Month: June 2015

It’s a frequent scenario where homeowners need to relocate from India due to work commitments, staying abroad for an extended period. Renting out the owned house during this time poses significant challenges, particularly in creating a Leave and License Agreement or Registered Rent Agreement. This process typically involves obtaining Live Biometrics from the Government Office of a Property Sub-Registrar, although exemptions may apply in the case of an Online Registration Rent Agreement or Virtual Leave and Licensing Agreement.

A rent agreement serves as a tenancy arrangement between the property owner and the occupant, granting the occupant the right to enter the residential property. This agreement outlines terms, conditions, and the monthly rent payable by the tenant. Advance payments, ranging from 2 to 6 months, vary by city and are typically made on stamp paper of denominations like ₹100, ₹200, or ₹500, depending on the rent and property value. Rent agreement templates available online can provide insights into the elements covered in such agreements.

Here are methods through which property owners can execute rental and license agreements without physically being present in the country or state where the property is located:

1. **Through the Indian Embassy:**
– Contact the Legal Team at the Indian Embassy, which aids Indian citizens abroad.
– Draft a Power of Attorney for a Blood Relation or Near Relative in the property’s location, notarizing it in the foreign country.
– The Power of Attorney holder, in the owner’s absence, can receive and execute the Registered Rent Agreement.
– After the Power of Attorney holder obtains the certificate, they pay the Stamp Duty and notarize it for approval by the Indian Government.

2. **With the help of the Power of Attorney:**
– The owner creates a Special Power of Attorney for a Blood or Close Relative, authorizing them to execute the Registered Rent Agreement before departure.
– This method allows for the proper management of properties in the owner’s absence.
– The Power of Attorney holder can execute the Leave and License Agreement or Registered Rental Agreement online, ensuring the owner’s interests are upheld.
– Multiple agreements for the same property can be executed once the Power of Attorney is in force.

Using a Recorded Special Power of Attorney offers several advantages in implementing a Leave and License Agreement or Licensed Rent Agreement, allowing both parties to be represented in the city where the property is located during the agreement’s execution.

Many individuals may be familiar with the term ‘credit card merchant’ but might not have a complete understanding of its meaning.

In essence, merchant accounts serve as intermediaries between a consumer and a business. They enable a company to accept payments, whether by debit or credit cards, establishing a financial agreement between the seller and the buyer.

Credit card merchants operate in various ways. For instance, credit card terminals represent a category of merchant devices commonly found in supermarkets and retail stores. These terminals include the ‘chip and pin machine,’ which has replaced the traditional swipe machine. This equipment captures the card’s information and then communicates with the bank linked to the card to verify the availability of funds for the transaction. The terminal will either process the payment automatically or, in some cases, an external provider may call in to facilitate the transaction before confirming the payment with the bank.

Another method involves the use of a payment gateway, primarily an e-commerce service designed to assist online retailers and e-businesses in processing payments. This serves as the online equivalent of the chip and pin machine. However, it requires the cardholder to input different information, including the card’s start and expiry date, the long card number, and the security number from the back strip.