Oral lease-any downsides from giving my space without lease?
desertedindian
(Querist) 10 December 2020
This query is : Resolved
Plan to give it to a small firm. I was told by a few friends that regardless of how well a lease agreement is written that a tenant can continue to stay at a premises by getting a stay in one way or another and will take a good 3-4 years before being able to evict the tenant.
Thanks in advance for any help/advice you are able to provide.
Rajesh
kavksatyanarayana
(Expert) 10 December 2020
The Lease is the compulsorily registerable document. So to execute a lease (rental) deed for three(3) years with mutual terms and conditions with the owner and tenant. 1.he shall not give sub-lease. 2. After completion of the lease period, he shall vacate the same and by paying monthly rent regularly. 3. Advance for six (6) months may be paid. all these by mutual conditions.
Advocate Bhartesh goyal
(Expert) 11 December 2020
Yes,you may lease out the premises through registered lease deed for fix period which may be 12 months or more than 12 months.After expiry of lease period tenant has to vacate the premises.
desertedindian
(Querist) 11 December 2020
Sirs - Satyanarayana / Bhartesh Goyal, what is the consequence of not have a lease and renting out a premises orally? I have no worries about not being paid on time. The tenant is a very highly credible individual.
Dr J C Vashista
(Expert) 12 December 2020
Mr. Anonymous /Rajesh,
Why are you reluctant to get lease deed registered and hand over possession of the property, which would secure you legally ?
Rajendra K Goyal
(Expert) 12 December 2020
It is better to enter into a registered lease deed duly drafted by some experienced Advocate. If the person is highly reputed, he will abide by the terms of lease.
Dr J C Vashista
(Expert) 13 December 2020
It would be advisable to consult and engage a local prudent lawyer for better analyses of facts/ documents, professional guidance and necessary proceeding.
Rajendra K Goyal
(Expert) 13 December 2020
There are numerous example in which even close relative refused to vacate the premises afterwards and have to indulge years in litigation.
