A lease deed formatis a legally binding document that formalizes the terms and conditions of a lease agreement between a landlord and a tenant. It includes crucial information such as the rental amount, duration of the lease, security deposit, maintenance responsibilities, and other important clauses that govern the relationship between the parties involved. The Lease Deed serves as proof of the agreement and provides legal protection to both the landlord and the tenant.
Lease Deed Registration is a process of registering the lease agreement with the relevant authority, which is usually the Sub-Registrar of Assurances. The purpose of registering the Lease Deed is to provide legal validity and enforceability to the agreement. Registration of the Lease Deed also protects the rights of the landlord and tenant by creating an official record of the lease agreement that can be used in case of any disputes.
The registration process typically involves paying a registration fee and stamp duty, which is based on the rental value of the property. Once the Lease Deed is registered, both parties can rest assured that their rights are protected and that the terms and conditions of the agreement are legally enforceable.