What are the requirements of a lease agreement
01-Jun-2023 (In Property Law)
I'm renting out a commercial property to a franchise training institute run by 3 partners. They have created a trust and have got the institute license in the name of the trust. In whose/what name should the building's rental agreement be signed from the lessee's side: Should it include all partners or any one of them or should it be in the trust name ? Thank you.
Entering into any deal with a trust requires a thorough study of the trust deed and the minutes of their meetings and see who is authorised to sign documents . Since the firms licence is in the name of the trust you have to enter the lease deed with the trust.
Sir/mam,
1. As a property owner you must discover the possibilities of entering Leave and License Agreement instead of a Rental Agreement/Lease Deed. And i strongly suggest it. 2.The Signature of all the partners is not required as the trust will be a different entity. Moreover, the agreement will be signed by the managing trustee or an authorised representative of the trust.
Welcome and Best regards,
G.P.Vijay
1. As a property owner you must discover the possibilities of entering Leave and License Agreement instead of a Rental Agreement/Lease Deed. And i strongly suggest it. 2.The Signature of all the partners is not required as the trust will be a different entity. Moreover, the agreement will be signed by the managing trustee or an authorised representative of the trust.
Welcome and Best regards,
G.P.Vijay
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