At times, the three “L”s can be quite confusing “Lease”, “Leave and “License”. The terms ‘Lease Agreement’ and ‘Leave and Licence Agreement’ are often misunderstood as the same thing. We are frequently asked these questions- “Which type of Agreement will protect my interests?” “Which agreement ensures my ownership remain secure?”.
To understand these better, let’s look at a scenario, where “A” is the owner of a property who wants to rent his premises “X”, and “B” is someone who needs a premise to stay for a short period. Let’s see in this situation which agreement is more suitable.
In order to ensure that the rightful interest of an individual on a property is not diluted, we need to look at the seven fundamental differences between these two agreements which are: