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HOW TO MAKE RENT AGREEMENT IN DELHI?
Delhi is the city and the capital territory of the Republic of India. The most populous city with a population of about 25 million. This makes it the second-most populous city and most populous urban agglomeration in India. Previously there was a stamp paper in Delhi but the prevailing system of stamp paper had changed by the Government to e-stamp paper. Now there is only e-stamp paper in Delhi, the Government has stopped using Stamp papers.
A rent agreement is an agreement in which two parties Owner and the Tenant. mutually agrees for the rental of property under the given rules and regulations prescribed by the Government of India. It is very important for both the Tenant and the Owner of the Property.
- The tenant gets the Legal Assurance for the Rented Property after Drafting the Rental Agreement.
- The owner also gets the benefit of the Rental Agreement it secures his/her property from any kind of illegal activity.
Making Rent Agreement in Delhi is very easy,it just involves some few steps:
01. Draft the Agreement
Make the Rental Agreement by stating the details as per the requirement. Details may include details of the both parties- Tenant and the Owner, details of the Monthly rent and Security amount of the said property, Date of agreement,lock in period, allowance of pets and other terms.
02. Get the Non Judicial e-Stamp Paper
Purchase the Non Judicial e-Stamp Paper of the prescribed duty for the Rental Agreement in Delhi.The Prescribed duty for the Agreement in Delhi is Rs. 50/– however after switching to e-stamp no fixed denomination left but still it is always recommended to pay the prescribed stamp duty to avoid any Legal issues.
03. Attest the Agreement with Notary Public along with Signatures and Two Witness OR Make it Registered in Sub-Registrar Office.
Then after that make your agreement attested from Notary Public and both the parties have to sign the agreement with two Witnesses OR Make it Registered from Sub-Registrar Office by paying the sub-registrar fee of Rs. 1100 and purchase the Stamp Paper while calculating the stamp duty as per the monthly rent of the property.
Note: It’s the choice of both the parties that mutually whether they want the Agreement attested from Notary Public or want to register it in Sub-Registrar Office. If you are going to make the Rent Agreement for more than 1 year than it’s recommended to make it registered in Sub-Registrar Office with stamp duty as the validity for Notarial Stamp in case of Agreement is for 1 year.
Terms to Consider while drafting Rental Agreement:
There are few important terms that need to considered mutually while drafting the Rental Agreement-
- Allowance of Pets – Make a clause whether the pets will allow on Rented Property or not.
- Lock in Period – The locking period prescribes the time period within which any of the parties cannot terminate the contract before the sending of the lock-in period, if the party does so then he has to pay the rent for the remaining lock-in period. So, it recommends to modify this term accordingly and wisely.
- Names of all Tenants – The Name of all the adult tenants, includes while drafting the Rental Agreement along with their signature on the Agreement. This act will make each tenant strictly follow the terms and conditions set for the rented property.
- Limit on Occupancy – There should be a limit set on occupancy that the residence will use only by the tenants who are involved in the agreement and by their children. This will provide the surety to the owner about the usage of their property and will prevent the unwanted occupants from his property.
- Duration Of Tenancy – It states in the Agreement. What will be the duration of the Tenancy?
Repairs and Maintenance
– It recommends clearly setting what will be the Tenant’s role for the repairs and maintenance and what will be the Landlord’s role. Also, there should be a term of allowance for the owner anytime for Maintenance or for any major repair within the rented property.
- Water and Electricity Consumption Bill – It states in the Agreement that the water and electricity bill should be paid by. The tenant and if ask tenant needs to provide the receipt for the same.
Rent and Other Security Deposit
– The Last but most important term for the Agreement, which clearly states the amount of Rent that needs to pay every month. Also, the penalty if the tenant fails to deposit the Rent on Time, and also about the mode of accepting the rent/payment.
Make Rental Agreement Online
We provide the fully drafted rental agreement including the important terms and also customers can freely ask us to modify the terms. We provide service at the doorstep in which simply what you have to do provide us with your details by filling up the form(designed securely to capture your data). place the order and we will quickly draft your Rental Agreement along with the prescribed e-stamp paper and deliver it to you at your choice of the delivery address.
Try it out Here – Create Rental Agreement
The Service is available for Delhi/NCR
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