Are you a property owner or a tenant in the Philippines? If you`re about to sign a lease agreement, you may have heard the term “notarization” floating around. But what exactly is notarization, and why is it important?
In the Philippines, notarizing a lease agreement means having it certified by a notary public. This involves having the document signed in the presence of a licensed notary public who will then affix their seal and signature on it. The notary public will also attach a jurat or a statement that attests to the authenticity of the signatures.
Why is notarization important for lease agreements? Here are a few reasons:
1. Legally binding
A notarized lease agreement is considered a legal document and is admissible in court as evidence. This means that both parties are legally bound by the terms and conditions set out in the agreement.
2. Protection for both parties
Notarization provides protection for both the landlord and the tenant. It ensures that the agreement is fair and just for both parties, and that the terms and conditions are clearly stated and agreed upon.
3. Prevents fraud and disputes
Having a notarized lease agreement can prevent fraud and disputes from arising. The notary public verifies the identities of both parties, ensuring that they are entering into the agreement willingly and knowingly. This also helps prevent any misunderstandings or misrepresentations that may arise in the future.
4. Required by law
In the Philippines, certain documents, including lease agreements, are required by law to be notarized. Failure to comply with this requirement can result in the agreement being declared null and void.
In summary, notarization provides legal certainty and protection for both parties in a lease agreement. Whether you`re a landlord or a tenant, it`s important to ensure that your lease agreement is notarized to avoid any future complications. Make sure to work with a licensed notary public to ensure that your agreement is properly certified.