Documents required for Rent Agreement Registration
- The original proof, evidence of ownership or title of the property.
- Property documents such as Index II or Tax Receipt of the property to be leased.
- Two photographs of each of the parties and one of each of the witnesses.
- Copy of the address proof of both the parties and witnesses.
- Passport, Aadhar Card, Ration Card, Bank Passbook or Driving License, any of them can be used as the address proof.
- Route map of the property leased out.
What is a rental agreement?
- A rental agreement is a contract, between the owner of a property and a tenant
- It contains pre-discussed terms and conditions under which the rented property is provided.
Different types of Rental Agreement
○ This type of agreement is a short-term contract
○ It expires after 11-months
○ It can be easily renewed on its expiry
○ The rental agreement is preferred as it does not require registration
The long term lease agreement
○ This agreement is for a longer duration depending on the need, it could be for a year, five years, ten years or more
○ Long term rental agreement is normally set up for residential purposes.
Commercial lease agreement
○ When the property is leased for business purposes, they need a commercial lease agreement
Importance of Rent Agreement Registration
The rental agreement acts as address proof for various financial transactions.
Proof for Bank Loans
To avail a bank loan, you'll need to submit an address proof. The rental agreement can be used for this purpose as well.
According to RTO rules, a registered rental agreement is a must for new vehicle registration.
Rent Agreement Registration Process
- Visit the nearest Sub Registrar’s Office for registration.
- During the Registration of Deed, the tenant and the landlord should be present along with two witnesses for attestation.
- If both the parties cannot be present at the same time, they must sign the Power of Attorney, to grant the attorney the rights of agreement closure.
Stamp Duty and Registration charges for Rent Agreement
- Flat stamp duty rate of 0.25 per cent of the total rent for the period.
- Stamp duty at the same rate shall be charged on such non-refundable deposits, as well.
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