Lease deed is a simple agreement between owner of land and company who is interested to take land on rent. In this deed, many conditions like amount of rent, its increment rate and duration of lease etc. are mentioned and both parties accept these conditions by signing on this agreement.
The lease deed or lease agreement is the document which bonds the legal relationship between lessee and Lessor, the agreement should contain following details:-
- Description of the asset being leased.
- Cost of the asset being leased.
- Starting date and ending date of the lease contract.
- Renewal options of lease contract after the end of contract period.
- Lease rent amount, frequency of payment and payment mode.
- Options for premature termination of contract.