Legaljini

Tripartite lease agreement between Lessor, lessee and guarantor

This Tripartite lease agreement is made for leasing an equipment to the lessee by the Lessor and the guarantor has agreed to stand as a surety against default in payment of rent by the lessee This agreement is a tripartite agreement between the builder, borrower and the bank for sale of the land to the developer for the construction and sale of flat to the borrower on the agreed terms and condition, the borrower has purchased the said flat by borrowing the amount on loan from the bank as specified in the agreement.

₹ 775.00

1

What is a lease agreement?

Ans.

Lease is a transfer of property with a right to the transferee to enjoy the same, for a fixed period or even in perpetuity in consideration of some price or premium or in consideration of the payment of rent.

2

Can a lease be renewed?

Ans.

Yes. Lease can be renewed either under the option to renew given by the lease deed or by mutual consent after the period of the lease has expired or it is determined earlier. But such a renewal can be affected only by a fresh deed of lease whether the terms of the new lease are the same or not.

3

Does lease need to be registered?

Ans.

Yes. An agreement of lease (with possession) and a lease for a period of 1 year or more has to be compulsorily registered. An agreement to lease (without possession) is not required to be registered. Lease of more than one year, assignment of lease, surrender of lease & sub-lease are all required to be registered.

4

What is surrender of lease?

Ans.

It is a voluntary act of the parties whereby with the landlord’s consent the tenant surrenders his lease to the landlord so that the lease merges with the reversion & is thus brought to an end.

5

What is deed of sub lease?

Ans.

Lessee can create sub lease of his interest in the property by subletting the property either for whole or remaining term or for any shorter period. Sub lease can also be created for a part of the demised property.

 

STEP 1

Fill in the blank spaces. Delete instructions highlighted in grey.

Fill in the blank spaces. Delete instructions highlighted in grey. E.g. Name, address, date etc.

 

 

 

STEP 2

Alternations: 

Add or delete a clause according to your needs. Re-check the document.

 

 

 

STEP 3

Stamp Paper

The Stamp Duty value will be made available to you at your legaljini account on purchase of the document.

 

Stamp Duty Payment option 1

If you wish to print Agreement on Stamp Paper, you can buy from court/ Stamp office and said Stamp paper will be used as 1st page of Agreement. If you wish to have 2 copies of Agreement you should buy 2 Stamp Papers (one Stamp Paper for each copy)

 

Stamp Duty Payment option 2

If you have facility of franking for Stamp Duty payment at nearest bank, you need to print the Agreement & get franking done. If you wish to have 2 copies of Agreement you should frank 2 copies (one copy for each party)

 

 

 

 

Ledger Paper

The rest of the document must be printed on SINGLE SIDES OF A SHEET of Ledger Paper

 

Available at:

This Legal Size Green Paper is available at any stationery shop.

 

 

 

STEP 4

Printing on Legal Paper:

 

 

On Stamp Paper

Print ONLY on the blank portion of the stamp paper.

 

On Ledger Paper

Print on a SINGLE SIDE of a sheet of Ledger Paper.

 

 

 

STEP 5

Number of Copies Needed:

Generally it is made two copies (one copy for each party)

 

 

 

STEP 6

Photographs & Signatures/ Thumb Impression & Initials:

The concerned parties should sign, or affix their mark and recent passport size photograph against their names on the last page of the document. This document must initialed or marked by the concerned parties at the end of every page. In addition or corrections/ alterations made after printing must be initialed.

 

 

 

STEP 7

Witness Attestation (Both Parties):

Document must be attested by at least two witnesses along with their recent passport size photographs and copy of ANY ONE as Photo ID proof like Driving License, Election ID Card, PAN Card etc.

 

 

 

STEP 8

Attached Documents:

Title documents related to the immovable property at the time of registration.

 

 

 

STEP 9

Registration/ Notary

Registration or Notary is mandatory for some documents. If you need clarification you may contact our Helpline at support@legaljini.com 

 

 

Please contact the nearest Sub Registrar office for registration of this document.

 

 

 

You Need to Know:

In case parties prefer to go first for part payment registration for sale of immovable properties by executing Sale Agreement followed by Sale Deed for full and final payment than both documents must be registered. Full Stamp Duty is to be paid on the Sale Agreement as per the related articles and for Sale Deed stamp duty will be minimum i.e. Rs. 100/-. Witnesses can be different for both the registrations. In other case, full stamp duty is to be paid directly on SALE DEED as per the related articles.   

 

 

 

Please contact our Helpline if you have any difficulty.