A leave and license agreement is a legally binding contract between a property owner and a tenant. It grants the tenant the right to occupy the property for a specified period of time under certain terms and conditions. This agreement is often used in situations where the property owner doesn`t want to enter into a long-term lease agreement but still wants to earn income from their property.
The validity of a leave and license agreement depends on several factors, including the registration of the agreement, stamp duty payment, and notarization. Notarization is a crucial step in the process of creating a legally binding leave and license agreement.
In simple terms, notarization is the process of having a notary public verify the identity of the parties involved in the agreement and attest to the authenticity of the signatures on the document. This is done to prevent fraud and ensure that the document is legally binding.
The role of a notary public in a leave and license agreement is to:
Verify the identity of the parties involved: This means that the notary public will ensure that the parties signing the agreement are who they claim to be. This is important because it helps to prevent identity theft and fraudulent activity.
Witness the signing of the agreement: The notary public will act as a neutral third party witness to the signing of the agreement. This ensures that the document is being signed voluntarily and without any coercion.
Attest to the authenticity of the signatures: The notary public will also attest to the fact that the signatures on the agreement are authentic. This is done by affixing their official seal or stamp on the document.
Notarization is an essential requirement for leave and license agreements in India. It is mandatory according to the Indian Registration Act and Stamp Duty Act. Failure to notarize the agreement can render it invalid and unenforceable in a court of law.
In conclusion, if you are a property owner looking to create a leave and license agreement, it is essential to ensure that the agreement is notarized. This will help to ensure that the document is legally binding and enforceable in a court of law. To find a notary public in your area, you can visit your local court or consult with a legal professional.