LEASE AGREEMENT/RENT AGREEMENT

Dispute Cases

LEASE AGREEMENT/RENT AGREEMENT Lease Deed or a Rent Agreement is a contract wherein the lessee (tenant) agrees to pay the lessor (landlord) periodic rent for the use of an immoveable property. A lease deed is generally written whenever an owner gives his property on rent to a tenant. A lease agreement may be made in respect of a Commercial Shop, SCO's, SCF's, Office, Flat, Apartment, Builder Floor, Bungalow, Unit in a Commercial Tower Banks or Mall, Industrial Site, farm houses, agricultural lands etc. According to Section 105 of the Transfer of Property Act, 1872, a lease of immovable property is a transfer of a right to enjoy such property, made for a certain time, express or implied, or in perpetuity, in consideration of a price paid or promised, or of money, a share of crops, service or any other thing of value, to be rendered periodically or on specified occasions to the transferor by the transferee, who accepts the transfer on such terms. The transferor is called the lessor, the transferee is called the lessee, the price is called the premium, and the money, share, service or other thing to be so rendered is called the rent. A lease of an 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. Therefore, it is compulsory to get a lease deed registered in the sub registrar office if the lease is for a term of 1 year or more. Where a lease of immovable property is made by a registered instrument, such instrument shall be executed by both the lessor and the lessee.

PROCEDURE FOR REGISTRATION OF LEASE AGREEMENT/RENT DEED IN MOHALI ARE :

1. Stamp duty is payable @ 4%of the average annual rent in the case of lease agreements for a term upto 5 years and @ 3% of the average annual rent in case of agreements for a term greater than 5 years, but upto 10 years.
2. Registration fee is payable 1% of the Average Annual Rent.
3. Both the Lessor / Landlord(s) and Lessee / Tenant(s) have to present themselves before the Sub Registrar for the execution and registration of the Lease Agreement alongwith their two passport size photographs and identification documents i.e. Aadhar Card/voter Card/ Driving License etc.
4. The Presence of two witnesses alongwith identification documents is also required.
5.The Registration of Lease Deed / Lease Agreement should be registered in the office of the Sub-Registrar having jurisdiction over the area in which the property is situate.
We provide services for Drafting & registration of Lease Deed / Lease Agreement all over Sahibzada Ajit Singh.
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