YB Shared House - Revenue Share
YB Shared House - Revenue Share
YB Shared House - Revenue Share
SERVICE AGREEMENT
YesBroker.in Technologies Private Limited, a company incorporated under the sections of the Companies
Act, 2013 with its registered office in #1546 and 1547, 19th Main, HSR Layout, Sector 1, Bangalore 560102
(hereinafter called the “Agent”);
AND
[Insert name of the individual], with PAN [Insert PAN details] residing at [Insert residence details]
(hereinafter referred to as “Owner”).
(Agent and Owner are collectively referred to as “Parties” and individually as “Party”)
WHEREAS:
A. The Agent is an online technology platform for real estate market; facilitating rental transactions and
services related to it between owners and tenant(s) through its platform www.YesBroker.in.com
("Website") and mobile application.
B. The Owner is the (i) actual owner of; or (ii) is legally entitled to give on rent the property located at
[Insert Property Address] (‘Property’).
C. The Owner or his legally authorised representative wishes to use the Agent’s services according to the
terms and conditions of this Agreement.
PART A
1. TERM
1.1 The term of this Agreement shall commence upon the Service Start Date, and shall remain until either
Party terminates the same.
1.2 Service Start Date shall mean the date on which the Owner completes the pre-requisites as captured in
Annexure A and gives the Agent access to manage the Property in order to provide its services as
enumerated in Clause 3.3.
2. EXCLUSIVITY OF ENGAGEMENT
2.1 The Owner engages the Agent on an exclusive basis during the Term of this Agreement to provide all
services for the Property as agreed upon mutually in this Agreement.
3. SCOPE OF SERVICES
3.1 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).
3.2 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.
3.3 The scope of services provided by the Agent are as follows-
A. Licensing Out
a. Advertise, list, market and promote the Property on its Website and mobile app and to do all such acts,
whether necessary or incidental, to give effect to the same;
b.Show vacant units/beds/rooms in the Property to prospective tenant(s)
c.At the Owner’s discretion, assist in sending the tenant’s documents for verification to the concerned
authorities and to do all such related acts, whether necessary or incidental;
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5. RENT
5.1 The Owner shall have the absolute authority to decide the monthly rent and the Minimum Rental Period
for the tenants, which shall not exceed six months from the date from which the tenant is liable to pay
rent for the Property. For clarity, “Minimum Rental Period” shall mean the period during which the
tenant(s) cannot move out and/or terminate the leave and license agreement without first being liable to
pay the Early Termination Charges as specified in the leave and license agreement.
5.2 The rent payable by the tenant(s) shall include common area maintenance charges and any other charges
that the Owner is obligated to pay as levied by the (i) Society or (2) Govt. Bodies. It is clarified that the
tenant(s) shall not be required to pay any additional charges over and above the rent on account of the
aforesaid. Rent, shall not include water, electricity, DTH, Internet bills etc, which shall be borne by
tenant(s) separately on per-use basis.
5.3 The detailed division of the Owner’s and the Agent’s share should the tenant breach clause 5.1 is detailed
in Annexure G.
5.4 It is explicitly clarified that all payments to be made by the tenant(s) to the Owner should be made
through the Agent and not directly to the Owner.
5.5 It is expressly agreed that the Owner’s rent is based on actual occupancy of the Property. This Agreement
creates no liability on the Agent to pay rent during the period the Property remains fully or partially
vacant.
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5.6 The Owner shall be entitled to change the rent only when:
6.1 For any given month, the Agent shall collect the rent from tenant(s) and deposit it in Owner’s bank account
on or before 5th of the next month after deducting its Charges (as laid down in Clause 7) and any other
amounts payable by the Owner to the Agent. The rent will be deposited in the Owner’s account irrespective
of whether the tenant(s) have paid or not.
7. AGENT CHARGES
7.1 The Agent shall charge <Insert Revenue Share Percent> % of the rent (inclusive of GST or equivalent
tax/cess) due from the tenant(s) every month towards the services it provides to the Owner (“ Agent
Charges”).
7.2 The Agent Charges will be deducted from the rent paid by the tenant(s) before depositing the same in the
Owner’s account.
