Rent agreement in Faridabad
People always search for affordable houses in a great place with a decent living environment that allows them to commute at their working place easily. Faridabad is one such place that people love to live either owning a home or on rent. Typically migrate people prefer to own a home rather they go for renting. They think they will not going to a larger period living in the same city. There might be some reasons like career growth or job demands to make them live to rent in Faridabad.
Reading this article you might be wondering how to get renting a place at affordable prices. You are required to know the rent agreement service in Faridabad.
Procedure for the making of rental agreement Faridabad
- Get ready with rental agreement outline
- The second is to get the stamp paper of the suggested value printed with a plan.
- Signature of both the parties on designated places
- Sign of two witnesses are also required on the Faridabad rent agreement
- The last and mandatory step is to register the document at the Sub-Registrar office
Drafting the registration of rent agreement in Faridabad
One of the popular ways to outline a rental agreement is to proceed with a lawyer and tell clear your requirements with them. The lawyer is supposed to make parties details with a rough draft and mention some for the rent basic details. Clauses envied by both parties should be mentioned in the draft. This is something mandatory. Both Tenant and Landlord will then examine and discuss the finishing version.
This will induce no issues among the parties including tenants and owners. If the rental agreement is then got fair, the legal document is then issued on the expected value stamp paper. The parties concerned will mark their signatures and the mandatory statements of two witnesses with signature. This is as per the basic procedure of drafting a rent agreement in Faridabad. The paper is then listed at the local Sub-Registrar office.
Significance of the Stamp Duty in Rental Agreement
Haryana has its system on the value of Stamp duty to be paid to the State. For stamp paper for rent agreement in Faridabad, the Stamp duty is:
- 1.5% of the deposit plus total annual rent, if the rent term is below five years.
- 3% of the deposit plus total annual rent, if the rent term is 5-10 years.
Charges of the Stamp duty:
Like in every State, Haryana also has its coterie of rules on the amount of stamp duty paid to the State. So, the following are the charges:
- 1.5% of the deposit plus annual rent if the lease term is below 5 years
- 3% of the deposit plus annual rent if the lease term is 5-10 years
- In case of any conflict, if the required Stamp Duty is not paid, parties involved in the agreement have to pay ten times the amount of normal stamp duty
The importance of Registration:
As we all know, handling legal matters alone cab be pathetic.there are steps involved like getting a document registered with the local Registrar office, it provides you the following benefits:
- Recorded texts play a crucial role in such a public domain. Which is the prior thing, and that basically means cases of fakes are prevented
- Registering a rent agreement in Faridabad proves that the certificate is duly signed by the groups and parties mentioned in it
- Document entry also make sure that there are issues clear
- Once it is registered in the registrar office, the bills and obligations or other linked details about the property is not hidden
In the Haryana rent agreement, the registration charges are as follows
- INR 5000/- for up to 5 Lakhs
- INR 10000/- for amounts 5-10 Lakhs
- INR 15000/- for amounts 10-25 Lakhs
- INR 25000/- for amounts above 25 lakhs
Documents required by the Tenants for registration:
- One passport size photo
- Adhar card original in case of person is Indian.
- If the tenant is a registered Company, a board resolution/authorization letter from the company that is mentioning the person's right to the company seal and register the lease.
Documents to be presented by the Owner for registration:
- Original ownership proof or the title of the estate. Avoid photocopy
- Two Passport size Photograph
- Adhar card (original) along with a photocopy of it.
- Or any other Government-issued ID proof - voter's ID, driving license, passport, etc.
- The rental agreement printed on the Stamp paper of due value
Sample Rent Agreement PDF
Sample Rent Agreement Draft