🤔 Why Rent Agreements generally for 11 months?
➡️The major reasons for creating only a 11- month rent agreement are as below.
📌No Registration Required: An 11-month rent agreement doesn't need to be registered. As per section 17 of the Registration Act, 1998, a registration of the rental agreement for 1 year or more is compulsory.
📌No Additional Charges: Based on the Rent Control Act, for creating a 11-month rent agreement, the parties involved need not to pay any stamp duty and registration charges. They can also renew such agreements easily using stamp duty paper of Rs.100 when deciding to extend the rental contract.
📌 Greater Rental Flexibility: An 11-month rent agreement format offers more flexibility to the landlord and the tenant. As they can review the monthly rental amount based on the market conditions and their financial preferences, in less than a year's time.
➡️Legal Validity of 11-month Rent Agreement Format
📌 An 11-month rent agreement is legally valid in court and can be considered as evidence in case of any disputes.
📌Such rent agreement formats should be created on stamp duty paper of Rs.100.
📌They should be duly signed off by the tenant and landlord.
📌There should be 2 witnesses to the agreement. The witnesses need to add their ID proof document, and their signature to make the rental agreement valid.
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