Lease deed is a rent agreement .A rental agreement is a legal contract between the owner of a property and a tenant who desires to have temporary possession of the property.The agreement identifies the parties, the property, the term of the rental, and the amount of rent for the term. The owner of the property may be referred to as the ‘Owner/Landlord’ and the renter as the ‘Tenant’.Here the property is used for the commercial purpose.
A landlord with no clear agreement written create lot of trouble for himself. Every small disagreement ,whether it’s over repairs, the fee for a late rent check, or deductions made from a departing tenant’s security deposit , has the potential to escalate into a nasty legal battle.While oral promises can be legally binding, it can be difficult to prove them to a judge.
A lease agreement establishes that a lessor has given his property to the lease for a lease period specified in the agreement.It should also execute the monthly rent payable for the use of premises by the lease. Failure to make the payment of lease rentals make the lease liable for interest. The lesee and lessor should abide by all the terms and conditions mentioned in the agreement.The agreement must be signed by both the parties and witnessed.