Hi, THIS IS LEASE DEED

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INFORMATION ABOUT LEASE DEED

Agreement cannot be easily terminated

Rent price should be look for a long time

Penalties are significant

DOCUMENTS FOR LEASE DEED

Original Lease Agreement & copy

Draft of registration fee with undertaking

Company PAN card copy.

PART OF LEASE DEED

Operative Part

Non-operative Part

Formal Part

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WHAT IS LEASE DEED ?

Lease deed is a legal agreement between the two parties. This agreement follows the terms and condition strictly. As per section 105 of the transfer of property act 1882, a lease of steady property is a transfer of a right to enjoy property.

Lease basically describe terms of contract like

Period of lease

Amount of lease

Conditions

Image

Structure of lease deed

Lease is a contract between lessor and lessee.

Lessor

Who have the property and deceived to lease someone. Lessor allows the lessee to use his owned property.

Lessee

Who takes the lease for his use? Lessee acquires the right to use the property.

More information about lease deed

It’s a method of acquiring the right to use a property for consideration.

This are contained in a lease deed duly executed signed by both the lesser and lessee.

Usually more than 12 months contract for open a office lease a car for business etc but sometimes lease are created for a short time for achieve a goal.

Rent price should be look for a long time

Agreement cannot be easily terminated

Penalties are significant

Ownership can be transferred to lessee after lease period where the lessee paid the amount to lessor for the property, price amount should be determined in that time.

Important documents for lease deed

Documents need for Registration of Lease Dees

Original Lease Agreement & copy

Stamp paper

Draft of registration fee with undertaking

In case of Landlord or Lessor this documents are need

Ownership Documents (Sale Deed or Conveyance Deed ).

Aadhar Card of Lessor.

Picture ID of Lessor (DrivingLicenses / Passport).

The following documents are need for the Lessee or Tenant in case of a Company Lease

Power of attorney/board resolution on company letterhead.

photo ID proof and its copy (Aadhar Card, Driving Licenses, Passport, etc) of the authorized signatory.

Address Proof of the authorized signatory.

Company PAN card copy

copy of Aadhar card of the authorized signatory.

Company seal/stamp of authorized signatory.

Drafting or creating part of a lease deed

DRAFTING OF DEED

NON OPERATIVE PART

  1. Heading of the deed should be block letter

  2. Date and place

  3. Description of lessor and lessee

  4. Recital

OPERATIVE PART

  1. Testatum

  2. Exception

  3. Covenant

FORMAL PART

  1. Testimonium

  2. Signature

  3. Parcel

Details description about drafting of deed

  • Operative Part

    1. Testatum - all details and description of deed

      E.g., that the lesor agrees to lease out the land numbering located in........ (place) ........ in the district of ........ to the lessee with effect from ........ for a period of five years on payment of monthly rent ........ of rs.......... payble on fifth day of each month in advance.

    2. Exception and reservation – when the parties have some exception and reservation they shall clearly mention in the deed.

      E.g., shall give the notice of his intention to the lessor or vacant the leased at the expiry of the period started in the notice.

    3. Covenant – in this part describe the both parties promises.

      E.g., that the lessee shall deliver the peaceful vacant possession of the lease land to the lessee at the termination of the period of lease.

  • Formal Part

    1. Testimonium – in here describe the deed period and extra last condition.

      E.g., default in payment of rent for four consecutive months shall entitle the lessor to enter upon the said land and determine the lease.

    2. Signature – here the witness and both parties signature are very impotent.

      E.g., IN WITNESS WHERE OF, the lessor and the lessee have signed this deed on the day and year first above stated

      WITNESS SIGNATURE……………………………............
      LESSOR SIGNATURE…………………………………......
      LESSEE SIGNATURE……………………………………...
    3. Parcel – it basically summary of the deed.

      E.g., lease is a contract between lessor and lessee whereby lessor allows the lessee to use his owned property and lessee acquires the right to use the property.

      Terms of contract like period of lease, amount of rent etc are contained in a lease deed duly executed and signed by both the lessor and lessee.

  • Non Operative Part

    1. Name of the deed – it should be block letter. It is also known heading of the document.

    2. Date and place – date and place should be clearly mentioned in the deed.

    3. Description of the parties/companies – clearly mention lessor and lessee all details like name, address or company name and address.
      E.g., some part of the lease deed draft which cover the portion like name of the deed, date and place, description of parties.

      THIS DEED OF LEASE of land made on ..... (place) ........ day of (date) ....... between “A” S/O ............. R/O ........ (hereinafter call the lessor) AND “B” S/O ............. R/O ................ (hereinafter call the lessee)

    4. Recital – this part of deed described the terms and condition and details description of property, it’s like a short story and written should be start where.
      E.g., some part of the lease deed draft which cover the recital part
      Whereas both the lessor and lessee agree to the following terms and conditions.
      That the lessee agrees to take the aforesaid piece of the land on lease .he shall pay the rent hereby reserved in the manner herein before stated.
      That the responsibility to pay all rates, taxes and charge which are payable or may so became at a future date in respect with lease land , shall rest upon the lessor.

  • Governing law and jurisdiction

    1. The validity, construction and work of this Deed shall be construed and the legal relations between the Parties yet shall be determined and governed according to the laws of India.

    2. The Parties agree to the jurisdiction of the courts.

What is difference between rent and lease deed

  • Renting – it is basically known as hiring a property, is an agreement where a payment is made for the temporary use of a good, service or property owned by a person. It is use in short term basis.

  • Lease deed – it is basically known as lease is when the lessee pays a flat rental amount and the landlord or lessor pays for all property charges regularly incurred by the ownership. It is use in long term basis.

Renting

Lease deed

Short term contract usually less than 12 months. Long term contract usually more than 12 months.
Owner responsible for the maintenance Usually lessee responsible for the maintenance
Price or rent can be increasing frequently Price lock for long term
Renting offers flexibility Leasing offers security
Agreement can be terminated at short time Agreement cannot be easily terminated penalties are significant
Ownership stays with owner. Ownership can be transferred to lessee after lease period.
  • Sometimes lease and rent terms are used interchangeably but you see broad level.

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