Mati Setem Tenancy Agreement: What You Need to Know
If you are planning to rent a property in Malaysia, one of the documents you will encounter is the Mati Setem tenancy agreement. This document is a legal contract between the property owner and the tenant, outlining the terms and conditions of the rental arrangement.
Here are the things you need to know about the Mati Setem tenancy agreement:
What is a Mati Setem tenancy agreement?
Mati Setem is a Malay term that means “dead stamp”. In Malaysia, documents such as tenancy agreements are required to have a stamp duty of a certain amount. The stamp is affixed to the document as proof that the necessary fees have been paid. The term “dead stamp” refers to the fact that the stamp cannot be reused once it has been used for a document.
What are the contents of a Mati Setem tenancy agreement?
The contents of a Mati Setem tenancy agreement may vary depending on the parties involved and the specific terms agreed upon. However, some of the common items that are included in this type of agreement are:
– details of the property being rented, such as the address and description
– names and contact information of the landlord and tenant
– duration of the tenancy (start and end date)
– amount of rent to be paid and payment schedule
– security deposit amount and conditions for refund
– rules and regulations governing the use of the property
– responsibilities of the landlord and tenant, such as maintenance and repairs
– conditions for termination of the agreement, such as notice periods and penalties
– any special provisions or clauses agreed upon by both parties
Why is a Mati Setem tenancy agreement important?
A Mati Setem tenancy agreement is a legal document that protects both the landlord and tenant. It spells out the terms and conditions of the rental arrangement, which can help prevent misunderstandings and disputes. In case of any violations or breaches, the agreement can serve as evidence in court.
In addition, having a Mati Setem tenancy agreement is a requirement under Malaysian law. According to the Stamp Act 1949, any lease or tenancy agreement with a term of more than 12 months must be stamped and registered with the relevant authorities.
How to create a Mati Setem tenancy agreement?
A Mati Setem tenancy agreement can be created by either party or through the help of a lawyer or real estate agent. It is important to ensure that the agreement is comprehensive and covers all the necessary details. Once the agreement has been drafted, it must be stamped and registered with the Inland Revenue Board of Malaysia within 30 days. The stamp duty fee is based on the duration of the tenancy and the rent amount.
Conclusion
A Mati Setem tenancy agreement is an important document that every landlord and tenant in Malaysia should be familiar with. It outlines the terms and conditions of the rental arrangement, ensuring a smooth and hassle-free tenancy. If you are planning to rent a property, make sure to understand and comply with the requirements of a Mati Setem tenancy agreement.
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