To terminate a long lease agreement for a commercial property in India, especially in the context where one of the lessors has passed away, you would need to follow a systematic approach. Here are the steps to consider:
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Review the Lease Agreement: Start by reviewing the terms and conditions of the lease agreement. Look for any clauses related to termination, revocation, or assignment of rights upon the death of a lessor.
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Legal Heirs and Succession: Since one of the lessors has expired, the rights and obligations under the lease would typically pass to their legal heirs. In this case, the two sons of the deceased lessor would be the legal heirs. You may need to obtain a succession certificate or legal heir certificate to establish their rights formally.
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Notice of Termination: If your lease agreement allows for termination, send a formal notice of termination to all lessors (including the legal heirs) as per the notice period stipulated in the lease. This notice should clearly state your intention to terminate the lease and the reasons for doing so.
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Negotiation: It may be beneficial to negotiate with the remaining lessors (the two sons) regarding the termination of the lease and your intention to purchase the property. A mutual agreement can simplify the process.
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Execution of Deed of Revocation: If the lessors agree to terminate the lease, you can execute a deed of revocation of lease. This document should be signed by all parties involved and may need to be registered with the local sub-registrar, depending on the value of the lease and local laws.
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Legal Assistance: It is advisable to consult with a lawyer who specializes in property law to ensure that all legal requirements are met and to assist with drafting the necessary documents. They can also help navigate any complexities arising from the death of the lessor and the involvement of legal heirs.
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Payment of Consideration: If you plan to purchase the property, negotiate the terms of the sale, including the consideration amount, and ensure that the payment and transfer of ownership are documented appropriately.
By following these steps and seeking legal guidance, you can effectively navigate the process of terminating the lease agreement and proceeding with the purchase of the commercial property.
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I have entered into a long lease agreement for a commercial property for which only enjoyment rights are assigned to them in 1996. Now I want to terminate the long lease for the purchase of the same. But one of the lessor expired in 2012 whereas the the other 2 lessors are his sons. Now what is the procedure for the revocation of lease agreement in this situation?
Kannan Kuppuswamy
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3 months
2025-03-17T13:58:59+00:00 2025-03-17T13:58:59+00:00Comment
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