A lease deed, also called a “deed of lease agreement,” is a formal, legally binding contract between a landlord (lessor) and a tenant (lessee). It outlines the terms and conditions of the rental agreement, establishing the rights and responsibilities of both parties concerning the leased property.
Understanding important terms in a lease deed is crucial:
Lessor: The property owner granting the lease.
Lessee: The individual who receives the right to use and occupy the property.
Duration: The period during which the lessee has the right to use the property, which may be fixed or indefinite.
Premium or Rent: Refers to the payment made regularly for the use of the property, either in money or other valuable considerations.
How To Draft A Lease Deed?
Here’s a general outline for creating a lease deed:
Research the legal requirements and regulations related to lease agreements in India, as they may vary by state. Ensure you comply with all relevant laws.
Clearly state the full names, addresses, and any necessary details of both the lessor (landlord) and lessee (tenant).
Include a detailed description of the leased property, covering aspects such as the address, size, boundaries, and any specific conditions or limitations.
Specify the lease duration, including start and end dates, renewal options if applicable, the rent amount, payment schedule, and any penalties for late payments.
If applicable, mention the amount of the security deposit, along with the terms for its refund at the conclusion of the lease.
Clearly define the responsibilities of the lessor and lessee concerning property maintenance, repairs, and utility payments.
Include provisions for lease termination, detailing notice period requirements, valid reasons for termination, and any penalties for early termination.
Add any other specific terms relevant to the lease, such as subletting restrictions, rules for property alterations, or other conditions agreed upon by both parties.
It’s advisable to have two witnesses present during the signing of the lease deed in India. Consider notarizing the document to enhance its validity.
Both parties, along with witnesses, should sign the lease deed. In some states, registration with the Sub-Registrar of Assurances or local authorities may be required. Verify the specific requirements for your state.
Pay any applicable stamp duty and registration fees as per local regulations. Since these fees vary across states, consult with local authorities or an expert for the correct rates.
Make several copies of the signed and registered lease deed. Ensure that each party involved, including the witnesses, receives a copy. These copies act as legal proof of the agreement.
How To Get A Copy Of A Lease Deed?
To obtain a copy of a lease deed, follow these steps:
If the lease deed is registered, you can get a copy from the Sub-Registrar’s Office where it was registered. For unregistered lease deeds, you’ll need to contact the involved parties.
Required Documents neccessary to obtain a copy are proof of identity (e.g., Aadhaar card, passport), property details (address, registration number), relevant correspondence or lease-related documents
Complete an application form to request a copy of the lease deed.
Pay the applicable fees.
In some states, you may access lease deeds online via official land records portals. Check local government websites for this option.
After submitting your request, monitor the status and provide additional information if needed.
For further guidance, platforms like NoBroker or MyGate may provide helpful resources.
