Online Legal India help regarding drafting your Lease Deed online. You will not be required to visit any office physically. More than 2000 Lease Agreement have been drafted by our team by far.
According to Transfer of Property Act, Section 105, Lease is defined as a handover of a right to claim property, land or estate for a particular period of time or in permanence. Owning a lease comes with the respect of an amount paid or agreed upon, a share of commodities (or any other form of supplies), service and any valuable payback. This share is redeemed periodically or during certain occasion from the leaseholder to the lessor as per agreement. In order to understand ‘lease’, one should first come to realize the below terms:
The lease agreement is basically a contract between a lessor or landlord and a lessee or tenant in a written format which indicates that the lessor will get a periodic payment from the tenant in exchange of allowance for using and occupying his property.
A lease agreement is usually required when a property is leased for a long span of time period which generally ranges between 1 to 5 years or longer than that. In such kinds of cases, a lease agreement plays a vital role to govern the equation between the landlord and the tenant and also implements the provisions that bind them legally.
An expert documentation lawyer should draft a lease deed. He can understand the requirements of both the parties and henceforth draft an unbiased agreement to protect the interest of the landlord as well as the tenant
|The tenant is able to enjoy only the rights to use the property.||In this case, the buyer gets the whole right of ownership of a property.|
|Except on the condition of perpetuity, the lessee rights to process the property comes to an end once the lease is terminated.||There is no limit for usage of the property.|
|The money is paid like a premium or on specific intervals.||The cost of the property is paid one time.|
|The lessee can only enjoy the use of the property. A transfer of lease is allowed in most cases though the ownership rights to the property lies with the lessor.||Buying a property allows the buyer to enjoy the freedom selling the property in future.|
|A lease is much cheaper.||The purchase amount is higher than the lease cost of the same property.|
|The lessee cannot have the residual value of the property.||The residual value of the property can be transferred to the buyer.|
|The documents of the lease are known as lease agreement or deed of the lease.||Sales generally involve agreement of sell, deed of conveyance, sale deed etc.|
There are certain important provisions that should be included in every lease agreement in India are as follows-