India, being a country with vast population and limited resources, can prove to be an expensive place to live in. For common people, it is much like an impossible task to own a property until and unless they have actually saved for more than their lifetimes.
The gradual development and thus, expensive properties, has intensified the need for renting services. It is one of the best options available, especially for the people with definite salaries or continuous migration.
Furthermore it is also one of the best sources of income if you decide to rent your own property. Similarly, you may also save a good amount of your income while you live in a rented house in big cities.
The constant increase in renting services has also levelled up the need for rent agreement in India. It not only reduces the risks of probable frauds during the renting process but also pre-decides the terms related to security deposits, property details and rent along with other necessary terms.
Moreover, a legal contract between the landlord and tenant for a fixed duration of time is called as a rent agreement. It may or may not be renewed every 11 months, depending upon the time period pre-decided in the contract.
The rent agreement consists of numerous important details, including the terms and conditions, security deposits, property details like the size, type and address. It also includes the time duration for which the rent agreement is valid before renewal.
After expiration the rent agreement in India holds no importance and thus its renewal, if needed, is a must.
Even though renting a property is one of the common things in India, these days, it can easily cause a lot of trouble resulting from disagreements and disputes.
The probable friction or disharmo in the landlord-tenant relationship may cause issues that can be smoothly resolved by the rent agreement services. It acts as a safety to both, the landlord and tenant in an endless number of ways.
Despite the possibility that you might be new to the city or renting a property for the first time, you must be aware of the basic terms and conditions included in rent agreement in India.
It comprises various clauses and other information that both the landlord and tenant have to adhere to, and the violation of which can cause legal discomfort. The following mentioned and explained points are few of those included in a legal rent agreement.
All of this becomes a time-consuming process when done in the offline mode. However, you may save the time of travelling and your overall efforts by executing the process in the online mode.
Presently, the rent agreement in India has grown convenient and hassle free due to the online rent agreement services. You may easily connect with a lawyer for free legal advice in Delhi about the necessary details that you require before signing the agreement. You may also look for the ‘best property legal advisor near me’ service for better convenience.
In case the rent agreement is drafted for a period of 12 months or more, it must be registered legally. For the same you may visit the registrar office of the city and pay the registration fee according to the requirement.
Furthermore, the stamp duty cost differs according to the duration of renting.
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