Guide to Lease Agreements: Key Legal Essentials and Registration
Introduction A lease agreement is a fundamental legal document that governs the relationship between a landlord and a tenant. It outlines the terms and conditions under which property is rented, including rent, duration, rights, and responsibilities of both parties. In India, lease agreements are subject to various laws, both at the national and state levels. This article delves into the key legal provisions, the variations in state laws (with a focus on Karnataka), the importance of lease registration, and the consequences of non-registration. What is a Lease Agreement? A lease agreement is a formalized document that outlines the terms under which a property is rented out. It is a contract between a landlord and a tenant, ensuring both parties understand their rights and obligations during the term of the lease. Key elements typically included in a lease agreement are: Rental Amount and Payment Terms : Specifies the monthly rent, payment due dates, late payment pen