7.3 The Agent Charges are applicable only on rent due from the tenant(s) for a particular month and creates
no obligation on the Owner to pay the Agent if there are no tenant(s) staying in the Property.
7.4 Any payments made under this Agreement or any other associated leave and license agreement pertaining
to the Property will be subject to applicable tax deductions at source.
7.5 The Agent reserves the right to revise its Charges after giving a 30 day notice to the Owner.
8. TERMINATION
8.1 Either Party can terminate the Agreement by giving one month’s advance notice in writing through email
to the other Party. Further, Owner may also give one month’s advance notice of termination by raising an
off boarding ticket (request) on his dashboard.
8.2 Upon termination, any dues owed by either Party to the other shall be settled within seven (7) days of
termination of the Agreement. If either Party does not settle his dues within seven (7) days of termination,
the other Party may initiate legal action. The losing party in a legal case will have to bear all costs, which
may include costs incurred in initiating arbitrations, suits for recovery, suits for eviction, etc.
9. INSURANCE
9.1 At the Owner’s discretion and request, the Agent shall partner with insurance companies (‘Partner
Insurance Company’) for covering the structure and content of the Property. The detailed term of the
insurance will be as per the documents provided by the Partner Insurance Company. The insurance
premium shall be paid directly by the Owner to the Partner Insurance Company.
OR (depending on the terms agreed with the Owner)
The insurance premium shall be paid by the Agent for an on behalf of the Owner. However, it is
explicitly clarified that in such cases the Agent shall not be held responsible for any reason for the delay
in obtaining the insurance policy or any service lapse by the Partner Insurance Company.
9.2 To file claims under the insurance policy, the Owner shall furnish original receipts and invoices of
damaged furnishing and fixtures and any other documents, required as per the terms of insurance, to the
insurance provider.
10. NOTICES
10.1 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 mentioned below:
For Owner:
Email id:
Postal Address: (please insert address as registered with the Agent).
For Agent:
Email id: legal@YesBroker.in.com
Postal Address: #1546 and 1547, 19th Main, HSR Layout, Sector 1, Bangalore 560102
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10.2 In case the notice is delivered through email, a delivery receipt will be considered as sufficient proof of
the notice being delivered.
10.3 In case the notice is delivered through registered post, the delivery of the letter to the other Party would
be assumed at the earlier of:
a) 5 (five) days from the date on which the letter is sent
b) Date of actual receipt of the letter by other Party
Any notice, including the notice to arbitrate, executed in the aforementioned manner shall be treated as valid and
subsisting for the purpose of this Agreement.
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PART B
11.1. The Agent shall submit the details of any prospective tenant to the Owner for approval. The Owner shall have a period of <Insert
Approval Time> to approve or reject the tenant, failing which the tenant shall be considered to be approved by the Owner. The tenant shall
be permitted to occupy the Property only once approved.
11.2 After approval of the tenant, the Agent may assist the Owner in (i) collecting documents required for verification of tenants; and (ii)
submitting them to the relevant authorities.
11.3 If the tenant has submitted incorrect documents or has forged his documents, the Agent shall in no way be responsible. However, at
the sole discretion of the Agent, the Agent may assist the Owner in taking any legal action against the tenant(s).
11.4 If any cost is incurred during verification, it shall be equally borne by the Owner and the tenant. {System to generate this for Pune
and Mumbai}
OR
If any cost is incurred during verification, it shall be borne by the tenant. [System to generate this for all locations except Mah.}
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15.2 A Property is said to be in Uninhabitable Condition when the Property is not suitable for the occupant to live in if any one or more
of the following reasons are present:
(A) (a) Any damage to the super structure of the Property such as collapsed ceiling or crack in the walls or water
leakage/seepage in the walls/roof/floor.
b) Electrical wiring issues including earthing problem
c) Water logging/overflowing/drainage issues inside the Property
d) Property being infested with bed bugs;
AND
(B) The Owner has not been able to resolve any major issue even after being informed by the Agent or tenant(s) within 10
days and the issue is supposed to be taken care of by Owner based on the executed leave and license agreement
between the parties.
