In India the party who takes the property for his use and occupation for prescribed time executes a lease deed. … Lease therefore can be of a movable or an immovable property. Lease is specie of transfer of immovable property under the Transfer of Property Act 1882.
The lease is a kind of understanding where lesser gives ownership of its advantages for tenant for a foreordained period in lieu of occasional installments where the upkeep of such is the duty of tenant through Rent is a game plan where the ownership is moved by resource proprietor or landowner to its occupant for intermittent.
There are different types of leases, but the most common types are absolute net lease, triple net lease, modified gross lease, and full-service lease. Tenants and proprietors need to understand them fully before signing a lease agreement.
Absolute net lease: An absolute net lease, sometimes known as an absolute NNN lease, is one of the strictest forms of commercial leases. In an absolute net lease, a tenant is generally responsible for insurance, taxes, maintenance and minor repairs, as well as larger structural repairs, such as roof replacement.
Triple net lease: A triple net lease is a lease concession to a property where the inhabitant or renter consents to pay all land charges, building protection, and support on the property notwithstanding any ordinary expenses that are normal under the understanding.
Modified gross lease: A modified gross lease is characterized as a lease structure where both the proprietor and the occupant are answerable for paying a property’s working costs.
Full-service lease: A full-service lease is a lease in which the lessor promises to maintain and insure the equipment leased. A full service lease for real estate typically makes the landlord responsible for paying all of the property’s operating expenses including maintenance, taxes and insurance.