Property Rental Agreement Services Kolkata
A rental agreement is a formal contract between two parties: the property owner and the tenant, allowing the tenant to occupy the owner’s property for a specific period. Often referred to as a rent deed or lease deed, it includes property details, owner and tenant names, lease duration, and the agreed-upon rent for that specified time frame.
What is the reason behind having an 11-month duration for the rent agreement?
Rent agreements are typically set for 11 months to avoid stamp duty and extra charges. Under the Registration Act, 1908, registration is mandatory for lease terms exceeding 12 months, with stamp duty and fees applicable. In Delhi, for leases up to 5 years, stamp paper costs 2% of the average annual rent plus Rs. 100 for security deposits. For leases of 5 to less than 10 years, it’s 3%, and for leases of 10 to less than 20 years, it’s 6%. The stamp paper can be in the name of the tenant or landlord, with a registration fee of Rs. 1,100 payable by demand draft.
Key terms in a rent agreement include duration, rent amount, lock-in period, deposit conditions, property use, utilities responsibility, insurance (for commercial agreements), and repair/maintenance responsibilities.
Contrast between Rent/Lease and Leave & License Agreements?
Rent/Lease Agreement:
Leave and License Agreement:
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Creating a rental agreement online is a hassle-free and time-saving process. It involves simply filling in the required information, and once completed, the agreement is emailed to both parties, namely the landlord and the tenant.
According to Section 17 of the Registration Act, 1908, it is crucial to register leases and rents for immovable property exceeding one year. Registration is not obligatory for agreements of less than one year, where only stamp duty applies.
Both parties and witnesses must provide a copy of their address proof, which can include documents such as Aadhar card, PAN card, passbook, ration card, driving license, or passport.
It is recommended to seek the guidance of a legal expert when creating a rent agreement. This is especially crucial when dealing with online agreements. The rent agreement should be a straightforward, clear, and easily understandable contract, incorporating specific details about the deposit.
A good rent agreement should be straightforward, accurately identify each party involved, establish a method for dispute resolution, outline all essential details, and clearly define payment obligations.