20. ASSIGNABILITY
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The Owner agrees that the Agent, at its sole discretion, may transfer or assign its receivables under this Agreement to any third
party and/or assign a third party for recovery of outstanding dues from the Owner and/or report the payment behavior to any credit
bureau without taking any prior approval from the Owner.
23. SEVERABILITY
If the court of law finds any provision or clause or part thereof of this Agreement to be invalid or void in full part or in part, the
remainder of the clause and this Agreement shall continue to be valid, enforceable and effective.
IN WITNESS WHEREOF, the Parties hereto have set and subscribed their respective hands and seal to this writing on the day, month and
year first mentioned herein above.
For YESBROKER.IN TECHNOLOGIES PRIVATE LIMITED
Signature:
Name:
Designation:
IN WITNESS WHEREOF, the Parties hereto have set and subscribed their respective hands and seal to this writing on the day, month and
year first mentioned herein above.
OWNER
Signature:
Name:
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ANNEXURE A
1. Once the Owner is on boarded on the Agent’s platform, the Agent’s representative shall carry a checklist (" House Inspection
Checklist") while visiting the Property for inspection and fill in the list as to the current condition of the Property. The HIC will
also mention the repairs that are needed in the Property to make it live for renting it out to tenant(s).
2. Basis the findings of the HIC, the Owner can either choose to do the repairs on his own or authorize the Agent to do the repair on
his behalf. It is clarified that all structural repairs will be done only by Owner.
3. If the Owner gets the repair done himself, the Agreement will be signed between the Owner and the Agent and the Service Start
Date (as defined in Clause 1.2 of the Agreement) will begin after all the repair work as mentioned in the checklist has been
completed by the Owner.
4. Wherein the Owner authorizes the Agent to do the repairs, the Service Start Date will begin after the work has been completed by
the Agent.
[The HIC along with photographs of the Property before on boarding will be a part of Annexure A]
Both Parties agree that the repairs as stated in the HIC have been completed to the satisfaction of the Parties and from this date <Insert
Service Start Date> the Service Start Date commences and the terms of this Agreement are binding.
OWNER’S SIGNATURE
YESBROKER.IN’S SIGNATURE
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ANNEXURE B
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ANNEXURE C
I, the undersigned, am using services of YesBroker.in Technologies Pvt Ltd, a private limited company registered under the Companies
Act, 2013 having its registered office at #1546 and 1547, 19 th Main, HSR Sector 1, Bangalore 560102 (hereafter referred as “Agent”)
to give my Property on leave and license located at {$HOUSE_ADDRESS} since {$SERVICE_START_DATE}.
I hereby grant full power and authority to the Agent and its representatives to collect any payment related to renting out of my Property
including security deposit, monthly rent, utility payments, maintenance charges, govt. levied dues, if any on my behalf. Any such
actions shall be deemed ratified and approved by me.
In case you need to contact me for any clarification or verification regarding this, please reach out to me at the following address.
Thanking you.
Sincerely
{$OWNER_NAME}
{$OWNER_PERMANENT_ADDRESS}
Email: {$OWNER_EMAIL}
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ANNEXURE D
I, the undersigned, am using the services of YesBroker.in Technologies Pvt Ltd, a private limited company registered under the
Companies Act, 2013 having its registered office at #1546 and 1547, 19 th Main, HSR Sector 1, Bangalore 560102 (hereafter referred as
“Agent”) to give my Property on leave and license located at {$HOUSE_ADDRESS} since {$SERVICE_START_DATE}.
I hereby grant full power and authority to the Agent and its representatives to furnish my Property as per the requirement under this
Agreement on my behalf. I undertake to pay in advance for the goods and services. Agent will act as the collection agent for the vendor
in such a case and I agree to make the entire payment for all the goods and service purchased to the vendor through the Agent. Agent
will co-ordinate with the vendor for delivery of goods and services at the Property and arrange for the invoices for the goods and
service from the vendor in the name of the Owner.
All documentation created by the Agent on my behalf to this effect shall be deemed ratified and approved by me.
In case you need to contact me for any clarification or verification regarding this, please reach out to me at the following address.
