A lease deed is a formal document between the lessor and the lessee that states terms and conditions of the agreement between the two parties. A lessee or landlord allows the lessor or tenant to use his/her residential or commercial property for a specific period of time in exchange for periodic payments. Lease agreement or lease deed is usually formed when the correspondence is for a longer duration, i.e. for more than 11 months.
The various types of lease deeds depend on the duration. Such lease include perpetual lease, tenancy at will, tenancy at sufferance, tenancy by holding over, periodical lease and lease for fixed term.
Key Features of a Lease DeedAfter elaborating on lease deed meaning, I want to throw some light on key features of a lease deed.
1.A lease deed is for longer duration, usually above 11 months’ period
2.The payment in a lease deed or lease agreement is done by the lessee on a monthly basis
3.The lessor or landlord has to transfer the rights to use the property to the lessee as per the agreement
4.The agreement once signed cannot be changed unless both the parties agree. In such cases, the amendments can be made upon prior notice to the lessee.
The registration of lease deeds require following documents:
1.Lease deed on stamp paper
2.Receipt of registration fee
3.Power of attorney (for commercial property)
4.PAN Card (for commercial property)
5.Company seal/stamp of authorized signatory (for commercial property)
6.Government approved ID proofs
7.2 Passport size photographs
8.Copy of Aadhaar card
To register lease deeds, every state has its own provision. The registration is done at the sub-registrar's office in your area by paying stamp duty as suggested by the state.
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Authors Of The Question
What is Lease Deed?
Jaiganesh Doraiswamy
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1 Answers
3 Year
2021-03-09T12:40:20+00:00 2021-03-10T10:43:43+00:00Comment
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