The Owner engages the Agent on an exclusive basis during the Term of this Agreement to provide services for the Property.
2.1 On the Owner’s behalf, the Agent shall perform all reasonable actions necessary to make the Property available for renting it out to prospective tenant(s) including advertising, arranging site visits, coordinating tenant move in, license fee collection, execution of agreements; tenant management; property management; explore revenue generation opportunities; provide value added services; file proceedings for rent default etc.
2.2 The Owner gives the Agent full power and authority to do and perform all and every act and things necessary for the specific purpose of performing its services under this Agreement, including but not limited to, the right to enter the Property at any time during the Term, the right to collect rent, the right to take action in the event that the tenant(s) do not pay rent, the right to perform maintenance and repairs, etc. The Owner authorizes the Agent to install/uninstall, at its discretion any meters, locks, including remotely managed digital devices or any other devices that the Agent considers necessary to carry out its duties.
3.1 Agent agrees to pay and Owner accepts to receive from Agent a maximum refundable, non-interest-bearing security deposit (Maximum Security Deposit) on behalf of prospective tenant(s). Subject to the limit of the Maximum Security Deposit, the Agent shall pay an Upfront Deposit to the Owner. The difference between the Maximum Security Deposit and the Upfront Deposit shall be paid as and when the Agent receives the security deposit from tenant (s).
3.2 The Agent shall collect security deposit from tenant(s) on behalf of the Owner. The Upfront Deposit shall be adjusted against this security deposit and any remainder, up to the Maximum Security Deposit, shall be deposited in the Owner's account along with rent in the next settlement cycle.
3.3 The Owner authorizes the Agent to deposit rent and security deposit to the bank account specified by the Owner. All dues payable by the Agent shall be deemed as settled if paid to the said bank account.
3.4 Within 7 days of termination of this Agreement Owner shall refund any Maximum Security Deposit and/or Upfront Deposit.
3.5 Owner agrees not to directly accept any payments from tenant(s). Any payments shall be collected only by the Agent.
The Owner shall decide the Monthly Rent and the Minimum Rental Period. “Minimum Rental Period” shall mean the period during which the tenant(s) cannot move out and/or terminate the leave and license agreement without paying Early Termination Charges and shall not exceed six months from the date from which the tenant is liable to pay rent. The division of such charges between Owner and Agent is set out in Annexure A
5.1 The Furnishing and Fittings checklist includes new furnishing as well as repair and replacement of existing furnishing and fitting before renting the Property.
5.2 The Owner may furnish the Property on its own or through the Agent. If Owner requests the Agent, the Agent will provide a quote. Upon Owner's approval of the quote, the Agent will facilitate furnishing or conduct repairs/ maintenance at cost of the Owner.
5.3 Owner understands that furnishing and fittings are subject to wear and tear and no damages/depreciation shall be paid/payable to Owner for reasonable wear and tear expected in a shared accommodation.
5.4 The Owner shall submit receipts, bills, invoices and warranty cards of furnishing and fittings to support any claim of damage/depreciation.
6.1 Either Party can terminate the Agreement by giving 30 days advance notice in (i) writing to the other Party; or (ii) off boarding request on app or Website.
6.2 If the Owner terminates the Agreement when the Property is completely vacant and no bookings/visits have been scheduled, the Agent shall hand over the keys of the Property within 5 working days of the return of Security Deposit amount, if any.
6.3 Where the visits/ move in of Licensee is restricted by the Association or for any other reason beyond the control of the Agent, then the Agent can withhold the License fees payable till the issue is resolved and can terminate the Agreement by giving 5 days notice and the owner will refund entire security deposit without deduction.
6.4 Subject to minimum tenancy period, Owner shall give atleast 30 days’ written notice of any proposed sale or other disposal of Property to enable the Agent, if needed, in making alternate arrangements. If notice is not given, the Agent will be entitled to recover damages from Owner.
6.5 Agent agrees to handover the vacant possession of Property to the Owner on termination of this Agreement and on receipt of the Security Deposit.
6.6 Any dues owed by either Party to the other shall be settled within seven (7) days of termination. Failing such settlement, the non-defaulting Party may initiate arbitration as per this Agreement. The losing party in a legal case will bear all costs, which may include costs incurred in initiating arbitrations, suits for recovery, legal proceedings to vacate Property, etc.
A notice to be issued, including a notice to arbitrate, should be served through email or through a physical letter delivered by registered post to the addresses of the recipient as stated in the agreement. In addition, notices to agent should be sent to legal@nestaway.com
8.1 Details of prospective tenant(s) will be sent to Owner for approval. Owner agrees not to discriminate tenant(s) on grounds of religion or caste or creed or sexual orientation or marital status in violation of law. The Owner shall within 1 day communicate a decision, failing which tenant will be deemed approved and tenant shall be entitled to occupy the Property.
