Lease Deed

LEASE DEED

 

The tenant and the owner enter into Lease Deed prescribing the terms and conditions both parties ought to follow in the process of letting out the property for commercial usage. The term of the rental agreement for commercial use exceeds 12 months, and the law governing rental agreement for residential purpose and commercial purpose is separate in the Indian legal system.

Panomics Legal Mentors is an online legal service platform where a team of expert legal professionals from India, offering a variety of legal services relating to Commercial rental agreement, master service agreement, consultancy agreement, legal notices, negotiable instruments, company registrations, intellectual property, tax services, personal and property services.

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WHY  CHOOSE Panomics Legal Mentors?

This organization comprises of expert legal professionals, who use their expertise will draft a deed of lease that shall cover all the legal requirements and needs of the parties. The experience and the knowledge that our professionals hold can help you in including clauses in your agreement that shall effectively describe the relationship between the parties as well as avoid confusions or difficulties in the future.

ADVANTAGES OF LEASE DEED

  1. LEGAL BINDING: The parties will be legally bound to follow the condition agreed by them to the user as prescribed in the Deed of lease. And therefore can sue each other for non-compliance.
  2. IMPROVES RELIABILITY AND RESPONSIVENESS: The parties build more trust in each other which improves reliability. And more clarity will be created on who, what, when the actions have to take place.
  3. EVIDENCE: The deed of lease made is evidence to prove the terms and condition agreed by the parties.

CONTENTS

  1. Name and details of the parties.
  2. A description of the property.
  3. A description of commercial usage.
  4. Electricity and other Charges.
  5. Repair and Maintenance.
  6. Redressal mechanisms and remedy available.
  7. Circumstances where immediate vacating can be notified by the owner.
  8. The rental amount and Security Deposit.
  9. Payment mode and terms.
  10. Signature of both the parties.

 

Click here to read more about the “Rental Agreement”.

 

PROCESS

The deed of lease is created by the tenant and landlord in a Non-Judicial Stamp paper and the value of stamp paper is subject to the value of the property and the concerned state laws. The terms and conditions will be set down in the deed of lease and this shall be signed by both the parties and a copy of the deed will be kept by each of them.