Where can I get Register my Rent Agreement
Posted by rentalagreement on April 9th, 2020
Lease agreements have become immensely popular with individuals and firms across the country. With the lease agreements available in two types-registered and unregistered, people should comprehend the usefulness of both, and get them accordingly. If people feel the need, they can either opt for Registered Rent Agreement or get unregistered ones registered.
What is the difference between unregistered and registered rent agreements?
To get a registered Online Rent Agreement Delhi, the applicant has to pay a stamp duty charge of 2% on the total average annual rent of a year, for a leasing period of 5 years. If the owner is asking for a security deposit, then an additional charge of flat 100Rs is levied extra. A flat registration fee of 1100Rs is also needed to be paid in the form of a demand draft. If the lease duration exceeds 5 years, but less than 10 years, then stamp duty charges are hiked to 3%. For registered Online Rent Agreement Delhi, with a leasing period ranging between 10 to 20 years, stamp duty charges go up to 6%.
The reason behind different types of lease agreements:
There are two separate kinds of lease agreements available in the Indian markets, due to the Registration Act, 1908. This act states that registration of a lease agreement is necessary if the leasing period of the contract is more than 12 months. Due to this obligation rent agreements are available in two separate types.
Where can rent agreement be registered?
For getting a lease agreement registered, landlord and tenants have to:
If somebody or an organization says that they will register your lease agreement; then they are luring you in a trap. Registration of lease agreements can only be done in front of a sub-registrar, signed by both parties and two unrelated witnesses.
Essential documents for lease agreement registration:
If anybody violates the law and fails to register his/her/their rent agreement in time, then he/she/they have to pay a heavy penalty of 10 times the original amount with stamp duty charges and left registration charges. They also have to pay a fine at an 18% interest rate from the date of commencement of the agreement.
What should you do?
People should approach the frontrunner firms of the domain such as Rentagreement.in, who provide genuine and correctly drafted lease agreements. Rentagreement.in also provides correct guidance and customer support to the people, so that they don’t fall into lucrative schemes/traps.Also See: Stamp Duty, Lease Agreements, Rent Agreement, Lease Agreement, Rent, Registration, Registered
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