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A Lease Agreement is created between the Lessor & Lessee, which provides rights to the Lessee to use such property for a period of time owned by the Lessor. However, ownership rights are not given to the Lessee.
A contract by which one party conveys its property to another party for a certain or specified period in return for a periodic payment can be land, machinery, vehicle, or a piece of equipment.
Here, it is important to note the meaning of “TRANSFER OF INTEREST”. If the document (Lease Agreement) creates an interest in the property entitling the transferee to enjoyment, then it is a LEASE; but if it only permits another to make use of the property without exclusive possession, then it is not a lease rather a LICENSE.
LEASE-AGREEMENT-FORMAT
Download Lease Agreement Format
You can also download Lease Agreement Format in the PDF format.
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Transfer of a Right to Enjoy the Property is called the Lease.”
No, it just grants the right to enjoy the property.
Yes, at any time, with mutual consent lessee can surrender the lease.
No, Lessee is not liable to pay the taxes.
Yes, prior notice is required before termination of the agreement.
Yes, the Lessee can sue the outsiders in his own name.
Yes, an agreement creates a right required to be registered.
Yes, once the agreement is registered, the Lessee becomes the exclusive owner of the leased property.
Yes, the leased property can be subleased.
No, the first lease agreement shall be in force.
Download the Lease Agreement Format
You can also download Lease Agreement Format in PDF format.
Drafting a comprehensive lease agreement is of paramount importance to ensure a smooth and legally compliant landlord-tenant relationship. The sample format and essential points provided in this guide serve as a valuable resource for creating a well-structured lease agreement in India.
A lease agreement must clearly define the rights and responsibilities of both parties, the terms of the lease, and the conditions for subleasing, if allowed. Additionally, it should specify the rent amount, payment schedule, and maintenance obligations to avoid any misunderstandings or disputes in the future.
No, a lease agreement only grants the right to enjoy the property for a specified period, but ownership rights remain with the Lessor. The Lessee does not become the owner of the property through the lease.
No, the Lessor is typically responsible for paying local taxes and cesses on the leased property. The Lessee is usually not liable for such payments as they pertain to the ownership of the property.
Generally, the Lessee is required to seek prior written consent from the Lessor before making any structural changes to the leased property. Unauthorized alterations may lead to breaches of the lease agreement.
If the Lessee sublets the property without the Lessor's permission, it may result in a violation of the lease agreement. Prior approval from the Lessor is usually required for any subleasing arrangement.
Yes, many lease agreements include arbitration clauses to handle disputes that may arise between the Lessor and the Lessee. Arbitration provides an alternative to litigation and can lead to a quicker and more cost-effective resolution.
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