Difference between Lease deed and Rent deed
Dinkar Vidyarthi
(Querist) 20 March 2010
This query is : Resolved
Sir,
As we know that the basic language of any draft regarding to any property in which right of use upto the fixed time is transferred against some consideration is fall under the head/ Title as DEED(Rent OR Lease)but what is the actual and fine difference between the term RENT DEED and LEASE DEED?
Raj Kumar Makkad
(Expert) 20 March 2010
A lease agreement is a contract specifying the terms and conditions of occupancy. Use a lease agreement to rent your residential home, apartment or condo. State-specific lease forms document the agreement between landlord and tenant and protect the landlord in the event of a lease violation.
A lease agreement obligates both the landlord and the tenant for a set period of time, called the lease term. The term of a lease agreement is usually one year, while the term of a rental agreement is month-to-month or less. Though a verbal lease agreement is legal, most states require a lease for a term longer than one year to be in writing. In addition, a verbal lease can be difficult to enforce.
Lease agreements create a relationship between the landlord and tenant called a tenancy. The lease agreement creates the tenant's right to possession, referred to as a leasehold interest. In contrast, while a lease provides protected rights to possession, a licensing agreement would entitle the licensee to occupy the property subject to termination, at will, by the owner.
If the terms of a lease agreement are violated, the landlord can seek to evict the tenant. Eviction is the removal of a tenant from leased property, the requirements of which are governed by law. To begin the eviction process, a landlord must serve the tenant with an eviction notice, usually a lease violation notice or pay rent or quit notice. A good lease agreement will contain up-to-date language allowing the shortest time to evict.
A properly constructed lease agreement is a key element in protecting your property. It can be the difference between getting stuck with a problem tenant or having a path of legal recourse.
What is a tenancy agreement
The tenancy agreement is a contract between you and your landlord. It may be written or oral.The tenancy agreement gives certain rights to both you and your landlord, for example, your right to occupy the accommodation and the your landlord’s right to receive rent for letting the accommodation.
You and your landlord may have made arrangements about the tenancy, and these will be part of the tenancy agreement as long as they do not conflict with law. Both you and your landlord have rights and responsibilities given by law. The tenancy agreement can give both you and your landlord more than your statutory rights, but cannot give you less than your statutory rights. If a term in the tenancy agreement gives either you or your landlord less than your statutory rights, that term cannot be enforced.
A tenancy agreement can be made up of:-
* ‘express terms’. These include what is in the written tenancy agreement, if there is one (see below), in the rent book, and/or what was agreed orally (see below)
* ‘implied terms’. These are rights given by law or arrangements established by custom and practice (see under heading Implied terms of tenancy agreements).
Kumar Thadhani
(Expert) 20 March 2010
Very well defined by expert. Mr. Makkad between the term LEASE AGREEMENT & TENANCY AGREEMENT.
