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 Deed After 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’ period2.The payment in a lease deed or lease agreement is done by the lessee on a monthly basis3.The lessor or landlord has to transfer the rights to use the property to the lessee as per the agreement4.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 paper2.Receipt of registration fee3.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 proofs7.2 Passport size photographs8.Copy of Aadhaar cardTo 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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What is Lease Deed?
Jaiganesh Doraiswamy
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March 9, 2021
2021-03-09T12:40:20+00:00 2021-03-10T10:43:43+00:00Comment
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Rent Agreement
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