Why Ordinary Rent Agreements are Legally Invalid and tend to fail?
Lease or Rent Agreement of a property for less than 12 months should be executed on a Stamp Paper of requisite value & notarized, and agreements for periods equal or greater than an year should also be registered at the local sub-registrar office. But majority of ordinarily signed rent agreements are found to be legally invalid and unenforceable due to the following reasons:
- Fixation of inadequate or improper stamp duty.
- Lack of identification and ownership rights of parties involved.
- Absence of clarity of rights & obligations of both parties.
- Discrepancies in signing of the agreement by both parties.
- Inadequate provisions to safeguard the interests of landlords for re-possession of the rented property.
- Inadequate provisions for undisturbed enjoyment of rented property by the tenant.
- Inadequate provisions about regular maintenance of the property.
Process of Execution of Lease or Rent Agreement on IOUX
IOUX user can start the process of creation of an Agreement where multiple parties are slated to be part by :
- Either picking up a draft template and then Inviting all concerned parties or by first Inviting Parties and adding them to your approved contact list of Counterparties
- Completing the filling up of the Document/Agreement and sharing them with all concerned parties over the IOUX platform to seek their Approval before sequentially proceeding for eSign along with procurement of Stamp Paper through IOUX platform only.
Use IOUX to Execute valid Lease or Rent Agreement Online
- One stop simple Online Platform.
- Comprehensively drafted legally valid drafts & templates of lease and rent agreement.
- Landlord or Tenant can access draft agreement over Web or mobile App & make instant changes/amendments as per requirement.
- Online eKYC of both Parties to Authenticate Identities.
- Fast online Aadhaar OTP based eSign using NSDL eGov facility.
- Auto calculation of proper and adequate stamp and online purchase of Stamp Paper.
- Notarization through independent eStamping.
- IOUX also provides you a copy of the printed eSigned executed Rent Agreement.
Thus, IOUX removes all the possible discrepancies in the execution of rent agreement.
The Benefits of IOUX Lease or Rent Agreement
IOUX rent agreement ensures that the obligation and rights of each party to the agreement are mutually arrived at, prior to handing over of possession of the property.
IOUX rent agreement lays down the liability of each party in case of breach.
IOUX agreements are legally enforceable document which mitigate the risk of any default in payment of rent and ensure adherence to warranties.