The document by which an owner (lessor) grants a tenant (lessee) the right to use a property for a period, in return for rent. A lease for more than a year must be registered.
How it works and what to check
A lease from year to year or for any term over one year can be made only by a registered instrument. That is why many residential rent agreements are written for eleven months. Stamp duty on leases is set by each state.
A lease covers the term, rent, deposit, lock-in, escalation, maintenance, repairs and how either side can end it.
Common questions
Why are rent agreements for 11 months?
Because a lease over one year must be registered. An 11-month agreement avoids compulsory registration, though some states require registration anyway.
Is a lease the same as leave and licence?
No. A lease gives the tenant an interest in the property; a licence only permits use.