A lease contract is a document usually outlining the agreement between a landlord and a tenant, or a leasing company and another company that is renting a space. This document is legally binding and contains details of all the negotiating parties. It is an extremely important document as it is binding and an evidence of the deal being completed.
- A lease contract contains details of the landlord and the tenants in question, including verified addresses and contact numbers.
- It also contains, as clearly and unambiguously as possible, the type of land being negotiated, the dates of the activation of the lease as well as dates of occupancy and vacancy.
It must also include information like the monthly rent to be paid, installments, the legal and punitive action that will be taken if the contract is not adhered to, the number of members occupying the land, security deposits, system of refundable deposits etc.
- In other words, every detail associated with the transaction must be carefully documented to avoid confusion and discrepancies.
All terms and conditions must be included and the fine print read very carefully by both parties before signing the agreement. There should be no ambiguity in such matters as legal modules come into effect. The lease contract should be carefully assessed by the people concerned and must be signed in order for it to be activated. The advantages of a lease contract are the transparency it ensures. There can be no fear of fraudulence in the case of a document which is legally binding. It is a foolproof method of ensuring security and clarity.