Leave and License Agreement Igr

A leave and license agreement is a legal document that outlines the terms and conditions of renting a property by the owner to the tenant. In India, this agreement is governed by the Indian Registration Act, 1908, and the Maharashtra Rent Control Act, 1999. This agreement is commonly known as the Leave and License Agreement IGR, referring to the Registration Department in India.

In this agreement, the owner of the property is referred to as the licensor, and the person renting the property is called the licensee. The agreement specifies the period for which the property is rented, the rent payable, the security deposit, and other terms and conditions that both the licensor and the licensee need to abide by.

The license agreement is valid for a maximum of 11 months, after which the licensor and the licensee can renew the agreement if they wish to continue their landlord-tenant relationship. However, this agreement cannot be extended beyond the initial 11-month period. If the tenant wishes to continue occupying the property after the end of the 11-month period, they will have to sign a new agreement.

The Leave and License Agreement IGR is a crucial document that legally protects the interests of both the licensor and the licensee. It is mandatory for the agreement to be registered with the Registration Department of the state where the property is situated. The registration of this agreement ensures that the agreement is legally binding, and no party can breach the terms and conditions of the agreement.

The registration of this agreement stamps the agreement with a unique registration number, and this number is mentioned on the agreement. This number is used as a reference in case of any disputes that may arise between the licensor and the licensee. The agreement must be registered within four months of its execution, failing which it becomes invalid.

In conclusion, the Leave and License Agreement IGR is a crucial document that provides legal protection to both the licensor and the licensee. The agreement specifies the terms and conditions of the landlord-tenant relationship and is registered with the Registration Department of the state where the property is situated. It is recommended that both parties must read and understand the agreement thoroughly before signing it to avoid any future disputes.