Lease contracts are used as a legal document in which the tenant and the property owner mention the obligations and rights of each party. A lease contract is prepared to rent real property, flat, house and apartment, which is owned by the property owner and is used by the lessee by paying some fixed amount for a desired tenure.
Types of the Lease contacts: House lease contract, shop lease contract and land lease contract. A lease contract is a temporary document, which can be renewed or terminate as per the decided terms. A property owner is known as the lessor, where as the renter is called as the lessee.
A lease contract must include:
(a)A lease contract number and date of the contract registration.
(b)Contact details of the lessor and the lessee by mentioning permanent address, phone numbers and e-mail ids.
(c) Effective date of commencing and ending the lease contract.
(d)Facilities and provisions by the lessor.
(e)Duties and Obligations accepted by the lessee.
(f) All the fixed term & conditions for the lease contract.
(g)Signature of the lessor and the lessee to accept the contract.
(h)Signature of the witness.
The lessee can keep a replica copy of the lease contract, where as the original copy retains with the lessor.