LEASE AGREEMENT

A Lease Agreement is a legal document through which the owner transfers the use of their property to a user for a specified period in exchange for monthly payments. The property can include land, a house, machinery, a vehicle, or any other tangible asset in possession.

A lease is a contractual agreement detailing the terms under which one party rents property owned by another. It ensures the lessee, also known as the tenant, the right to use an asset and guarantees the lessor, the property owner or landlord, regular payments for a defined duration.

A lease agreement is essential as it clarifies your responsibilities as a landlord, establishes rules for tenants occupying your property, and is often mandated by NYAY SARTHI INDIA FILINGS. It helps prevent disputes with tenants and provides a framework to resolve issues when they occur. Without a lease agreement, landlords risk losing rental income, facing liability for illegal activities on the property, incurring penalties for unpaid utilities, or bearing significant costs for property damage repairs and legal fees.

Anyone renting out a home, land, or commercial building should utilize a lease agreement. All adult tenants must receive a copy of the lease agreement after signing, and landlords or property managers should retain a copy as well.

A lease agreement is designed to facilitate the rental of a property or commercial space for an extended period, either against a one-time consideration fee or monthly installment payments.