Rent Agreement Drafting in Delhi
Delhi, proud capital of India and one of the first metropolises to be established. The centre of all the important Govt. The city is known for its rich history and many historical monuments. This, combined with the city’s pleasant climate and buzzing activity makes Delhi a popular destination for job opportunities and that is the reason why we are going to discuss here about the rent agreement online drafting.
How To Make A Rental Agreement in Delhi
A rent agreement is actually a contract between two people. When a tenant wants to take possession of the property of the owner for a specific period of time, one party is called the tenant and the other is the owner. Also known as a lease deed, a rent agreement or a rent deed, a rental agreement can also be called ‘rent deed’. The agreement includes details about the property, owner’s name and tenant’s names, as well as the terms of the rent/lease and the amount of rent. To know more feel free to contact us to our best lawyers in Delhi
- Draw up the agreement
- Take the print out of the agreement on Stamp paper with due value.
- Two witnesses should be present to witness the signing of the agreement by the owner and tenant.
pay the applicable registration fees and register the agreement at the Sub-Registrar office
Commonly used Rental Agreements 11-month Rental
- The typical rental term in Delhi is 11 months, with the option to renew at the 11th month.
- Tenant must pay monthly rent. Additional charges for electricity and water are to be paid.
- For cleaning common areas and maintaining the property, maintenance charges will also be charged.
A long-term lease is another popular option for renting. This lasts for a set number of years. The tenant does not have to pay a monthly rent. The owner must return the rent amount to the tenant at the end of the lease term. Tenant must pay regular electric, water, and maintenance fees. The lease amount is exempt from interest.
Commercial Rental Lease
You can register your property and pay Stamp Duty.
The process for registering a lease for commercial purposes and the Stamp Duty that goes with it is similar to those for rental agreements.
What You Need to Know About Renting
It can be exhausting, time-consuming and expensive to find a suitable place to rent. The Delhi Rent Control Act 1958 regulates rent and lease in Delhi. The tenant is the owner of the property, while the lessor is the landlord. These are the details to consider before renting a house or apartment.
- It doesn’t matter if you are dealing directly with the owner, or a third party pretending to be the owner.
- You will need to determine if there is an agent/broker to whom you have to pay brokerage or commission fees. The brokerage or commission usually covers half of the rent.
- Verify that the property is owned by the claimant. You can verify the Tax or Electricity bill.
- If you have to pay a token advance, make sure that you get a receipt from the owner. You can also pay it by cheque, DD, or online transfer.
- All terms and conditions must be discussed at the beginning.
- A written rent agreement should include all terms and conditions between owner and tenant.
- The agreement should be printed on Stamp paper with the appropriate Government values.
- The rent agreement should be signed by both the owner and tenant
- The owner should paint the house or apartment in a clean and tidy manner before it is handed to the tenant. The tenant must do the same when vacating the premises.
- Register the agreement at the Sub-Registrar office and pay the registration fees, regardless of the term. An agreement that has been registered is legally and safely valid.
- Delhi landlords are required to verify the identity of tenants at a local police station. The Landlord must provide details about the tenant to the police. The tenant must also cooperate in this regard. The law punishes any failure to do so.
Deposit –he landlord use to take atleast 2 to 3 months rent as a security deposit. The owner will refund the deposit to the tenant when the tenant vacates the premises. The deposit amount is exempted from interest.
Token Advance The tenant may pay a token advance to the property owner when they block the house from being rented. This is done to stop the owner from entertaining other tenants. The token advance will block the property until either party withdraws. Both parties agree to the agreement once the token advance has been given. If one party withdraws from the agreement, the other party must make up the difference.
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