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What Is Lease Deed/Rent Agreement?

Lease Deed/Rent Agreement pertains to the contract of leasing and renting of a property between the parties wherein one party/tenant agrees to pay a fixed amount to other party/owner every month.

A well-written lease deed needs to be clearly formulated and free from any ambiguity and in proper flow in order to maintain the cordial relationship between the lessor and lessee and to avoid any encumbrances in future.

What Is Definition Of Lease Deed Under Law?

The term ‘Lease’ has been defined under Section 105 of the Transfer of Property Act, 1872 as:

“A lease of immoveable property is a transfer of a right to enjoy such property, made for a certain time, express or implied, or in perpetuity, in consideration of a price paid or promised, or of money, a share of crops, service or any other thing of value, to be rendered periodically or on specified occasions to the transferor by the transferee, who accepts the transfer on such terms.”

Lessor, Lessee, Premium and Rent is defined under Section 105 of the Transfer of Property Act, 1872 as:

“The transferor is called the lessor, the transferee is called the lessee, the price is called the premium, and the money, share, service or other thing to be so rendered is called the rent.”

What Are Important Ingredients Of Well-Written Lease Deed?

  • Parties to the agreement: The details of Lessor and lessee, stating their name and address.
  • Date of execution of lease deed.
  • Property description.
  • Renewal time that is after what duration or period the deed is required to be renewed, if any.
  • Any encumbrance details, if any.
  • Consideration to be paid, at what time it shall be paid, any increment applicable to it after the specified period of time.
  • Duties or liabilities of the parties: Any other liability to be incurred by the lessee during his /her stay in the rented premise such as taxes, cess, and such other municipal taxes if any.
  • Terms and conditions: Clear instructions regarding restriction if any from the lessor side, say regarding subletting, selling, purchasing, assigning, which is required to be obliged by the lessee such other condition say keeping the building constructed on the demised premises in good and tenantable condition.
  • Duration: The duration for which the deed is to be executed that is the start and end or the renewal as the case may be, it could be expressed or implied or can also be in perpetuity.
  • Deposition of other expenditure, if any: A lump sum amount apart from the periodically amount taken, is demanded by the owner called as a deposit, which is of returnable nature at the time of the end of the lease deed and could be subject to certain deductions in case of any violation to the terms of the deed. However, everything must be pre-informed and consent is to be taken in writing. Usually, this particular thing is taken care in the lease deed itself.

What are the services Lawyerinc offers for Lease deed registration?

Our services:

Our comprehensive range of end-to-end solutions includes following:

  • End to end services for lease deed drafting as well as registration.
  • We have expertise in getting lease deed.
  • We will get in touch with you through renounced lawyers in this field.
  • Our Experts shall guide you through the procedure and supply you with a detailed checklist of the required documents.
  • We shall verify the documents you provide
  • An application will be made by us and duly submitted.
  • Free consultation for any enquiry that you may have about lease deed.
  • You will get your lease deed done without any hassles.

*Any fee, stamp duty and miscellaneous charges shall be payable extra.

Do contact us in case of any query related lease deed and much more.

To avail any of the above-stated services, kindly establish contact by posting a query at our site.

What Are The Various Stages For Lease Deed Execution?

  • Primary Stage:Once the Lease deed is formulated the duration of the lease, consideration, mode of payment should be clearly discussed and negotiated.
  • Documentation Stage:The Memorandum of Understanding (MOU) shall be formulated with regard to the commercial aspects, duties and other related obligations of the respective parties. Basically, the intention of the parties is taken to the next stage of the process.
  • Basic Due Diligence Stage:The draft should be properly read by the lessee and in case of any confusion, it should be clarified then and there, and the property details should be checked and verified such as title clearance, property paper.
  • Drafting, Notarization, registration Stage: Once theRequisite money deposit, consideration amount is paid off take the possession of the property. The deed should be signed and dated by lessor and lessee and by the witnesses to the execution of the Lease Deed. Once the instrument has been executed it should be notarized on the stamp paper and can be put up for registration at the Office of the applicable Sub-Registrar of Assurances having suitable jurisdiction over the property.
  • Post Registration Stage:After the possession has been taking n over by the Lessee, the lessee must inform about the same to various governmental and semi-governmental bodies having jurisdiction over the concerned property in writing about the change of holder.

What Is Legal Aspect Of Lease Deed Registration?

According to the Section 107 of the transfer of property Act, 1882 and pursuant to of section 19(1)(d) of the Transfer of Property Act, 1882 and Section 19 (1) (d) of the India Registration Act, 1908 respectively it is mandatory to register the lease deed of an immovable property for a lease term exceeding one year or in such as a system of yearly payment of rent, such as Agricultural land etc. where lease deed is not registered such deed shall be treated as null and void.

Frequently Asked Questions

  • 1. Are oral/verbal tenancy agreement are legal?

    Yes, verbal tenancy agreement are legal but are not recommended as that is difficult to enforce as there is no proof of anything. So that might create an issue in the future.

  • 2. My tenancy is going to end and I don’t want to stay any longer. So can I get my security back?

    Yes, landlord is liable to refund the security amount if there is no dispute between the parties and there is no violation of any term mentioned in the lease agreement.

  • 3. If tenant has caused damage to the property can landlord ask him to vacate the property before term?

    Yes, landlord serves a notice to tenant to vacate the property within time limit mentioned in notice. If tenant refuse to do the same, landlord can move court.

  • 4. What if tenant refuses to vacate the property and not even paying rent?

    Landlord can serve a notice of vacation of property or pay the rent, if tenant fails to do the same, landlord can approach local court.

  • 5. Why to get lease agreement through lawyerinc?

    Lawyerinc is a complete blend of professionals from across the globe. In –house team of lawyers and attorneys, CA, CS. All professional work together in Lawyerinc, providing you end to end solution. It guarantees delivery in the shortest and most reasonable rate in India. It enjoys a global presence.

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