Notarized Agreement
A notarized rent agreement is simply a rent agreement printed on a stamp paper that a Public Notary signs. notaries are done by lawyers and advocates.
Performing a notarized agreement is much simpler than a registered one as it can be done by just visiting the lawyer and does not require any stamp duty and registration fees to be paid.
In case of any legal proceedings, the notarized agreement cannot be admissible in the Court, as it does not validate the rental deal. It just verifies the documents equipped along with the agreement.
Advantages of a Notarized Agreement
It is easy to execute the notarized agreement; you have to visit the lawyer.
Stamp charges are not applicable on a notarized agreement.
Notarized document also acts as a witness to the agreement.
The stamped document serves as a real and genuine document.
Notarized rent agreement under the following conditions:
When you need the agreement urgently or on an immediate basis
If the rental period is 11 months or less
A notarized rent agreement is made for mutual understanding between a landlord and a tenant.
Registered Agreement
A registered rent agreement is a rent agreement printed on a stamp paper and registered with the sub-registrar of the area. It is very alike to registering a sale deed of a property. The registration process can be done online or in person by visiting the sub-registrar’s office.
Different a notarized agreement, the registered rent agreement is admissible in the Court in case of any legal proceedings. The provisions of the Rent Control Acts of the central government and various state governments are not applicable if the rent agreement is not registered.
It is obligatory to register a rent agreement if the rental period is more than 11 months.
Registering a rent agreement requires paying stamp duty and registration charges based on the rental amount mentioned in the document.
Advantages of a Registered Agreement
Registered rent agreement is thoroughly verified by the Registrar or Sub Registrar of the office.
As per the Registration Act, 1908, a registered agreement is admissible in a court of law.
Following basic details in the rent agreement
Tenant’s name, address, contact details
Landlords name, address, contact details
Property address which is leased
Security deposit amount, maintenance charges and monthly rent
The annual increase in rent amount, both the parties should agree to renew the contract
Penalty amount, if rent is paid late or disruptive behaviour
Lock in period
Term of contract
Grounds for contract termination
Essential Documents for a Registered Rent Agreement
Require the following documents
The original proof/evidence of ownership or title of the property
Legal documents like the property's tax receipt
Two photographs of each of the parties
An address proof copy of the parties and the witnesses - Aadhaar Card, Driving License, Ration Card, Voter ID, or Bank Passbook
A copy of the property's route map
Agreements Which Should Be Notarized
...Posted By PK