Finding a house is a difficult task. People often indulge in contacting themselves with brokers and agents, which costs them expensive because of their brokerage charges and also time taking since you are not always satisfied with the property shown to you. During the last five years, Noida has developed as one of the most developed townships and a city with several amenities of the modern lifestyle. Noida has several International and Domestic companies, which makes it a popular city that provides job opportunities and youngsters migrating to Noida. The companies include - Adobe Systems, Agreeya Solutions, HCL, Interra, TCS, and many more. These are just to mention a few. Not just a home to various corporate and MNCs offices, with the establishment of Noida Film City in the Sector 16A Noida, Has also several offices of Major media companies, Studios, and other related institutes. Now that you have thought of renting a house in Noida, you must be aware of the Rental Agreement? If not, then below is a full-fledged detail about the rental agreement:
• Firstly, you need to draw up the rental agreement and print it on stamp paper of recommended value – depending on the city it varies • You need to put in signatures of both the parties that are the tenants and landlord at designated places • Obtain Signature of two witnesses – this is a mandatory requirement • Register deed at the local Sub-Registrar office – this will be your final process. But before anything else, you need to know what all incorporated to make up a rental agreement. So, here we go!
Now speaking about the first thing, the paper where you sign the rental agreement, Rather get printed On. The Stamp Duty is the tax that paid in return for making a legal document valid. In UP, since Noida falls under UP jurisdiction, the Stamp Duty charges for rental agreements are 4% of annual rent plus the deposit (if the term of the lease is less than a year) Now, if for any Case the requisite Stamp Duty is not paid, and if any dispute arises, the court may sentence you to pay ten times the Original Stamp Duty as a penalty.
Registration is a method where a document is registered by or with an official. Here provide the following advantages below: • One of the most important things that it prevents frauds and-or forgeries from happening. • Another significant aspect is that this registration plays as proof. That document was indeed prepared by the parties. That is mentioned in the deed. • This along with the Security provides transparency and clarity. • Any kind of Feuds, liabilities, and debts in the property name is revealed. In UP, 2% of the rent plus the deposit charges are the registration charges. If at all, in any case, the document is not registered under any circumstances, it will not consider as primary evidence. Instead, it will be accepted as collateral evidence – one of the other necessary things that you need to know.
Notarization is not a registration and must not be confused with each other. This is one thing a very few people are aware of. Notarization is simply a fraud method and to prove that the document was signed by the parties discussed in the contract. The nonnotarized agreement will only be considered as collateral evidence in courts should disputes arise.
The security deposit in other terms are also known as Caution Deposit, is also a lump sum collected from the Tenants before moving in. This amount is a backup for damages. That is incurred by the tenants for which he/she refuses to pay or for non-payment of rent. Should no hassles occur, the security deposit is fully refundable to the tenants at the time of handing back the keys. We have been vocal about the fact that every city has its procedure. So, even if you are in Noida, they will be very different from those of Delhi. So, below is yet another elaborate discussion speaking about the rental agreement registration:
Yes, there is no change in the 11-month rental agreement registration. You can, however, get a rental agreement increased once the previous one is over. However, it Completely depends on the rapport between you and the owner.
Coming to the direct point now, one of the major issues where people are either fooled or asked extra charges in the name of “Law” a. When the rental agreement is made for less than a year, The Charges for the stamp duty id 2% of the annual rent b. Similarly, when the rental agreement is drafter for a time between 1 year to 1.5 years, then the rental stamp duty charges are around % of the three-time of the annual rent c. Now, speaking of the rental agreement between 6-10 years, the large periods, the stamp duty for the registration is 2% of four times the average annual rental. d. Additionally, when the rental agreement goes up to the time of 11-20 years the charges are 2% of the five times the yearly rent. e. And last the rental agreement for more than 20 years, the stamp duty charges tally up to 2% of six times the annual rent.
a. You need an online rent agreement with the clauses that are preferred by you that states the crucial details. These details include – rent amount, security amount, the term of the stay, and the other essential ones. b. The second step is that you need to get the stamp paper printed, which is of the corresponding value. c. Now make sure that both the landlord and the tenants sign the stamp paper. Also, there should be signatures of the two witnesses we were speaking off. d. Now when you have taken the signatures of both the parties and the individual witnesses, you need to visit the sub-registrar office located in the Noida Sector 33 e. Now, as soon as you pay the Stamp Duty the registration is done.
• You need the ownership proof of the property – the original copy Needed. • Two Passport size Photograph is Requires of both the landlords and the tenants. • You will need Aadhaar card both originals and copy of both the parties (landlord and tenants) • ID proof is an essential item to be brought. These include any government authorized IDs like driving license, Voter ID, etc. • If the tenants are any registered company, there is a need for an authorized letter from the company that states that the person has the right to get the rent agreement registered on his name.