Rent agreement also known as a lease agreement, is a signed contact between a landlord and a tenant to initiate and govern a tenancy. As a minimum, such a agreement identifies the parties, the property, the term of the rental, and the amount of rent for the term.
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How to make a Rent Agreement?
Why is the duration of rent agreements fixed on 11 months?
The tenancy duration of 11 months is fixed on most rent agreements to avoid stamp duty and other charges.
Documents required for registration of rent agreement?
- Original copy of ownership proof or a copy of the title to the property
- Two passport size photographs (tenant, landlord and two witnesses)
- Aadhar Card
- Police verification of the tenant
- Government authorized ID proof (voter ID, passport and driving license)
What GST rate is applicable on rent?
GST on rent is taxed @ 18% of the rent paid. However, it is important to note here that GST is only levied on renting of commercial property but not levied on renting of residential property.
What is the difference between a rent agreement and a registered agreement?
The main difference is that a notarized rent agreement is attested by the Public Notary approved by the government, where as a registered agreement is prepared at the office of sub-registrar by paying stamp duty & registration charges.
How to download rent agreement online for free?
Visit GYC Advisory Blog and download the rent agreement format for free.
Why is it important to have a rent agreement?
There can be many instances which leads to disputes between the tenant and the landlord. Under such situations having a rent agreement with a legal binding can prove to be helpful.
Rent agreement is a documented proof of the terms and conditions that have been agreed upon well in advance by the landlord and tenant while renting a property.
Is digital rental agreement service available?
Currently, 18 states and more than 100 cities offer a digitalized platform for rent agreements.
Which information is required for the rent agreement to be valid?
All the rent agreements must have:
- Name and addresses of the landlord and the tenant
- Digital signatures of the landlord and the tenant
- Type of tenancy
- Duration of tenancy
- Monthly rent
- The extent of increase in rent every year
- Security deposit
- Terms and conditions of the tenancy
- Responsibilities of the land lord and the tenant