Lease Deed is a simple document executed between the owner of the property and the individual who is interested to take possession of the property for a particular period of time agreed by the parties to undergo business or commercial activities. The lease period can be extended or renewed after completion of the initial term between the lessor (owner) and lessee (user). The lessee obtains right to use the property. A lease is a legal contract; it is governed by contract law. A lease agreement can be entered into by individuals as well as companies. For instance, an individual may take lease of an apartment for residential purposes. Similarly, a company may take a lease of a particular floor of a building for commercial purposes.
Now taking a lease is quite a simple concept but executing a lease deed is not as simple as it sounds. Is your lease agreement valid? Who is the original owner? What are the conditions of the lease? Is there a time limit to when payment will be made? When will delivery of possession take place? What are your rights and duties as a lessor or a lessee? Can a lease be terminated before the stipulated period? These are some common instances where a lease can run into disputes. And in case of disputes, do you take the recourse to arbitration or to the courts in general? When the parties reside in different cities or countries, where do you file a suit in terms of jurisdiction? These questions and many more will be the cause of very strenuous and expensive law suits if you are not careful while drafting your Lease Deed. Furthermore, lease deeds can also be complicated as it may involve more than two parties in which case rights and duties of all such parties need to be kept in mind.
Therefore, Lease Deeds should be drafted carefully with proper clauses through which, at the time of dispute, the courts can understand the intention of the parties. A person who drafts the lease deed must know all the legal principles which need to be incorporated at the time of drafting. Lease deed protects the interests of both the lessor and lessee. "An agreement is the best weapon of defense" in case of a dispute but if not drafted carefully, this defense falls weak and the aggrieved party is left defenseless.
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