Residential Lease

This Packet Includes:

1. Description and Instructions

2. Residential Lease

Description and Instructions

Residential Lease

A lease for an immovable property is a transfer of a right to enjoy such property for a certain time period, express or implied, or in perpetuity, in consideration of a price paid or promised, or of money, or any other thing of value, to be rendered periodically or on specified occasions, to the transferor (known as lessee or landlord) by the transferee (known as lessor or landlord), who accepts the transfer on such terms.

In a lease agreement there is a transfer of interest and it establishes the non-eviction of the tenant by the owner except on the grounds of eviction mentioned under the Rent Act.

Essentials of Lease:

1. A lease mainly contains the duration of the lease, the time of commencement, the amount of rent or premium, if any, the time of payment and the covenants between the lessor and the lessee upon which the lease should be granted.

2. A lease may be from year to year, or month to month, or in perpetuity.

3 A lease of immovable property from year to year, or for any term exceeding one year, or reserving a yearly rent, can be made only by a registered instrument.

4. All other leases of immovable property may be made either by a registered instrument or by an oral agreement accompanied by delivery of possession.

5. Where a lease of immovable property is made by a registered instrument, such instrument, or where there are more instruments than one, each such instrument, must be executed by both the lessor and the lessee.

6. Stamp duty on the Sale deed differs from State to State which can be ascertained from the Sub-Registrar of the State, Region where the document has to be registered.

7. All the documents or instruments to be registered, have to be accompanied by a prescribed registration fee as per the State, Region where it has to be registered.

The new Maharashtra Rent Control Act, Delhi Rent Control Act, Tamil Nadu Rent Control Act, Karnataka Rent Control Act all has provisions for the dispute among the landlords/lessors and tenants/lessees.  Each of the State Rent Act provides for fixation of Standard Rent as well decree for possession and provisions that lay down the satisfaction of the Court.

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