How To Make A Rent Agreement or Lease Licence in India?

1. What Is A Rental Agreement?

If you’ve come across this before you’ll know that getting a rent agreement can be tedious and tiring. Moreover, a rental agreement is a document that summons the renting of a property from the owner to the tenant. Furthermore, a rent agreement carries the terms and conditions by both the parties. Moreover, it’s a document that makes things clear between the two parties in case of a feud in the future. Adding on here’s a quick and easy guide to making rent to lease agreement.

2. Types Of Rent To Lease Agreements

  • Firstly, House rental agreement. This is the least complicated and probably the most common among all. Moreover, this type of agreement is for renting a residential space.
  • Secondly, Commercial lease agreement. This type of agreement is common on the business side of things. These agreements usually last anywhere from 2 to 5 years or longer. Furthermore, you’ll see a shop or an office space being leased under such an agreement.

3. Why Having A Rental Agreement Is Important?

In simple words, a rent agreement is insurance. For instance, if your tenant is having some misadventures with your property, you can produce the house rental agreement and show them their way out. Furthermore, you have the liberty to put forth your terms in the agreement. It’s win-win for the landlord and the tenant.

4. Documents Required

For Landlord

  • Firstly, an original document to show the proof of ownership of the property
  • Owners Aadhar Card
  • Also, another Government-issued ID
  • Lastly, 2 passport-sized photos

For Tenant

  • Firstly, a Government-issued document for original address proof
  • Tenants Aadhar Card
  • Lastly, 2 passport-sized photos

5. How Taxolawgy Helps You?

  • Firstly, we give you access to the best experts in the industry.
  • Secondly, it’s not expensive at all
  • The process is based on minimum paperwork
  • Lastly, it’ll be hassle-free for you

6. Cost For A Rental Agreement

The cost of rent to lease agreement can be anywhere from INR 5K to INR 10K. Moreover, the registration fee is not much but the actual cost is of hiring a lawyer to do it for you. Furthermore, if you’re looking to save money and also get the best service, Taxolawgy is the place for you.

7. Time

Once you have submitted the agreement, it’ll take a maximum of one week to get accepted if there are no hiccups.

8. Procedure To Make A Rental Agreement

  • In Maharashtra, you can apply for the registration of a rental agreement online by going here.
  • Next, you’ll have to fill in all the details
  • Moreover, once you’re done with that you can pay the fee and the stamp duties online.
  • Also, you’ll get an appointment with the sub-registrar.
  • Lastly, the landlord, the tenant and the rental agreement sample has to be present during the appointment
  • Once finalized the rental agreement sample is signed by the sub-registrar and comes into effect.
  • Furthermore, for people who’re not from Maharashtra, the same process has to be done through forms offline.

9. Validation

Normally, house rental agreements are valid for 11 months but a longer agreement can be made. In the case of rent to lease agreements, they can last as long as you mention in the agreement. Even for 99 years.

10. Difference Between Rent And Lease

It’s important for you to understand the difference between rent and lease. Moreover, a rent agreement lasts monthly. While a lease agreement lasts for some years. Furthermore, the difference between these two is that a rent agreement can be changed after a month. While a lease agreement can only be updated when the lease is over.

11. Cancellation

A rent agreement can be cancelled at the end of the month if either of the parties is unhappy. Same for a lease agreement.

To sum up, legal tasks can turn out to be a bit tricky for someone unaware of the industry. Moreover, Taxolawgy is a great place to find an expert that suits your need. From low cost to the best in the business, we got them all. Above all, you won’t have to worry a bit about anything because we’re perfectionists.