Lease Deed Format for Residential Property

Lease Deed Residential Property

A rental agreement is a legal document which lays out the prescribed terms and conditions under which the rented property is leased out that is to be followed between the land lord and the tenant. Though the relationship between the land lord and the tenant is cordial most of the time, it is good to have a written rental agreement in place if the relationship turns sour or becomes fraught with complaints and misunderstandings.

Usage

This rental agreement or Lease Deed format can be used by the Lessor or Lessee of a residential property. It is signed by the lessee to indicate agreement to the conditions placed by the lessor. It is a legal document having force of law which may be referenced by courts in the event of a disagreement.

Execution

The rental agreement must be printed on a Non-Judicial Stamp Paper with a value of Rs.100/- or more. The rental agreement is usually signed on payment of deposit for the rental property between the lessor and the lessee. Two copies of the document are usually executed, with each party retaining one of the original copies.