A lease deed, a legal document that outlines the terms and conditions between a landlord and a tenant, becomes a fortress of security when registered for lease terms exceeding 12 months. This registration ensures the execution of the agreement and safeguards the rights of both parties, providing a sense of security and protection.
The lease agreement should specify the period for which it is agreed. Agreement registration is optional if the duration is less than 12 months.
Rent Amount: The agreement must mention the rent and due date to be paid.
Security Deposit: It should comprise particulars about the refundable security deposit detained by the landlord and the conditions and process for its refund.
Lock-in Period: This clause provides a stable ground for both parties, defining the minimum period during which neither party can terminate the agreement. It offers a sense of reassurance and stability, ensuring that the agreement is not abruptly ended.
Notice Period: Post the notice period each party must give before the lease agreement is finished.
Lease Deed Registration Process
- Draft the Agreement: Confirm that your lease agreement includes all necessary clauses.
- Make an appointment at the Sub-Registrar’s Office
- Submit Required Documents:
- Property ownership proof.
- Property documents (e.g., tax receipt).
- Photographs of parties and witnesses.
- Address proofs of all involved parties.
- Stamped lease agreement.
- Pay Registration Fees: The Registration Fee varies depending on the property’s value.
- Sign the Agreement: Both parties and witnesses must sign in the presence of the registrar.
Important Considerations
- Time Limit: Register the lease within four months of signing. Postponements may be possible but sustain penalties.
- Representation: If a party cannot be attended, they can authorize a representative with a power of attorney.
- Witness Requirement: Two witnesses are compulsory for registration.