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Receive your drafted rental agreement at your doorstep. Once we ship the agreement it will take 2-3 business day to deliver and all the tracking details will be shared with you.
How and what we do?
After we receive your inquiry, we call you to validate the details. Once the inputs are validated we start drafting your rental agreement. Once the rental agreement is ready we send you a scanned copy through email. Within 24 hours we draft and ship the created rental agreement to the address provided by you. After receiving the rental agreement, take the signature from all required parties.
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How much will it cost?
Rental agreement charges depends upon the amount of stamp duty you choose. Choosing the right stamp duty charges is important as well.
Stamp Duty and Registration
The tax which is levied on the legal documents is called as stamp duty which is a recompense to make it legally valid. The maximum stamp duty in Karnataka which could be levied on the rental agreement is INR 500. To calculate the stamp duty Up to 10 years – 1% of annual rent + deposit (or 500 whichever is lesser). Above 10 years – 2% of annual rent + Deposit (or 500 whichever is lesser).
Registration:
Rental agreement registration in Karnataka is 0.5% of rent + Deposit. Generally people overlook the importance registering and choosing the right amount of stamp duty for rental agreement, however these factors should not be ignored. This is because in case if any disputes arises in future then parties involved in the agreement may have to pay the fine on the original value as a penalty. Similarly court accepts or considers only a registered rental agreement as a collateral.
A rental agreement is a contract between the owner of the property and a person who intends to have temporary possession of the property.
The owner of the property is known as lessor and the person who intends to have temporary possession of the property is known as lessee. The contract includes the terms and conditions, the amount of rent, the lessor and lessee and the property. When real estate is rented the rental agreement is known as a lease.
The terms to be included in the rental agreement are- The term of the tenancy.
Names of all parties to the agreement, including all adult tenants, Rent, Security deposits and other fees, Limits on occupancy/subleasing, right of entry, Repairs and maintenance, Pets, Disruptive behavior and illegal activities, and Damage to premises/alteration to premises.
No, it is not necessary that the lease agreement has to be written. The lease agreement can also be an oral agreement.
However, it is not advised to have an 11 months’ lease agreement in oral as memories fade away with time. Hence it is advisable to have a rental agreement written with all the rights and duties of the lesser and lessee and terms and conditions clearly specified to avoid any kind of confusion or conflict in future.
Yes, a rental agreement can be made after you move in. But make sure that the agreement is made within one month of moving in.
It is very risky to continue the whole rent period without a legal rent agreement. So if your landlord does not make a rental agreement within one month of you moving in it is advisable that you stop paying the rent and leave the property.
There is no specific provision that the rental deposit paid at
the time of signing the agreement by the tenant to the landlord strictly has to be of 10 months of rental value. In a place like Bangalore, the rental deposit paid at the time of signing the agreement by the tenant to the landlord is 10 months of rental value. But in a place like Hyderabad, the rental deposit paid at the time of signing the agreement by the tenant to the landlord is 2 to 3 months of rental value.
The landlord is not allowed to visit the premises without tenant’s permission during the term.
The landlord and their authorities have full right to inspect their property. This should be included in the terms and condition of the rental agreement. However, the landlord has to provide notice to the tenant before visiting the premises.
The rent agreement includes important details like a term of rent, the amount of rent, signature of both tenant
and landlord and also signature of a witness. Hence, it is necessary to have rent agreement in case of any disrupt. However, if a rental agreement is not made then in case of any disrupt there won’t be any legal confirmation.
If a rental agreement is made for a period of 12 months or more period, then the agreement needs to be registered.
So to avoid the process of registering the agreement again and again the rental agreement is made for a period of 11 months. For any transaction affecting the property, the 11 months’ agreement cannot be produced as evidence. This is declared by the Karnataka high court in recent 2014 judgment. For any dispute concerning the property, the 11 months’ agreement cannot be provided as evidence in the court.
A valid rental agreement should include important details like Maintenance, Electricity and Water Charges.
Tenant’s Responsibilities, Lease Termination & Extension, Rent and Deposit, Damages, Repairs and Alterations, Owner’s Responsibilities and other Miscellaneous Clauses.
A rental agreement is to be used when the owner of house wishes to rent his house to a tenant.
It can be used as a formal agreement between the owner and tenant. To register the agreement and to certain terms and clauses a rental agreement can be used.
