Lease Deed - Residential Property

WHENEVER YOU WANT TO GIVE YOUR RESIDENTIAL PROPERTY FOR A RENT OR LEASE TO ANY PERSON DOES’NT MATTER THE PERSON IS YOUR FAMILY MEMBER, RELATIVE, FRIEND OR AN UNKNOWN PERSON IT IS ADVISED TO DO SOME LEGAL DOCUMENTATION IN THE FORM OF MAKING LEASE DEED OR RENT DEED WHICH IS SPECIFICALLY DESIGNED FOR LEASING OR RENTING PROPERTY FOR ANY RESIDENTIAL PROPERTY .IT DESCRIBE THE RIGHTS AND RESPONSIBILTIES BETWEEN THE LANDLORD AND TENANT .THIS IS VERY IMPORTANT LEGAL DOCUMENT WHICH PRESCRIBED ALL THE TERMS AND  CONDITIONS FOR RENTING OUT THE PROPERTY. THIS RENT AGREEMENT OR LEASE AGREEMENT HELP BOTH THE PARTIES FOR RESOLVING THEIR DISPUTES IF ANY ARISE IN FUTURE BETWEEN THEM.

LEASE DEED OR RENTAL AGREEMENT MUST CONTAIN SOME IMPORTANT INFORMATION:-

  • DETAILS OF LESSOR/LANDLORD.
  • DETAILS OF LESSEE/TENANT.
  • PERIOD OF LEASE.
  • PAYBLE AMOUNT OF LEASE/RENT.
  • 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.

WHENEVER ANY ONE WANT TO ENTER INTO ANY RENTAL OR LEASE TRANSACTION IN INDIA THEY HAVE TO SEE THE MOST IMORTANT CONDITION OF THAT AGREEMENT THAT THE PREVALENCE OF 11 MONTH RENTAL OR LEASE AGREEMENT WHICH IS ALSO KNOWN AS LICENCE AGREEMENT.MOSTLY LANDLORDS PREFERRED 11 MONTHS PERIOD  TO ENTER INTO THIS TYPE OF AGREEMENT.

THERE ARE TWO TYPES OF AGREEMENTS THAT DEAL WITH THIS:-

  • RENTAL AGREEMENT OR LEASE DEED.
  • LEAVE AND LICENCE AGREEMENT.

 

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