June 10, 2013 11:51 am
Please explain the difference between rent and lease of home in tenant and owners point of view.Which is profitable and legals to be considered..
Few months back,I was also explored this topic much when we decided to rent out our property.Though I don’t get conclusive information,following were the things I understood (MAY NOT BE TRUE):
Lease word is generally used for long term and commercial premises are leased out for long term.Its favorable for both owner and other party..
As agreement is for long term Leased agreement needs to be compulsorily registered paying registration fee,stamp duty & other charges.
Most Important thing which need to consider are:
– In few states,any rent / lease contract is legally valid only if it is registered….and even rent period is for 11 months its need to be registered (Notarized agreement is not valid in few states).
-In few states,Contract registration is required only if its above period of 12 months..otherwise only notarized agreement is sufficient. …so in few states peoples prefer to rent out property for period of 11 months.
SO you need to check the rules in your state and need to take appropriate decision.
Dear Priyanth, even the basic difference of rent & lease should be checked with an advocate.
Dear Ashal, vomit legal aspect could you explain first part of query
Dear Priyanath, it’s a legal issue & should be answered by an advocate. Please consult one in your city.
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