Lease agreement
ashish
(Querist) 06 June 2016
This query is : Resolved
Dear Sir,
I wish to let out on rent a commercial property for purpose of workshop to a motorcycle dealer. Kindly advise if I can lease out for a term of 11 months, further renewable on mutually agreeable terms or would it be better to have a longer term of say 3 years.
Also what document do I need to execute a LEASE AGREEMENT or LEASE DEED or RENT AGREEMENT or LEAVE & LICENSE DEED. Also, NOTARY attestation of the document is enough OR should the deed be REGISTERED
Thanks and regards
Ashish
kavksatyanarayana
(Expert) 07 June 2016
The lessor and lessee shall execute a "Lease Deed" for a term as decided by both parties. It requires registration. the Notary attestation is not enough.
Rajendra K Goyal
(Expert) 08 June 2016
Discuss with local lawyer whether which agreement would be better best suitable to requirements of both parties.
Adv. Sagar R. Jadhav
(Expert) 08 June 2016
Period for the lease agreement can decided mutually, 3 years period for agreements will be better option as you can make FD of deposit amount and also you won't worry after searching new customer by paying brokerage for the same. Making agreement for 3 years with rent increment per annum clause is best option.
T. Kalaiselvan, Advocate
(Expert) 10 June 2016
All such things can be decided mutually by the lessor and lessee and the drafting issues can be taken care of by a local lawyer/consultant at a nominal fee, hence it would be better that you approach one instead of getting incomplete information from forums like this which will not be able to solve your problems practically on such issues.
