Lease
A lease is a
contract between two parties to convey or rent the ownership of a property,
land, industrial equipment or services to one another for a certain period in
exchange of a periodic payment or other worthy materials.
Lease Plan
It is
essentially an accurate drawing which identifies a leasehold demise within a
property. It is a scaled metric drawing depicting exactly what area of land is
included in the lease.
Process
A new lease
lasting seven years or longer must be registered with the land registry and
have a compliant lease plan. The lease sets forth rights and responsibilities
of both the landlord and the tenant. The lease allows the tenant to occupy and
use the property land and structures on that land or the leased item for a
certain period of time. According to the agreement in return the tenant
generally pays a set of payment. The lease may set forth other duties and
responsibilities of the landlord and the tenant. Once the parties sing the
lease both are bound by its terms. Landlords should select their leases with
care. Before leasing a property or other materials a landlord should consult
with an attorney or lawyer who usually handles landlord and tenant matters. One
should carefully read a lease.
Why it is important?
The
pre-registration deeds and their plans could play an evidential part in
resolving any future boundary issues or questions regarding the extant of the property
land or the leased item in a registered title. Lease plans are vital for both
commercial and residential lease.
