People mostly come to Haryana for different work opportunities or work transfers. There are a lot of work employees that stay in Haryana and have the need to rent a house. Now, one of the big reasons 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 Haryana. Or there might be several other personal reasons. Of course, there are people with their own houses, who also give their home on rent. Now, if you are one of the people who have to get a rented house, You must know about the rental agreement and the ways and terms and conditions as well.
• Firstly, you need to create a rental agreement draft • Second, you need to get a print of the draft on Stamp paper of recommended value • And then place the signatures of Tenant and Landlord on designated places. • Sign of two witnesses must be present on the rental agreement • Register the document at local Sub-Registrar office – one of the mandatory and last steps in the process
One of the conventional ways to draft a rental agreement is to approach a lawyer and tell him what all your requirements are. The lawyer would then prepare a rough draft that will include the details of parties involved and the property up for rent the basic details. Clauses requested by both parties should be included in the draft. This is something mandatory. The final version will then be reviewed by both Tenant and Landlord. This will cause no issues among the parties. If the rental agreement is then found satisfactory, the deed is then printed on the stamp paper of due value and the parties involved will place their signatures along with signatures of two witnesses. This is as per the basic procedure of drafting a rental agreement. The document is then registered at the local Sub-Registrar office.
Like in every state, Haryana has its set of rules on the value of Stamp duty to be paid to the State. For rental agreements, the Stamp duty is: - 1.5% of the annual rent plus the deposit if the term of the lease is below 5 years. - 3% of the annual rent plus the deposit if the term of the lease is 5-10 years.
As we all know and are aware of that handling legal matters can be tedious, more so, if they were done in a botched-up manner. Registering a document with the local Registrar office, therefore, provides you the following benefits: • A registered Document plays a vital role such that it will be in the public domain. Which is the very first thing and that means that cases of fraud and forgeries are prevented? • Registration proves that the document was prepared and signed by the parties mentioned in it. • Document registrations also ensure that there are transparency and clarity of matters. • Once a Document is registered in the office, the liabilities and debts or other feuds about the property will not be hidden. • In Haryana, 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:
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 term of the lease is below 5 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 Court finds out that the required Stamp Duty was not paid, parties involved may have to pay up to ten times the value of normal Stamp Duty.
e-Stamping is a new concept all-in-all for Haryana. 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 that is operated by Stock Holding Corporation of India (SHCIL). • Currently, the traditional stamp papers are going to be more widely available than their electronic counterparts.
• Two 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, that mentions the person’s rights to register the lease, along with the company seal. • If one person represents another person for the registration, (this is a rare case Scenario) then a Power of Attorney deed shall be presented.
• 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