A Lease Deed is an agreement which captures details of terms and conditions agreed between the owner of property and tenant for renting of property. It gives the tenant a right to use immovable property for a certain period of time for its business activities in return of monthly rent. The lease outlines the rights and responsibilities of both the owner and tenant during the lease term. In Lease Deed, there is a transfer of interest in property from owner to the tenant and property rights are also created in favour of the tenant.
Parties in a Lease Deed
Owner/ Lessor- who gives the property on lease (owner of the property)
Tenant/ Lessee- to whom property is given on rent