Shop rent agreement rules are drafted in a lease deed, sometimes referred to as the rental agreement, is a legal document that outlines the shop rent guidelines that apply to the rental property and are binding on both the landlord and the tenant. I have shared the rules that need to be followed while drafting a shop rent agreement.
What are Shop Rent Agreement Rules in India?
Identification of Parties: The agreement must clearly state the full names and addresses of the landlord (lessor) and the tenant (lessee).
Property Description: It should include the complete address, precise area in square footage, and any unique attributes of the property.
Rent and Payment Terms: The agreement must specify the rent amount, payment frequency, and due dates.
Duration of Lease: The lease period should be clearly mentioned. If the duration exceeds 12 months, the agreement must be registered as per the Registration Act of 1908.
Maintenance Responsibilities: The agreement should outline the maintenance duties of both the landlord and the tenant.
Termination Clause: It should include the conditions under which the lease can be terminated by either party.
Registration Requirements: For agreements exceeding 12 months, registration with the Sub-Registrar’s office is mandatory. Agreements for 12 months or less can be executed on stamp paper without registration.
Witnesses: The agreement must be signed by both parties and witnessed by at least two individuals, who also provide their names and addresses.
These rules ensure a clear understanding and smooth commercial occupancy between the landlord and tenant.
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Authors Of The Question
What is Shop Rent Agreement Rules in India?
Tanmay
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2 days
2024-09-30T10:13:29+00:00 2024-09-30T10:16:46+00:00Comment
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