Lease Deed
What is a Lease?
A lease, in legal sense, is the transfer of possession of a property (immovable in nature) for a fixed tenure and consideration. A lease does not involve transfer of ownership of a property but merely the right to enjoy a property in question. The consideration for a lease could be a sum of money (rent), kind or any predetermined thing of value. The one who leases out the property is called ‘Lessor’ and the one who acquires it is called the Lessee.
The express definition of a Lease can be found under Section 105 of the Transfer of Property Act (TOPA), 1882.
What is a Lease Deed?
A lease deed is a written legal document/instrument through which a lease agreement is executed. A lease deed is necessary for legal authenticity of a lease between two parties so as to be recognized in a court of law in case of a dispute. A lease deed has to be registered under the registration Act, 1908 if the tenure of the lease exceeds 1 year.
NIVESH HELPLINE
Provides expert assistance and support to individuals, businesses, and property owners throughout the leasing process., a professional leasing service can streamline the entire process and ensure a successful and mutually beneficial agreement. Here are the key aspects of a leasing service:
- Lease Deed Agreement Preparation:
Once lease terms are agreed upon, the leasing service drafts the lease agreement.
They ensure that all legal requirements are met, and the document protects the interests of both parties.
- Lease Renewals and Extensions:
For existing tenants, the leasing service assists in lease renewals or extensions, negotiating any changes to terms if needed.
- Legal Compliance:
A professional leasing service ensures that all lease transactions comply with relevant local and national laws and regulations.
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