Drafting Lease and Rental Agreement Online
What Is a Rent Agreement?
Rental agreement is a legal document that outlines the terms and conditions of an agreement between a landlord and a tenant. It specifies the amount of rent to be paid, the duration of the lease, the rights and responsibilities of both the landlord and the tenant, and any other relevant details related to the rental property. Property-related agreements, including Rent Agreements, must be secured through a legally enforceable contract in an acceptable format in today’s fast-paced world where mutual trust is eroding.
Whether you’re a renter looking to rent a property or a landlord with a property, it’s crucial to utilise a legal rent agreement format that includes all the necessary provisions and can be used as a reference by both parties. The rent agreement should be error-free to safeguard the interests of both parties and to act as a cooperative piece of evidence in the event of a disagreement.
Types of Rent Agreement
- Residential Rent Agreement
The relationship and usage of the property are governed by this agreement between the landlord and the tenant. The parties would always discuss their rent arrangements for residential properties.
- Commercial Rent Agreement
Often, commercial rent agreements cover spaces that are occupied by a sizable organisation. There are, however, instances where smaller properties are used by businesses. For this kind of rental arrangement, a landlord-tenant relationship would also exist, but the landlord would typically be a business.
Documents Required for Rent Agreement
- Aadhaar, receipt, or any form of ID
- Non-Indian residents must submit their original passport
- Power of Attorney required if ID is for someone else
- The landlord must provide original proof of ownership
- Two passport size photos needed
- Rental agreement should be printed on recommended stamp paper value.
How Do You Register a House Rent Agreement?
- Step 1: On a registered rent agreement, both the tenant and the landlord must sign where specified
- Step 2: Two witnesses’ signatures who have no connection to either the tenants or the landlords are also necessary
- Step 3: After that, the sub-office registrar’s is where the landlord and the tenant must meet
- Step 4: Both tenants and landlords must present two witnesses, their passport-sized pictures, and ID cards for validation
- Step 5: The rent agreement cannot be registered by a third party or an agent
- Step 6: Once the stamp duty is paid, the registration deed is finished.
FAQs on Drafting Lease and Rental Agreement Online
During a predetermined amount of time, ownership is transferred through a lease agreement, during which the real owner has no possession. A landlord has complete authority over the property under a lease. The terms and conditions are explained and outlined in a rental agreement.
Agreements for a lease or rent are made between a lessor and a lessee. Yet, a lease agreement is created when the lessor agrees to let the lessee use a property for a specific amount of time in exchange for making a single payment once the parties have signed the contract.
You must submit a lease agreement on properly printed, electronically stamped paper to the Sub-office registrar’s in order to register it.
The names of the lessor, the lessee, or their representatives. The property’s description. Rent amount, due dates, grace period, and late fees. Also the Rent payment method is also classified.
No, the rent agreement and lease agreement are not same.
The three main types of leasing are finance leasing, operating leasing and contract hire.
Lease rent is a rental payment made by the tenant to the landlord for the use of a property under a lease agreement. The lease rent amount is usually fixed and paid on a regular basis for the duration of the lease.
- Lower monthly payments
- Little or no down payment
- More Amenities for less money
- The renter and landlord’s names and addresses
- Both the landlord’s and the tenant’s signatures
- Rental fee per month
- Deposit for security
- Costs for maintenance
- Length of stay
- Rights and obligations of the landlord
- Rights and obligations of the renter.
11 months or more has to be registered under Section 17 of the Indian Registration Act.
