Lease Agreement is a type of legal deed by which the owner passes on its property to the user for a certain period consequently of monthly installment. The property can be a piece of land, house, machine, Car or any other types of things in possession.
A lease is a contract outlining the terms under which one party agrees to rent property owned by another party. It guarantees the lessee also known as the tenant to use an asset and guarantees the lessor who is property owner or landlord to receive regular payments for a specified period.
You need a lease agreement because it explains your responsibilities as a landlord, sets rules for the tenants living in your property, and is often required by law. It helps you to avoid disputes with your tenants and fix problems when they arise. If you rent out a property but don’t use a lease agreement you could lose rent money or you could be liable for illegal activities on the property, receive penalties for unpaid utility costs or spend a lot of money on property damage repairs and lawyer fees.
Anyone who rents out a home, land, or commercial building should have a lease agreement. All adult tenants must be given a copy of the lease agreement after they sign it. Landlords and the property manager should also keep a copy.
A lease agreement is made to rent out a property or commercial shop for a long term against a one-time consideration fees or consideration fees on monthly instalments.
Lease Agreement is a simple contract between a land owner and inhabitant. There are some legal elements in the Lease Agreement that we can mention.
The owner of the property is called ‘Lessor.’
The tenant of the property is called ‘Lessee.’
If the Lessee grants someone to use the property’ he is known as the Sub-lessee.
The property is termed as ‘Subject matter.’
The Contract between Lessor and Lessee is called ‘lease Agreement.’
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