Lease Deed Drafting

A lease deed is a document or a written contract between the property owner or a landlord also known as lessor and the tenant or lessee, which contains all the terms and conditions, including the rent to be paid, security deposit to be made, etc



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What is a "Lease"?
According to Transfer of Property Act, Section 105, Lease is defined as a handover of a right to claim property, land or estate for a particular period of time or in permanence. Owning a lease comes with the respect of an amount paid or agreed upon, a share of commodities (or any other form of supplies), service and any valuable payback. In order to understand ‘lease’, one should first come to realize the below terms:

  • Less or the lease provider (property owner) will have complete authority over the property which is then handed over to the lessee
  • Lessee the lease holder who obtains the entitlements to make use of and possess the property on contract from the Lessor
  • Duration the period of time against which the lessee possesses the property rights is also known as "duration".

  • What is a Lease Agreement/Deed?
    A lease deed/ Agreement/ Leave and License agreement is essentially a contract wherein the tenant (the lessee) agrees upon paying the landlord (lessor) a periodic rental amount for using a property. ... It lays down the specific terms & conditions for leasing of properties.
    Difference between Lease and Sale
    Lease Sale
    The tenant is able to enjoy only the rights to use the property. In this case, the buyer gets the whole right of ownership of a property.
    Except on the condition of perpetuity, the lessee rights to process the property comes to an end once the lease is terminated. There is no limit for usage of the property.
    The money is paid like a premium or on specific intervals. The cost of the property is paid one time.
    The lessee can only enjoy the use of the property. A transfer of lease is allowed in most cases though the ownership rights to the property lies with the leaser. Buying a property allows the buyer to enjoy the freedom selling the property in future.

    Key Contents of a Lease Deed in India
    There are certain important provisions that should be included in every lease agreement in India are as follows-

  • Description of Property: The deed should contain the description of the property such as area, location, structure, address, and other information.
  • Duration: The lease agreement should clearly state the time span for which the validity of the lease will be in force. This provision might also include the information about the renewal of lease deed in case the parties want to continue with the contract.
  • Rent, Maintenance, and Security: The lease deed must clarify the rent amount, payment mode, due dates, security deposits, interest for payment delay etc. It should include the information regarding the maintenance charges, society charges and utility bills etc.
  • Subletting: The lease deed must include the information about whether the tenant is able to sublet the property or not.
  • Dispute Resolution: It must be mentioned in the deed that the manner in which the legal dispute arising between the parties out of breach of the agreement and how it will be dealt with. It may consist ADR process such as Arbitration.
  • FAQ

    CLICK ON A QUESTION TO SEE THE ANSWAR


    What is the meaning of lease deed?

    A lease deed is an agreement where the tenant has agreed to pay a periodic rent to the landlord

    Is it necessary to register lease deed?

    If the leasing period is more than 12 months, registration of lease agreement is mandatory according to the Registration Act, 1908. If an agreement is registered then stamp duty and registration fee is applicable and needs to be paid.

    What is the difference between lease deed and rent agreement?

    Although the term rent and lease are synonymous in nature renting a property is not akin to leasing a property. A rent agreement can either be a lease or a license. It will be treated as per the terms and conditions and renting period mentioned in the agreement.

    What happens if a lease is not registered?

    Registration constitutes notice of the lease to all parties and all purposes. If not registered it means that it has not given the notice. The consequence is that a landlord may not be able to recover unpaid rent from the guarantor if the tenant fails to pay.

    Which Act of the Indian Govt. overviews the Lease Agreement procedure?

    The provisions of the Transfer of Property Act of the Indian Govt. overviews the procedure of the Lease Agreement procedures in the country.

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