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Get your Lease & Rental Agreement Drafted by the best Advocates

An agreement for the use of real estate on a lease rental basis known as a lease deed is made between the lessor (the owner of the property) and the lessee (the tenant).

Introduction

Lease and Rental business are very prevalent in India but are equally risky because of the notorious tenants. And, it is always advisable to hire a lawyer who can draft your Rent deed very carefully so that no one gets to harass you. Law Chef is a platform where you can hire the best Lawyers who has experience in drafting Deeds such a Lease or Rent. If you are looking for best Lawyers in Delhi and area Nearby, contact Law Chef.

An agreement for the use of real estate on a lease rental basis known as a lease deed is made between the lessor (the owner of the property) and the lessee (the tenant). In a lease deed, on the contrary to a rent agreement, a tenant pays the landlord rent in exchange for the use of the property, the lessee purchases the lease rights to the lessor's property. An official document known as the "Lease Deed" contains all the financial considerations, terms and conditions, and other lease renewal requirements.

On the Contrary, if simply put, a house rent agreement is a binding legal pact between a landlord and tenant for a specific duration. It is a collection of rules and regulations that all parties must abide by. Every eleven months or more, or for the duration specified in the contract, the rent agreement is up for renewal

A lease document must have certain fundamental provisions, much like a rental agreement. Some of these consist of; name of the parties, period of lease, consideration for lease, notice period and exit clause, renewal terms, sub-letting clause, etc.

There are certain documents required for lease agreement registration, which are as follows :

  • Identity proof of the landlord and tenant such as Aadhaar Card, passport, etc.,
  • Address proof of the authorized signatory, from both the parties.
  • Passport-sized photographs of the authorized signatory, from both the parties.
  •  PAN card and seal/stamp of the company, if it is a commercial property.
  • The original evidence of ownership.
  • Property documents, such as Index II or tax receipt of the property to be leased.
  • Property’s route map should be leased out.

The lease deeds in India are regulated by the Registration Act of 1908 which mandates any property being leased for more than 11 months for residential, commercial, agricultural, hereditary allowance, or fishing purposes be registered. All states are subject to the law. There is no need to register for a lease dead that is only 11 months long.

The building authority typically receives the development rights to the land through a 99-year lease from the development authority. This indicates that whoever acquires a leasehold property will own it for 99 years before the landowner regains it.

 

A lease deed is an agreement for the use of real estate on a lease rental basis between the lessor (the property's owner) and the lessee (the tenant).

Yes, It is mandatory for a lease deed to register, if the lease period is for more than 11 months.

A lease deed is required for a lease between two parties to be legally authentic and to be acknowledged in a court of law in the event of a dispute.

Name of the parties, period of lease, consideration for lease, notice period and exit clause, renewal terms, sub-letting clause, etc.

The main difference between a lease deed and a rent agreement is that an average lease lasts for 11 months. Typically, a leasing agreement is month-to-month.

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