A lease deed is a legal agreement inclusive of certain terms and conditions between a landowner and a company or party who is interested in taking the property on lease/ rent. This deed is signed by the both parties, i.e., tenant and a landowner, and is inclusive of the rent to be paid monthly, tenure of the lease, the increment rate etc.
There are two types of lease agreement as per the Law Jurisprudence depending upon their nature, purpose, and role. They are
- Lease deed for residential purpose
- Lease deed for commercial purpose
Lease Deed for Residential Purpose
The rental agreement between a leasee and a leaser for the leasing of a residential property. This contract or agreement is signed by the both parties in order to show their interest and harmony in the agreement. Both the parties are required to have a written rental agreement in the event of future disagreement and other future references.
Lease Deed for Commercial Purpose
The rental agreement between a leasee and a leaser for the leasing of a commercial property. This deed is signed by the both parties in order to indicate their agreement to the terms and conditions placed in the document. This deed or agreement can be used for future reference in case of disagreement or misunderstanding.