As the world continues to move towards digitization, many processes that were previously done in person are now being done online. One of these processes is the stamping of tenancy agreements in Malaysia. In this article, we`ll be discussing the steps involved in stamping a tenancy agreement online in Malaysia.
Step 1: Register for a Stamp Duty Account
The first step in stamping a tenancy agreement online in Malaysia is to register for a Stamp Duty Account on the Stamp Duty Online portal. The Stamp Duty Online portal is an electronic platform that allows users to pay stamp duty and file stamp duty documents online. To register for a Stamp Duty Account, you`ll need to provide your personal details, such as your name, IC number, and email address.
Step 2: Prepare the Tenancy Agreement
The next step is to prepare the tenancy agreement. The tenancy agreement should be in accordance with the Malaysian Tenancy Act and should contain all the necessary details of the tenancy, such as the names of the landlord and the tenant, the property address, the rental amount, the lease term, and the security deposit.
Step 3: Upload the Tenancy Agreement
Once the tenancy agreement has been prepared, you can upload it on the Stamp Duty Online portal. You`ll need to select the `Tenancy Agreement` option and provide the necessary details, such as the property address, the lease term, and the rental amount.
Step 4: Calculate the Stamp Duty
The Stamp Duty Online portal will automatically calculate the stamp duty based on the rental amount and the lease term. You`ll need to make the payment using your Stamp Duty Account. The stamp duty payment can be made using a credit or debit card, or through online banking.
Step 5: Print the Stamped Tenancy Agreement
After the stamp duty payment has been made, the Stamp Duty Online portal will generate a stamped tenancy agreement. You`ll need to download and print the stamped tenancy agreement. The stamped tenancy agreement will contain a unique serial number and a digital stamp.
Step 6: Execute the Tenancy Agreement
The final step is to execute the tenancy agreement. Both the landlord and the tenant should sign the tenancy agreement in the presence of a witness. The witness should also sign the tenancy agreement and provide their name, IC number, and address.
In conclusion, stamping a tenancy agreement online in Malaysia is a simple process that can be completed in a few easy steps. By following the steps outlined in this article, you can ensure that your tenancy agreement is legally binding and enforceable. Remember, stamping your tenancy agreement is an important step that protects both the landlord and the tenant, so don`t skip it!
