If you`re planning to rent out your property, then it`s important to know about leave and license agreements and their registration process. A Leave and License agreement is a legal contract between the owner of the property (licensor) and the tenant (licensee), allowing the tenant to occupy and use the property for a specified period in exchange for rent.
The Leave and License agreement is usually for a period of 11 months, and it can be renewed or terminated by either party at the end of the term. This agreement specifies the terms and conditions of the tenancy, such as the amount of rent, the security deposit, the maintenance and repair responsibilities, and other essential clauses.
Now, when it comes to registration, it`s mandatory in some states in India to register the Leave and License agreement to ensure its legal validity. In Maharashtra, the registration of the Leave and License agreement can be done online through the Maharashtra Online Registration Information System (MORIS).
To register the Leave and License agreement online, both parties need to create an account on the MORIS portal. The licensor needs to provide the details of the property, such as its address, area, and other essential information. The licensee needs to provide their personal details, such as their name, contact information, and PAN card number.
Once the details are entered and verified on the MORIS portal, an appointment for the biometric verification of both parties is scheduled. After the biometric verification, the parties can upload the scanned copies of the Leave and License agreement and pay the registration fees online. The registration certificate is then generated, and it can be downloaded from the MORIS portal.
The registration of the Leave and License agreement provides legal sanctity to the agreement, and it also protects both parties from any future disputes. It`s always advisable to register the Leave and License agreement to safeguard your interests.
In conclusion, if you`re planning to rent out your property, it`s essential to know about the Leave and License agreement and its registration process. While the registration process may seem tedious, it`s a crucial step to ensure a smooth and hassle-free tenancy. So, always remember to register your Leave and License agreement to avoid future legal tangles.