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What is Rent Agreement?
A rental agreement is a contract between two people: the owner of a property and someone who wants to rent it. This document, also known as a rent deed or lease deed, includes information about the property, the names of the owner and tenant, how long the rental will last, and how much the rent will be.
Why is the rent agreement for 11 months?
Agreements for renting a property are often signed for 11 months to avoid paying extra stamp duty and registration charges. According to the Registration Act of 1908, if a lease lasts more than 12 months, it must be registered, and both stamp duty and registration fees are required. For instance, in Delhi:
- For a lease up to 5 years, the stamp duty is 2% of the average annual rent, plus Rs 100 if a security deposit is included.
- For a lease between 5 and 10 years, the stamp duty is 3% of the average annual rent.
- For a lease between 10 and 20 years, the stamp duty is 6% of the average annual rent.
The stamp paper can be issued in the name of either the tenant or the landlord. Additionally, a registration charge of Rs 1,100 must be paid by demand draft.
Common terms in a rent agreement include:
- Duration: How long the agreement will last.
- Rent: The amount the tenant pays to the landlord for the property.
- Lock-in Period: A period during which neither party can cancel the agreement. This ensures neither side backs out and causes a loss to the other.
- Deposits: The amount paid as a deposit, along with the conditions for its return at the end of the rental period.
- Terms of Use: How the property can be used, including any specific conditions.
- Utilities: What utilities are included in the rent and which ones the tenant must pay for separately.
- Insurance: Whether the tenant is required to insure the property (usually in commercial leases).
- Repairs and Maintenance: Which party is responsible for the property's upkeep and repairs.
Difference between Rent/Lease vs Leave and license
Rent/Lease Agreement
- Grants exclusive possession of immovable property to tenant
- Eviction is not easily achieved
- Governed by rent control act
- Not revocable by the landlord
- Stamp duty is higher
- Creates heritable rights
- Creates property rights for tenant
- Is transferable and termination is not easy
Leave and license Agreement
- Provides only permission to occupy a certain property
- Makes eviction easier
- Governed by the Indian Contract Act
- Revocable by the landlord
- Stamp duty is lower
- It does not create heritable rights
- No property rights are created
- Is not transferable and termination is easy
Process of Drafting Rent Deed
1
Fill the Form & Make the Payment
2
Get a Call from Expert Legal Team
3
Advocate Will Receive Entire Information from You
4
Advocate Will Draft Rent Agreement & Send You for Approval
5
1 time Correction you will get in the Package
6
Final Drafted Rent Agreement Will Be Sent by Advocate 👍
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The firm’s rental deeds are thorough and professionally drafted. They cover all necessary details but could offer more customization for specific client needs.
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You can create a rental agreement online easily and quickly. Just fill in the required information, and the agreement will be sent by email to both the landlord and the tenant.
Under Section 17 of the Registration Act 1908, leases and rental agreements for more than one year must be registered. For agreements of less than one year, you only need to pay stamp duty; registration is not required.
You need to provide a copy of address proof for both parties and witnesses. You can use any of the following as address proof: Aadhar card, PAN card, passbook, ration card, driving license, or passport.
It’s a good idea to consult an expert when writing a rent agreement. Even for online agreements, getting professional help is recommended. The rent agreement should be clear, straightforward, and easy to understand, and it should include details about the deposit.
A rent agreement should be simple and clearly identify everyone involved. It should include how to resolve disputes, all important details, and specify who is responsible for payments.
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