ensure that an attornment agreement is signed between you and the tenant. This will help to safeguard your interests and ensure that the tenant recognizes you as the new landlord.

Overall, an attornment agreement is an essential legal document that plays a significant role in the Indian real estate market. Whether you are a buyer or a seller of a property with an existing tenant, it is crucial to ensure that this agreement is drafted and signed to ensure a seamless transfer of tenancy rights. If you`re not sure about drafting or signing an attornment agreement, it`s best to consult with a legal expert who can guide you through the process.

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