Lease Deed - Commercial Property

WHENEVER YOU WANT TO GIVE YOUR PROPERTY FOR A COMMERCIAL BUSINESS ON RENT OR LEASE TO ANY PERSON OR ENTITY YOU HAVE TO DONE SOME LEGAL DOCUMENTATION IN THE FORM OF MAKING LEASE DEED OR RENT DEED WHICH IS SPECIFICALLY DESIGNED FOR LEASING OR RENTING PROPERTY FOR ANY BUSINESS . THIS IS VERY IMPORTANT LEGAL DOCUMENT WHICH PRESCRIBED ALL THE TERMS AND  CONDITIONS FOR LEASED OUT THE PROPERTY.

LEASE DEED OF ANY COMMERCIAL PROPERTY MUST CONTAIN SOME IMPORTANT INFORMATION:-

  • DETAILS OF LESSOR.
  • DETAILS OF LESSEE.
  • PERIOD OF LEASE.
  • PAYBLE AMOUNT OF LEASE
  • GENERAL & SPECIFIC TERMS AND CONDITIONS BETWEEN LESSOR AND LESSEE DURING THE PERIOD OF LEASE.
  • SHOULD BE SIGNED BY BOTH LESSOR AND LESSEE AND THEIR TWO WITNESSES
  • IT SHOULD BE PRINTED ON NON-JUDICIAL STAMP PAPER VALUE OF RS.100/- OR MORE.
  • IT SHOULD BE NOTARIZED .
  • IT SHOULD BE EXECUTED ON TWO COPIES, SO EACH PARTY RETAIN THEIR COPY WITH THEMSELVES.

 

LEASE DEED OR RENTAL DEED IS GOVERNED BY THE TRANSFER OF PROPERTY ACT,1882 AND REGISTRATION ACT,1908 WITH THEIR SPECIFIC SECTION WHICH DEAL WITH THIS PART ONLY.BUT SUBJECT TO THE SPECIFIC CONDITION TO THE REGISTRATION OF A RENT DEED OR LEASE DEED FOR IMMOVABLE PROPERTY.

IN CASE OF IMMOVABLE PROPERTY LEASE PERIOD IS MORE THAN 11 MONTHS. ALSO THERE IS A REQUIREMENT TO REGISTER THAT LEASE DEED UNDER LAW.

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