Lease deed registration

arijit (Querist) 02 November 2012 This query is : Resolved
Dear All,

Please guide me in this matter:

A Lease agreement has been executed between 2 parties for a period of 3 years about 2 months ago. Registration of the deed has also been done by paying registration fees and stamp duty. Now the Lessee wants to terminate the lease. What is the procedure to follow in this regard?

Shall the parties have to execute a Termination Agreement and then again has to undergo the process of registration for the
termination agreement.

Please guide me.

Regards
Arijit

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ajay sethi (Expert) 02 November 2012
no not necessary . the lease deed must be containing a clause as to termination . it must be providing that 1 mont or 3months notice be given . on expiry of period return the security deposit and take back posession of the premises .

arijit (Querist) 02 November 2012
Sir,

That is fine. But shall we have to execute and register a closure agreement, because the property would be on given on lease from the very next day or we can close the lease in the form of exchange of letters and then let out the property.

Regards
arijit

ajay sethi (Expert) 03 November 2012
not necessary to register a closure agreement . exchange of letters would suffice .

Vishal Gehrana (Expert) 03 November 2012
Dear Arijit,
Though there is no need to register the closure agreement, I would suggest that you should register it to avoid all future possible litigations on the same issue. The other party may take the advantage of non registation of closure deed and may indulge you in unnecessary litigation.

Guest (Expert) 03 November 2012
Termination should be done as per the termination clause contained in the contract.

arijit (Querist) 05 November 2012
Thanks a lot for all your useful comments..

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