An agreement signed and scanned in front of the chancellery is a registered agreement. This process takes place and ends with the sub-registrar`s office for a particular area. A notarized certification agreement has the stamp (signed before me), the seal and the sign of a notary on the last page of the agreement. It will no longer be acceptable to simply authenticate your holiday and licensing contract in an overly notarized manner and to circumvent stamp duty and registration payment to the government to make the rental of real estate solemn. Of course, it saves a few dollars — listing on a stamp paper costs a measly Rs 100, while stamp duty and registration is calculated with .25 percent of taxable rent and deposit – but if the inspector general of registration, Pune, has his way, this settlement will no longer be accepted by the police as part of the official registration of the rental house. Years: For online registration, the Aadhaar card is mandatory, as the parties should verify their identity during the filing of the agreement by giving fingerprints that retrieve the data from the Aadhaar card base. In addition to the Aadhaar card, the licensee`s PAN card is mandatory. Other documents may be required if the parties are PVT Ltd, Trust, HUF, etc. The notarized lease is concluded under the direction of a „public official“ or a „notary“ who authenticates the document.
For a property, a notarized lease is entered into by the tenant or landlord. The stamp duty rate for holiday and licensing contracts is the same for residential buildings and commercial premises. The leave and licence contract can be executed for up to 60 months. The registration of the contract, there is validity to act as proof of residence for the tenant. People residing in rental properties generally did not issue electricity bills, telephone bills or water bills on their behalf. As a result, it is difficult for them to provide proof of the local address. Since the notarial agreement does not have the legal weighting of the recorded documents, they are often rejected as evidence of local residence in places that are thorough and meticulous with their documents. The validity of the notarized agreement is questionable. Therefore, there is no guarantee that places that have accepted notarized agreements as proof of residence will not refuse or suspend their services due to insufficient documentation. Kawade also states: „According to our information, only 15 per cent of the agreements are filed in the state for registration; many transactions are only made on stamp paper 100 or without paying correct stamp duty. Therefore, the higher the monthly rent and the deposit, plus the stamp duty. On the other hand, it is easy to obtain a notarized notarized leave and licence contract, which can be exercised on something as simple as an INR 100 stamp paper and a very nominal notary fee. A new circular from the registrar asks the police to stop accepting leave and licensing contracts that are notarized and are not registered under the stamp duty paid; Say to share the online data system finally Also Stamp Duty and Registration Payers Association Founder, lawyer Vinod Sampat said, „A document can be registered within four months from the date of execution of the agreement.