Rent Agreement vs Lease and License Agreement: The biggest fear in renting out property is of occupation of the house or shop. To avoid this, landlords always get a rent agreement made. But, to avoid such disputes regarding property, instead of rent agreement, get another legal document made which will make the ownership rights more secure.
Rent Agreement vs Lease and License Agreement: ‘Lease and License’ is such a legal document which is capable of completely protecting the interests of the landlord. The special thing is that in big cities now people are getting such documents made.
The special thing is that there are such provisions in this document which do not give the tenant a chance to claim any kind of right on the property. ‘Lease and License’ is also made easily like a rent agreement.
According to property market expert Pradeep Mishra, this legal document is also like a rent agreement, only some legal clauses are changed in it. Rent agreement is mostly made for residential properties.
The duration of a rent agreement is 11 months, but a lease agreement can be made for a period of more than 12 months. The good thing is that lease and license is useful for both residential and commercial properties.
The duration of lease and license can be from ten days to 10 years. You can get this legal document prepared only on stamp paper through a notary.
It is clearly written in the lease and license that the tenant will not claim any rights on the property in any form nor will he demand any rights, whereas there is no such mention anywhere in the rent agreement.
Lease agreement or lease and license, both documents protect the ownership rights on the property. In the lease and license, the landlord is clearly recorded as the ‘licensor’ and the tenant as the ‘licensee’.
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