It the property is rented out for less than 12 months, than rent agreement was registered and executed. If the property is rented out for more than 12 months, than lease deed was registered and executed.
Any movable or immovable property can be leaseed to other person. Movable asserts includes Property. Immovable Asserts includes Car, Machines, etc.
Registration is required to safeguard the interest of lessor and lessee. Any Lease agreement is valid in court if proper stamp duty is paid for that agreement. As per the Indian law, the registration of Lease Deed is compulsory. In case of safeguarding the rights of lessor and lessee, Registration of lease deed plays the vital role.
Lease Deed is an agreement signed between the both parties. Lease Deed should be drafted with great care. All terms and condition should be decided before and clearly mentioned so that no dispute will arise between the parties. It is always recommended to take a help of professional for draft of lease deed or rent agreement.
The stamp duty was calculated on the total rent for lease agreement or rent agreement. Registration fees is charged extra by the government .
1. Photograph of Lessor and Lessee
2. Copy of Property Papers
3. Aadhar Card of Lessor and Lessee
4. Stamp Papers
5. Appointment letter