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Lease Agreement
What is a Lease Deed?
A lease deed is a contract between the owner of property i.e. lessor and the tenant i.e. lessee, it contains all the stipulations of lease, including the rent/lease to be paid, security deposit to be made, etc. A lease deed is usually made when the property is rented out for a long period of time.
What are the essential clauses of a Lease Deed?
- Property details, including area, address, furniture etc. if provided are mentioned in the lease deed.
- Lease duration, minimum lock in period, its validity and provision for its renewal etc.
- Rent, maintenance, security deposit to be paid by the Lessee and the due date. Other important provisions, such as interest and penalty on delayed payment. It should also be mentioned that the details of payment to be made by the Lessee on a monthly basis, such as electricity charges, water bills or any other utility costs.