Registration of Leave and License Agreement in Goa

Registration of Leave and License Agreement in Goa: Your Ultimate Guide

When you rent out your property in Goa, it is crucial that you protect yourself and your tenant through a registered Leave and License Agreement. In this guide, we will discuss everything you need to know about registering a Leave and License Agreement in Goa.

What is a Leave and License Agreement?

A Leave and License Agreement is a legal agreement between the landlord (licensor) and the tenant (licensee), permitting the licensee to use the landlord`s property for a specified period. It is a popular choice among property owners in Goa who don`t want to give full ownership of their property to the tenant.

Why is Registration Necessary?

As per the Registration Act, 1908, any Leave and License Agreement with a tenure of over 11 months must be registered with the Sub-Registrar`s Office. Registration ensures that both parties` interests are secure and helps to avoid any future disputes.

How to Register a Leave and License Agreement in Goa?

To register a Leave and License Agreement, follow these steps:

Step 1: Draft an agreement with the help of a lawyer or download a template from the government`s website.

Step 2: Visit the Sub-Registrar`s Office with two witnesses who will sign the agreement as well.

Step 3: Pay the registration fees, which are calculated based on the property`s market value.

Step 4: The Sub-Registrar will verify the documents and register the agreement.

Step 5: Collect the registered agreement and keep a copy for yourself and the tenant.

What are the Benefits of Registering a Leave and License Agreement?

1. Legal Validity: The registered agreement is legally valid and enforceable in court, making it easier to resolve any future disputes.

2. Proof of Ownership: Registration is proof of ownership and ensures that the property`s title is clear.

3. Income Tax Benefits: A registered agreement entitles the landlord to claim exemption under Section 80C of the Income Tax Act for the stamp duty and registration fee paid.

4. Peace of Mind: Registration provides peace of mind to both parties, knowing that their interests are protected.

Conclusion

Registering a Leave and License Agreement in Goa is a legal necessity and provides both parties with the peace of mind that their interests are protected. Remember to draft the agreement carefully and register it with the Sub-Registrar`s Office to avoid any future disputes.