What are the legalities for giving a shop on rent?
Asked by Viji, 03 Jun '09 03:58 pm
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Many. Some of the important ones are, do you own the shop, if yes solely or jointly with some one, what is the commercial license you have for that shop, if all this is staisfied, then, enter into a lease agreement. best check with a lawyerAnswered by Lakshmi Rajesh, 04 Jun '09 11:07 am
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First of all u need to be owner of the said shop or u should have power of attorney of the shop owner. then enter into leave and license agreement with the person whom you want to give it on rent (not exceeding 60 months). then register the same with the registrar of ur area.Answered by sudam borkar, 11 Jun '09 01:08 am
I have gone through your query. A rental agreement has to be executed between the owner of the shop and he proposed tenant.Answered by CSaifullahAdvocate, 06 Jun '09 06:56 pm
Well, first you need to be legal owner of that shop holding valid shop license of your local authorities. Then you need to make a rent deed with the tenant which is not very complicated stating all vital points, duly signed by along with two witnesses and by the tenant along two of his known witnesses. You can also get it registered with the local collector office, jurisdictional court etc to make it more effective. These are my personal views, however, if the property is huge and very expensive, then you need to engage a lawyer to complete these formalities.Answered by rajan, 03 Jun '09 05:31 pm