Why Is a Rent Agreement Made for 11 Months? #RentAgreement #LeaseAgreement
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3 سال پیش
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You would have seen that
You would have seen that most rent agreements are for 11 months. First, let’s understand the importance of a rent agreement.
A rental agreement is a legal document that binds the landlord and tenant. It safeguards the interest of both parties. A landlord must either be the property owner or a person having power of attorney from the owner. It is important as a rent agreement protects the rights of landlords as well as tenants. It prevents unreasonable rental hikes and eviction without prior notice. In case of any dispute between landlord and tenant, a rent agreement can be used as evidence in the court of law.
Rent agreement for 11 months is legally valid in the eyes of the law, and it can be produced as evidence in a court of law as well.
Why don’t people go for rent agreements of more than 11 months?
Parties don’t want to pay stamp duty and registration charges applicable on lease deeds of more than 12 months. Parties want to do away with the additional expenditure by signing 11-month agreements. Such agreements don’t need to be registered at the registrar’s office. Rent agreements for 11 months are created on INR 20-100 stamp papers.
Rent agreements of a year and above, if unregistered, can’t be used as evidence in court. Non-registration of rent agreements of one year and above is an offence. Heavy penalties are to be imposed on offenders if found by the authorities. Thus, landlords and tenants sign 11-month agreements, which are convenient and cost-effective.
For more information
Why rent agreements are only for 11 months?
https://www.magicbricks.com/blog/why-...
What is Rent Agreement - Rent Agreement Sample Formats
https://www.magicbricks.com/blog/rent...
A rental agreement is a legal document that binds the landlord and tenant. It safeguards the interest of both parties. A landlord must either be the property owner or a person having power of attorney from the owner. It is important as a rent agreement protects the rights of landlords as well as tenants. It prevents unreasonable rental hikes and eviction without prior notice. In case of any dispute between landlord and tenant, a rent agreement can be used as evidence in the court of law.
Rent agreement for 11 months is legally valid in the eyes of the law, and it can be produced as evidence in a court of law as well.
Why don’t people go for rent agreements of more than 11 months?
Parties don’t want to pay stamp duty and registration charges applicable on lease deeds of more than 12 months. Parties want to do away with the additional expenditure by signing 11-month agreements. Such agreements don’t need to be registered at the registrar’s office. Rent agreements for 11 months are created on INR 20-100 stamp papers.
Rent agreements of a year and above, if unregistered, can’t be used as evidence in court. Non-registration of rent agreements of one year and above is an offence. Heavy penalties are to be imposed on offenders if found by the authorities. Thus, landlords and tenants sign 11-month agreements, which are convenient and cost-effective.
For more information
Why rent agreements are only for 11 months?
https://www.magicbricks.com/blog/why-...
What is Rent Agreement - Rent Agreement Sample Formats
https://www.magicbricks.com/blog/rent...
3 سال پیش
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