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Parking Lease Agreement Fill out the template

Parking Lease Agreement

Last revision
Last revision 31-05-2022
Formats
Formats Word and PDF
Size
Size 7 to 10 pages
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Last revision: 31-05-2022

Size: 7 to 10 pages

Available formats: Word and PDF

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Parking Lease Agreement

This Parking Lease Agreement can be used when a Parking Space is being rented from a landlord/property owner ("Lessor") to a tenant ("Lessee") for parking vehicles. The Lessor or Lessee may be either individual or entity like a company, LLP, Partnership firm, etc.

This lease can be used for letting out individual parking lots or whole parking area spaces to someone on a rental basis and can be used for both residential and commercial purposes. The parking space may be an open land or parking space inside a building.

This document can only be used for the lease of a parking space. For letting other commercial spaces like an office, warehouses, factories, etc. a Commercial Lease can be used. For lending residential properties like houses, flats, apartments, etc. a Residential Lease can be used.

This Lease will create a legally binding contract between the parties, outlining the rights and responsibilities of both the Lessor and the Lessee. This lease contains a number of terms, including:

  • the duration of the lease
  • whether the tenant will have options to renew the lease
  • the amount of rent and the frequency of payments
  • whether a security deposit will be held
  • permissible use of the parking space
  • categories of the vehicles allowed to be parked
  • how the agreement can be terminated
  • the parties' rights after a breach

 

How to use this document?

The completed document should be provided to all parties. Each party should be given the opportunity to read the agreement and may need some time to do this given the length of the document.

The Lease Deed would need to be printed on non-judicial stamp paper or e-stamp paper which is available in certain states. The value of the stamp paper would depend on the state in which it is executed as well as the duration of the lease and the lease rent. Each state in India has provisions in respect of the amount of stamp duty payable on the lease deed and the same would need to be determined based on the specific facts of the case. Information regarding the stamp duty payable can be found on the State government websites.

After printing the document on stamp paper or e-stamp paper, as applicable, both parties should sign the lease deed and each party should keep a copy of the lease deed.

Pursuant thereto, the lease deed would need to be registered if the period of lease is more than one year. For the purposes of registration, both the lessor and lessee have to go to the sub-registrar office.

 

Applicable law

The provisions of the Transfer of Property Act, 1882 are applicable to the lease of parking space. Further, the Goods and Services Tax may also be applicable on the lease under the Goods and Services Tax Act, 2017.

In terms of the Transfer of Property Act, 1882 read with the Registration Act, 1908 all leases for terms of more than one year are compulsorily registrable. However, leases for a duration of one year or less do not need to be registered with the Sub-registrar.

 

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