A rent agreement is essential because it protects the interests of both the tenant and the landlord. It is the most prudent course of action.
What is a Rent Agreement?
A rent agreement is a document that contains the terms and conditions that the property owner specifies when renting out a property. It also defines the legal relationship between the two parties and states their respective obligations.
Why 11-Months?
An 11-month lease does not require registration. According to the Registration Act, 1908, registration of the rental agreement for one year or more is mandatory. Section 17 Says:
“Documents of which registration is compulsory.—(l) The following documents shall be registered, if the property to which they relate is situate in a district in which, and if they have been executed on or after the date on which, Act No. XVI of 1864, or the Indian Registration Act, 1866, or the Indian Registration Act, 1871, or the Indian Registration Act, 1877, or this Act came or comes into force, namely:—
(d) leases of immovable property from year to year, or for any term exceeding one year, or reserving a yearly rent;
Further as per the Rent Control Act, the parties involved in the creation of an 11-month lease agreement are not required to pay any stamp duty or registration fees. When deciding to extend the rental contract, they can easily renew such agreements by using Rs.100 stamp duty paper.”
The 11-month rent agreement contains the legal terms and conditions of the property’s rental, maintenance, security, and so on. This assists both the landlord and the tenant in understanding and adhering to the terms and conditions.
Further A rent agreement for 11 months must be renewed within 30 days of its expiration date. If not, the landlord can file a lawsuit against the tenant and have them evicted legally.
The 11-month lease agreement does not need to be notarized or registered. However, rent agreements lasting more than 11 months must be notarized or registered in the presence of both the landlord and the tenant at the nearest sub-office. registrar’s
