The bill also stipulates that tenants staying in a rental unit, as mentioned in the agreement, will be required to pay double the rent for the first two months and four times the rent in the following months. The Registration Act of 1908 requires the registration of a lease if the tenancy period is more than 11 months. One of the most common features of entering into a real estate rental transaction in India is the prevalence of 11-month leases or licensing agreements. An 11-month period is preferred by most lenders, while they are renting real estate, since there are two types of agreements relating to the rental of real estate in India, the lease and the withdrawal and licensing contract. This leasing-deed will help users define all the facts and obligations necessary to rent a property. This document can provide all basic information, such as the names of tenants and landlords, addresses and dates of the tenancy agreement. More detailed information can also be included. The tenancy agreement should include the name and address of the landlord and tenant, the terms of the tenancy, the duration of the lease, the rent and the amount of the deposit, the restrictions imposed on both parties, the terms of termination of the contract, the terms of renewal and the indication of other costs, such as maintenance costs, repairs, etc. Here is the format of the rental agreement used in India – Click here to check the format of a rental agreement in English.
Number of occupants: The agreement must indicate what happens if your family members come to see you in the future. You can change the terms and conditions according to your agreement with the tenant/owner. This lease is not legally binding unless it is registered. The notarized agreement does not mean that it is registered. Tenants must pay stamp duty and registration fees on the agreement. A tenancy agreement is a legal document that defines the conditions previously discussed, in which the tenancy is leased and which must be respected between the landlord and the tenant. In India, the 11-month rental period is preferred by most homeowners, while they rent real estate. The lease should be printed on non-judicial stamp paper or electronic stamp paper, available in some states.