Thanking you.
Sincerely
{$OWNER_NAME}
{$OWNER_PERMANENT_ADDRESS}
Email: {$OWNER_EMAIL}
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ANNEXURE E
LETTER OF AUTHORISATION TO EXECUTE LEAVE AND LICENSE DOCUMENTS
BY THIS LETTER OF AUTHORISATION, I [Insert Owner Name] , aged [Insert Age] years, S/o. [] , residing at [Insert Residential
Address] and being the sole and absolute Owner of the Property located at <Insert Property Address> do hereby nominate, constitute and
appoint YesBroker.in Technologies Private Limited, a company registered under the Companies Act, 2013 having its registered office at
#1546 and 1547, 19th Main, HSR Sector 1, Bangalore 560102 (hereafter referred as “Agent”) and its duly authorized officers, as my
authorized representative, in my name and on my behalf, to do or execute only the following acts or things, that would pertain to the
Property, namely:
1. To give on rent / leave and license basis the whole or any part of the Property, solely for residential purpose, to such persons as
my attorney may identify and choose;
2. To collect and receive from the tenant(s) / licenses of the Schedule Property all rent, fee, receivables and other charges that may
be due and to take all lawful proceedings for the recovery of the said sum;
3. To sign and execute Leave and License agreements for the Property on my behalf and in this regard purchase any stamp papers in
my name from the concerned office/authority;
4. To represent me before any Court, Tribunal, including an Arbitral Tribunal, or any judicial or quasi judicial body / authority in
connection with any legal proceeding(s) relating to termination of license, eviction, recovery of rental arrears and/or mesne
profits and any other matter relating to the licensing of the Schedule Property;
I hereby ratify and confirm whatsoever the said authorized representative shall lawfully do by virtue of these presents and understand that
anything my authorized representative does in the exercise of the aforesaid rights and powers shall be fully binding upon me/us.
BEFORE ME
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ANNEXURE F
The remaining amount of security advance (Maximum Advance less Upfront Advance) will be payable as per clause 12 of this Agreement.
I, Mr. {$OWNER_NAME}, Owner of the above mentioned Property hereby acknowledge receipt of the Upfront Advance amount as
refundable security advance as specified above in Table A.
I hereby authorize the Agent to deposit rent and remaining security advance as per this Agreement to the bank account specified above in the
Table B and all dues payable by YesBroker.in to me shall be deemed as settled if paid to the bank account specified in Table B. I further
confirm that the said amount of rent and security advance is in lieu of the Property offered on leave and license by me to the tenants.
In view of the above, I shall indemnify and hold harmless the Agent, its directors, employees, agents or contractors and tenant(s) staying in
the above mentioned Property against all claims, demands, lawsuits, cause of action, obligations, controversies, debt, damage losses and
liabilities of whatever kind as a result of depositing monthly rent and security advance amount in the account specified hereinabove.
___________________
Owner’s Signature
Name :
Permanent Address :
Email:
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ANNEXURE G
TENANT DEDUCTIONS
B) Internal Tenant moves out to another property 50% of monthly Nil 50% of one month
Transfer managed by the Agent after Trial rent rent for the tenant
Charge Period End date but before end of
Minimum Rental Period
C) No Notice Tenant doesn’t provide notice period Rent less Agent Agent Charges on Proportionate
Period Charge of 10 days before moving out Charges for the rent for the period rent for the
shortfall in notice shortfall in notice tenant
period period
“Trial Period” shall mean the period from move in date of the tenant(s) till the end of:
a) 3 days from the move-in date (including the move-in date) if the tenant has
i. not provided a transfer request before the end of the aforesaid period of 3 days , for transfer to any other property
managed by the Agent; or
ii. has provided a transfer request before the end of the aforesaid period of 3 days, but, does not complete the transfer
OR
b) 7 days from the move-in date (including the move-in date) if and only if the tenant has provided a valid transfer request before the end
of 3 days from the move-in date (including the move-in date) for transfer to any other property managed by the Agent and completes the
transfer to that property
whichever is later, and the Trial Period End Date shall mean the date on which the Trial Period ends.
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