Rent agreement in Gurgaon
People mostly come to Gurgaon for different work opportunities or work transfers. Many work employees stay in Gurgaon and need to rent a house. One of the big reason’s migrants do not prefer buying a flat is because of the sole-reason for transfer jobs. Or they also think that they will not be spending their complete life in Gurgaon. Or there might be several other personal reasons. Of course, there are people with their own houses, who also give their home on rent.
If you are one of the people who must get a rented house, you must know about the rent agreement service in Gurgaon and the ways and terms and conditions.
Procedure for the making of rental agreement Gurgaon
- Firstly, you need to build a rental agreement outline
- Second, you need to get a print of the plan on Stamp paper of suggested value
- And then get the signatures of both the parties on selected places.
- Sign of two witnesses should be present on the Gurgaon rent agreement
- Register the document at the Sub-Registrar office – one of the mandatory and last steps in the process
Drafting the registration of rent agreement in Gurgaon
One of the conventional ways to outline a rental agreement is to deal with a lawyer and tell him what your requirements are. The lawyer prepares a rough draft that will include the parties' details and the land up for rent the basic details. Clauses wished by both parties should be included in the draft. This is something mandatory. Both Tenant and Landlord will then review the finishing version.
This will cause no issues among the parties. If the rental agreement is then found acceptable, the legal document is then printed on the expected value stamp paper. The parties involved will position their signatures and the mandatory signatures of two witnesses. This is as per the basic procedure of drafting a rent agreement in Gurgaon. The paper is then listed at the local Sub-Registrar office.
Significance of the Stamp Duty in Rental Agreement
Haryana has its procedure on the amount of Stamp duty to be paid to the State. For stamp paper for rent agreement in Gurgaon, the Stamp duty is:
1.5% of the total annual rent plus the deposit if the rent term is below five years.
3% of the total annual rent plus the deposit if the rent term is 5-10 years.
Charges of the Stamp duty:
- Like in every State, Haryana also has its set of rules on the value of Stamp duty paid to the State. So, the following are the charges:
- 1.5% of the annual rent plus the deposit if the lease term is below five years.
- 3% of the annual rent and the deposit If the term of the lease is 5-10 years.
- In case of any dispute, if the required Stamp Duty is not paid, parties involved have to pay ten times the value of normal Stamp Duty.
The importance of Registration:
As we all know, managing legal matters can be monotonous. Steps like getting a document registered with the local Registrar office. However, it provides you the following benefits:
- A recorded text plays a vital role such that it in the public domain. Which is the very first thing, and that means that instances of fraud and fakes are prevented.
- Registering proves that the certificate was signed by the groups mentioned in it.
- Document entries also ensure that there is clarity of issues.
- Once it is registered in the registrar office, the obligations and bills or other disputes about the property will not be 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
We would be repeating ourselves with different cities and different rules theory. Therefore, we must get into the direct pointers of the rules to followed and the process to be gone through while registering rental agreement Gurgaon
Rent agreement online Gurgaon
e-Stamping is a new concept all-in-all for Gurgaon. It was Introduced recently, March 2015, precisely. This e-stamping system is yet to replaces with the conventional stamp papers sold by the treasury or the banks. This e-stamping system is run by the State government and is quite different from the one operated by Stock Holding Corporation of India (SHCIL).
• Currently, the traditional stamp papers are going to be more widely available than their electronic counterparts.
Documents required by the Tenants for registration:
- passport size photographs are mandatory.
- Aadhar card (original copy) if the person is Indian. If the person is from a foreign national, then his/her original passport is required. (These are the mandatory documents)
- If the tenant is a registered Company, a board resolution/authorization letter from the company mentions the person's rights to register the lease and the company seal.
Documents to be presented by the Owner for registration:
- Original proof of ownership or title to the property, Avoid photocopy version
- Two passport size photos
- Aadhar card or its receipt while applying for it in case you have not received one yet.
- Government-issued ID proof – driving license, voter's ID, passport, etc.
- The rental agreement printed on the Stamp paper of due value
Sample Rent Agreement PDF
Sample Rent Agreement Draft