Respected Experts, I'm renting out a commercial shop in Rajasthan. However,you owner insists that a written agreement is not necessary as I plan on buying the property later on if the business settles. My worry is that is it safe to go ahead without a written agreement or do I have some rights based on the verbal contract that'll keep me and my interests safe. Kindly shed some light as I'm totally confused. Thank you, Gentlemen and Ladies.
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1) dont agree on verbal contract
2) the terms and conditions should be reduced to writing
3) if it only verbal then owner can ask you to vacate as per his whims and fancies
4) you dont have any security that you would be entitled to use of premises for fixed period of time
5) further make all payments by cheques only
Thank you for your response. And the written agreement should be done on a stamped paper, duly attested by notary or something outside of that could do as well?
leave and licence agreement should be duly stamped and registered
2) dont go in for notarised leave and licence agreement
If the agreement you are entering upon is for a term of 11 month then notarized stamp of Rs. 100 will be sufficient. However, if it is for more than 11 months then it is advised that you get it registered in the registrar office.
Regards
Enter into a written tenancy agreement with the landlord. Yes, the agreement should be duly stamped and registered. The stamp duty will be calculated on the basis of the annual rent and the period of tenancy. This agreement should be registered in presence of 2 witnesses.
Even the oral agreement for rent is valid but make sure that the owner issues rental receipts or you create any evidence to prove your tenancy to challenge the litigation if any in future.
As a tenant it is always advisable to enter into rental agreement with the landlord to claim tenancy rights, if the landlord is not willing to give any such thing in writing then you may dont agree for renting the premises.
And the written agreement should be done on a stamped paper, duly attested by notary or something outside of that could do as well?
For a rental agreement upto 11 months, it may be entered in writing in a NJS paper and notarisation is not very essential.
If the rental agreement is more than 12 months, then it is mandatory to register the document