HOW TO DRAFT COMMERCIAL LEASE DEED BY YOUR OWN ON NYAYASEVAK ONLINE PORTAL
The laws pertaining to the transfer of property and/or the usage rights of property are covered under the Transfer of Property Act, 1882. It broadly covers various modes of transfers such as Sale, Mortgage, Exchange, Lease, Gift etc.
As per Section 105 of the Transfer of Property Act, the definition of ‘Lease’ can be understood as a transfer of a right to enjoy property for a certain time or in perpetuity; in consideration of a price paid or promised or of money, a share of crop, service or any other thing of value to be rendered periodically or on specific occasion to the Lessor by the Lessee who accepts the transfer on such terms.
“Lessor” is the absolute owner of the property which is the subject matter of the lease;
“Lessee” is the person acquiring the rights to use and enjoy the property on lease from the Lessor;
Duration is the term for or period for which the rights to use and enjoy the property is granted. The duration of the lease can be for a certain time, express or implied or can also be in perpetuity;
Premium or Rent is the consideration for granting the rights to use and enjoy the property can be in the form of a one-time price paid or promised i.e. Premium or on payment of money or any other thing of value, periodically or on specific occasions or intervals, known as Rent.
Therefore, by executing a Lease Deed, what is transferred by the Lessor to the Lessee is only his right to enjoy the property, subject to the terms agreed upon, and not the whole or any part of the absolute ownership rights.
Nyayasevak has introduced this unique feature of drafting the Lease Deed by your own. Our eminent Team of experts at Nyayasevak, as soon as receives such inquiry will immediately scrutinize the said Lease Deed and contact you during the working hours and will accordingly suggest appropriate corrections, if any. Our eminent team of experts at NYAYASEVAK will assist you fully during the course of drafting the said Lease Deed.
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