Dear Honerable Members,
Kindly let me know what is the Lease & License Agreement & how it differs from Rental Agreement ? Out of both type of Agreements which type is adviceable for Landlord for renting out his property?
Advance thanks.
Ramavenu.
ramavenu 25 July 2015
Dear Honerable Members,
Kindly let me know what is the Lease & License Agreement & how it differs from Rental Agreement ? Out of both type of Agreements which type is adviceable for Landlord for renting out his property?
Advance thanks.
Ramavenu.
Jatin Mittal (Corporate Lawyer) 25 July 2015
Hi Ramavenu
The basic difference between lease and license is that in lease you give the possession of your property to someone else for some consideration. Whereas, in license you only allow some person to use your premises for some specific purpose. If the property is required for residential purposes, shops, offices, etc then it is advisable to go for rent agreement. Please remember that a lease agreement is required to be registered if the period of tenancy is exceeding one year and the stamp duty payable shall be around 3-4% depending on the state.
For any clarification, feel free to write to me at mittaljets@gmail.com. No charges for the consultation.
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