WHEN YOU NEED A DEED OF LEASE

WHEN YOU NEED A DEED OF LEASE

If you are renting land or building for more than three (3) years, what you need is a Deed of Lease not a Tenancy Agreement.

A Deed of Lease is a legal document that governs the rental of land/building or property for 3 years and above. Anything less than 3 years is covered by a Tenancy Agreement.

But once the term stretches to 3 years, 5 years, 10 years, or even 99 years, the law requires a Deed of Lease. This is because longer occupation creates stronger rights, and only a lease properly documented and registered can protect both Landlord and Tenant.

A Deed of Lease states the parties, the exact land or property being leased out, the duration of the lease, the rent payable, and the rights and duties of each side.

It also outlines conditions for renewal, termination or repossession.

Without a well drafted Deed of Lease, a tenant occupying land for years may be exposed to eviction or disputes, because his legal rights are not formally recognized. But with it, the lessee can confidently develop, use, or even sublet the property, knowing the law is on their side.

If don’t have a Lease Agreement, some terms implied by law will bind you even without your consent. Deed of Lease gives you legal control without outright purchase, but only if it is properly drafted by a Property and Real Estate Lawyer.

So if your property rental is three years and above, get a Deed of Lease.

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APEX CHAMBERS, Law Firm of Property/Real Estate and Business/Corporate/Commercial Lawyers, Attorneys, Barristers, Solicitors Advocates, Legal Practitioners rendering legal services, Legal Consultants and Notary Public with Law Office in Port Harcourt, Rivers State, Nigeria

Phone: +234(0)7030868694 (Calls & Whatsapp)
Email: info@apexchambersglobal.com
Website: www.apexchambersglobal.com