A notarized agreement is an agreement certified by a notary. The notary only verifies the identity of the licensors and licensees who sign the agreement and calls the agreement “Signed before me”. There is a difference between the online lease and the notarized lease. The notarized lease cost between 500 and 2000. Creating an online rental contract in Pune can cost between 2800 and 3200. (depending on stamp duty and property rental fees) As stated in Section 107 of the Transfer of Ownership Act, a lease agreement of more than one year or more can only be executed through a properly registered lease. It is mandatory that all leases valid for more than 11 months be registered. Now that you`ve answered all your doubts about certification and registration of leases, why not try to create a lease with LegalDesk? All you need is a good internet connection and few important details from both parties to the deal, and you are all set to design your lease in minutes. After creating the document, let it be printed on a valuable paper stamp and deliver it to us. We`re going to take care of all that and more. Simple three-step process to make a notarized lease.
Please note that both parties to the agreement must be present before the notary. After checking the document and the parts, the notary places his seal on the document. The main task of a notary is to check the parties and (s) he does not have to review all the conditions mentioned in the agreement. A notary has the right to authenticate the document, to swear a person and to perform other such functions. A notary only ensures that the parties enter into an agreement of their own volition and are responsible for the conclusion of such an agreement. Certification prevents identity fraud. In order for your lease to take effect in a binding way, it is not mandatory to authenticate it. Indian law does not require a lease to be notarized by a notary. However, if you wish to certify your rental contract by a notary, you can do so by contacting a notary and presenting your document. “Under the 1908 Registration Act, clause (d) of the subsection (1), registration of the property is mandatory for one year or more than a year.” This is the only reason why most leases for an 11-month period are only valid to circumvent stamp duty and registration fee. Well, in case an 11-month lease is certified notarized, then it is not illegal because it is accepted by the company and the police for the execution of a tenant policy review.
This means that an 11-month notarized contract is all that is necessary to rent an apartment, but what happens when there is a dispute between the parties and the case goes to court. In court, a registered leave and licence contract takes precedence over notarized agreements and most changes are made to the fact that the judgment is rendered in favour of the licensee when the licensee violates certain important clauses of the agreement. Not to mention the fact that this kind of thing comes into play when things turn into a legal battle and the owners realize that they have registered leave and a licensing agreement to protect their interests.