Lease Deed: Information, Format, & Recent Changes A lease deed is an agreement for the use of real estate on a lease rental basis between the lessor (the property's owner) and the lessee (the tenant). It is comparable to a lease between a landlord and tenant, but is typically signed for a longer length of time—at least more than one year.
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In a lease deed, as opposed to a rent agreement, where a tenant pays the landlord rent in exchange for the use of the property, the lessee purchases the lease rights to the lessor's property. An official document known as the "Lease Deed" contains all the financial considerations, terms & conditions, as well as other lease renewal requirements. Additionally, Section 17 (D) of the Registration Act of 1908 mandates that a lease deed be registered.
Detailed Lease Deed A lease document must have certain fundamental provisions, much like a rental agreement. A few of these are: Names of the parties: As stated in legal documents, the names of both parties—the lessor and the lessee—must be provided. Both parties must double-check that neither party's name contains an error.