Document background
A Lease Addendum Change Of Ownership is a crucial legal document used in Indian property transactions when there is a transfer of property ownership while an active lease exists. This document becomes necessary whenever a property with sitting tenants is sold or transferred to a new owner, ensuring compliance with the Transfer of Property Act, 1882, and state-specific property laws. The addendum serves multiple purposes: it formally notifies tenants of the ownership change, establishes the new landlord-tenant relationship, ensures continuity of existing lease terms, and updates administrative details such as rent payment instructions. It's particularly important in India where property transactions must adhere to strict legal requirements including proper documentation, registration (when applicable), and stamp duty compliance. The document protects the interests of all parties involved - the outgoing owner, incoming owner, and existing tenants - by clearly defining rights, obligations, and responsibilities during and after the ownership transition.
