|Average Monthly Rent|
|Suggested Stamp Duty|
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Rent Agreement agreement lays down the details such as the duration, the rental amount, terms and conditions and responsibilities of both landlord and the tenant. Having a rent agreement in place can save time and trouble for both landlord and the tenant. For landlord, the agreement ensures that the rent is being paid on time and the property is being maintained by the tenant. For tenant, it ensures that the landlord does not change the terms of the rent according to his/her will or ask you to vacate the property. To make this agreement legally enforceable, we print it on a non-judicial stamp paper, both the concerned parties can sign this document digitally. We can get it Registered or Notarised as per requirement. As per Rent Control as every rent agreement may be for any duration must be registered with Sub Registrar office of concern location. Use this agreement if You as an owner of a property are looking to rent it out to an individual or a company. You as an individual or a company wish to rent a place.
The document needs to be printed on a Stamp Paper / e-Chalan of a recommended value. Signature of both the parties, landowner and tenant. This document has to be Registered at Sub Registrar or Notary Public. Registration is mandatory in many states and it is obligatory to a Landlord. Violation of this Law can turn to Punishment or Imprisonment for Landlord as well as Tenant.
There needs to be a legally valid documentation of the terms and conditions of any rental agreement. The lease agreement or rent agreement needs to be in a specific format as per certain conventions and laws. Failure to have a rent agreement signed by both the parties will lead to legal inefficiencies in the case of a dispute.
Stamp duty is a tax, similar to income tax, collected by the government.. Delay in the payment of stamp duty leads to penalty charges. A stamp duty paid instrument / document is considered a proper and legal instrument / document and has evidentiary value and is admitted as evidence in courts. A rental agreement draft should be printed on a stamp paper of a suitable stamp value according to the Stamp Act of each State to make it legally valid.
It is a convention that is being followed by landowners to seal rental/lease agreements only for 11 months so as to avoid registration of the agreement with the local competent authorities. Earlier rental agreements were required to be registered only if the tenure was more than 11 months but now according to the new Rental Control Act, it is mandatory to register a rent agreement in order to make it valid. Hence, a landlord is under an obligation to get the rent agreement registered.
A landlord can't visit the property without the permission of the tenant. With prior notice, inspection of the property by the landlord is allowed. It is essential to include this clause in the rent agreement. A landlord needs to give a prior notice to the tenant before visiting.
There is no specific provision under rental laws on the initial deposit amount. Five months’ advance is more of a convention that is being followed. In cities like Mumbai, landlords usually charge 5 months’ deposit upfront, but the same can be just 2-3 months’ sum of the rent in Pune. Area where the property is rented is one of the factors for the deposit amount that is paid. One can always alter or negotiate.
These charges are generally for the maintenance of common facilities like clubhouse, swimming pool, etc that are provided. Generally, the occupant (tenant) of the flat is liable to pay the maintenance charges as he would be utilising the common facilities. Otherwise, the owner can pay the maintenance charges to the association and collect it from the tenant. It is necessary to mention these terms in the rent agreement.
Usually it is 1 to 2 months.
The tenant shall not make any modifications to the structure without the prior approval of the landlord. Any acceptance to make changes should be specified in the rent agreement to avoid any conflicts or disputes in the future.
No, it's not mandatory to notarize a rent agreement.
Yes, you can make a rent agreement during the lease period, but make sure that the parties are trustworthy. It's it's always safe and better to get a rent agreement formed and registered before u move in. Always make a lump sum through cheque or net transfer, as there is no agreement formed prior the accommodation of the property. It's better if the agreement is drafted within one month. It is very risky to continue for the whole term without the agreement. So, if your landlord is refusing to make the agreement even after one month then it is advisable to stop paying the rent and to move out.
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