Rental Agreement and Lease Deed
|
Clause |
Lease Deed |
Rental Agreement |
|
Meaning |
This is a contract defined under Section 105 of the Transfer of Property Act, of 1882. They are for a longer period of time. |
This does not greatly differ from the Lease Deed in terms of features and clauses. They are for a shorter period of time. |
|
Term |
A standard lease is for a period of 11 months. |
A rental agreement is usually on a month-to-month basis. |
|
Renewal |
A lease is renewed with mutual consent and a new deed is registered to the same effect. |
A rental is an automatic renewal on payment of monthly rent. |
|
Terminology |
A lease is entered into between Lessee and Lessor. |
A rental agreement is between a Landlord and a Tenant. |
|
Maintenance |
It is the responsibility of the Lessee to maintain the property. |
It is the responsibility of the Tenant to maintain the property. |
|
Tax |
All taxes are payable by the Lessor. |
All taxes are payable by the Landlord. |
|
Amendments |
No amendments can be made after the deed is signed. |
Changes can be made anytime the Landlord chooses |