8.2 The Agent, if requested by Owner, will assist in (i) collecting documents required for verification; and (ii) submitting them to the relevant authorities. Costs of verification shall be borne by tenant
9.1 The tenant is responsible for maintaining the furnishings, fixtures, fittings and furniture and minor day to day repairs. Owner agrees and understands that the Property, furnishings, fixtures, fittings and furniture will be subject to wear and tear.
9.2 Owner is responsible for any structural repairs to the Property. When the Property requires structural repairs, the Agent will inform and seek approval of the Owner. The Owner shall respond within 5 days of such request, failing which it will be considered auto-approved. Any costs of such repairs incurred by the Agent shall be recoverable from Owner and set off against any dues.
9.3 If Agent pays any charges on behalf of the Owner, such payments shall be reimbursed by the Owner within 7 business days or adjusted from the rent payable.
9.4 At no time and for no reason will the Owner have any right of lien on furnishings, fixtures, fittings and furniture not belonging to the Owner. Agent shall be entitled to enter the Property at any time to retrieve any furnishing, fixture, fittings and furniture which do not belong to the Owner. Agent shall be entitled to initiate legal action at the cost of the Owner for breach.
10.1 If a tenant vacates the Property due to Uninhabitable Condition then the tenant’s rent for that month will be waived and Agent will not pay the Owner for that month.
10.2 Uninhabitable Condition means when the Property is unsuitable for occupation without any fault or negligence of the tenantif any of the reasons mentioned in A below occurs with B.
The Owner has not been able to resolve such major issue even after being informed by the Agent or tenant(s) within 10 days.
11.1 If the Owner terminates the Agreement with the Agent and continues renting the Property to tenant(s) introduced by the Agent by bypassing the Agent, then the agent reserves the right to charge a poach-penalty equal to two months of rent for the Property.
11.2 The Owner shall not (a) enter into any other agreement of similar nature with any other party; or (b) with any new or old tenants directly; or (c) give out the Property on rent / leave and license unless the amount is paid.
The Owner represents:
12.1 That he/she is the sole lawful Owner or has been solely and legally authorized by the lawful Owner of the Property to execute the Agreement.
12.2 The Agent is not liable for disputes regarding ownership of the Property or the validity of the Agreement and the Owner indemnifies the Agent and its directors against such events.
12.3 The Property is free from any default, foreclosure, encumbrance, contract for sale, option to purchase, contract for deed or any other obligation in conflict with this Owner’s obligations under the Agreement.
At its sole discretion Agent may assign any of its receivables and/or the right to receive such receivables under the Agreement. Agent may also appoint a third party for recovery of any receivables from tenant/Owner. Further, the Agent shall be entitled to report payment behavior to any credit bureau.
The Agent’s liability for any claim or loss or damage of any nature will not exceed the Agent Charges paid for the preceding three (3) months. In no event will the Agent be liable for any incidental, special, indirect or consequential damages (including lost profits) however caused and under any theory of liability, and whether or not the Agent was or should have been aware or advised.
In the event of any dispute arising out of or in connection with the Agreement, the Parties shall, at first instance, attempt to amicably resolve the same through settlement discussions (recorded by way of email or telephonic conversations). If Parties are unable to resolve their disputes amicably, the disputes will be referred to arbitration under the Arbitration and Conciliation Act, 2015 and its amendments. The process for Arbitration shall be done as per the policy stated on the website of the Agent at https://faq.nestaway.com/docs/arbitration-policy
If the court of law finds any provision or clause or part thereof of the Agreement to be invalid or void in full part or in part, the remainder of the clause and the Agreement shall continue to be valid, enforceable and effective.
Owner agrees that he/she may be contacted via email and/or text messaging on the contact details provided by them, for reminders; to obtain feedback; to provide general information about services and offers and any other purposes ancillary to Services under the Agreement.
| Description | Owner share | Agent share | Total(per tenant) | ||
|---|---|---|---|---|---|
| A | Early Termination Charge | Tenant moves out after the license start date but before end of Minimum Rental Period. | 50% of monthly license fee | 50% of monthly license fee | 1 month license fee for the tenant |
| B | Internal Transfer Charge | Tenant moves out to another Agent managed property after license start date but before end of Minimum Rental Period | 50% of one month license fee for the tenant | Nil | 50% of one month license fee for the tenant |
| C | No Notice Period Charge | Tenant doesn’t provide notice period of 10 days before moving out | License Fee less Agent Charges for the shortfall in notice period | Agent Charges on license fee for the shortfall in notice period | Proportionate period license fee for the tenant |