The decision to lease vs. rent is based on your requirements. If the asset is essential to your business and you need it there all the time then leasing is your most suitable option. Renting for a specific time period may be more expensive, but the overall cost to individual will be lower because they will not be using the asset for many years.
A rental agreement is often completed by a real estate agent engaged by both the landlord and the renter. Both the landlord and the renter must sign the agreement in the presence of two non-beneficiaries of the property who will sign on the agreement as witnesses in order for it to be legitimate.
Yes, it is compulsory under the law to pay proper stamp duty on lease agreements and also its registration.
Even though the lease already specifies the termination date, several jurisdictions require the landlord to give notice to the tenant if the lease is to be terminated when the term ends. A renter usually has 60 days to find a new apartment after being evicted.
After a lease agreement is completed, a deed of lease is the official document put into a commercial property by the tenant and the landlord. It is created using the information recorded on the lease agreement once the landlord and tenant have agreed on the terms of the contract, whether verbally or in writing.
