Residential and Commercial properties are leased out by real estate companies to variety of tenants by executing lease deed. Subsequent to execution of a lease deed, at times, parties execute amendment to lease for further alteration of their terms. It becomes difficult to manage all the leases by a real estate company as a landlord or by a tenant especially if a tenant is a big multinational company occupying premises at multiple locations. It is thus very important for them to manage their leases properly by summarizing their lease documents. SKJ Juris provides lease abstraction services to such real estate companies as well as commercial tenants in the form of full-lease, financial lease or custom lease basis which is further elaborated in its website www.skjjuris.com.
Residential and Commercial properties are leased out by real estate companies to variety of tenants by executing lease deed.
Subsequent to execution of a lease deed, at times, parties execute amendment to lease for further alteration of their terms.
It becomes difficult to manage all the leases by a real estate company as a landlord or by a tenant especially if a tenant is a big multinational company occupying premises at multiple locations.
It is thus very important for them to manage their leases properly by summarizing their lease documents.
SKJ Juris provides lease abstraction services to such real estate companies as well as commercial tenants in the form of full-lease, financial lease or custom lease basis which is further elaborated in its website www.skjjuris.com.
An equipment lease deed is a legally binding contractual agreement between the owner of the equipment, who is referred to as the lessor, and the person who will be using the equipment for a defined time period referred to as the lessee.The usage will be in exchange for periodic payments which will be specified on the lease deed.
The ownership of the equipment, however, remains with the lessor and the equipment lease deed can be canceled on various conditions such as usage of equipment to indulge in illegal activity.Essential Components of Equipment Lease DeedHere are the contents of the equipment lease deed:Period: The duration of the deed should be specifically mentioned.
The lease deed specifies the day of the month on which the payment should be made, in case the payment has to be made monthly, which is usually the case.
In addition, the lease deed also specifies the late fee, interest, or any other form of penalty which must be paid in case the payment is not made on a regular basis.Warranties and Repairs: Warranties and repairs are an important part of a deed.
It should be explicitly stated whether the lessee or the lessor will be responsible for the fitness and repair of the equipment.
Further, it must also be clearly mentioned that the equipment must be returned in the original condition when the period of deed is over.
