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A rental agreement is a legal document defining that the owner and the tenant agree to follow the rental rules and the deal. Typically, a rental agreement is prepared by any one either by the landlord or the tenant. To consider the agreement as valid, both the landlord and the tenant have to sign on the rent agreement in the presence of two witnesses. Also, the agreement must be attested by the witnesses.
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WHAT IS A RENTAL AGREEMENT?
A rental agreement is a legal document defining that the owner and the tenant agree to follow the rental rules and the deal. Typically, a rental agreement is prepared by anyone either by the landlord or the tenant. To consider the agreement as valid, both the landlord and the tenant have to sign on the rent agreement in the presence of two witnesses. Also, the agreement must be attested by the witnesses.
WHAT DOES A RENTAL AGREEMENT INCLUDE?
The agreement covers the tenant’s name and landlord’s name and address of the property which is given on rent. Ensure the person you are transacting with is the actual owner/ landlord of the property. You can also ask the landlord to see the documents that prove all previous bills related to the house have been paid, especially the electricity, water, and gas bills.
A rental agreement includes the amount of rent paid and the tenure for which the rent agreement is made. The tenure of a rent agreement is usually 11 months. Also, a clear mention of the terms and conditions under which the agreement can be renewed after it expires should be incorporated in it at the outset. If the rental agreement is for more than a year, the owner must register the rent agreement by paying the necessary stamp duty.
Date of the Rent payment along with the penalty payment if rent is late
Rent escalation clause
WHAT IS RENT ESCALATION CLAUSE?
A tenant should verify whether the landlord has included a “rent escalation clause” in the agreement, which could be used to increase the rent after a certain period say after six months. Verify whether the agreement mentions the date after which rent charges would increase and the percentage of increase.
WHAT ARE THE WAYS TO GET THE RENT AGREEMENT EXECUTED VALIDLY?
Following are the requirements that need to be fulfilled:
The documents must be printed on Stamp Paper of due value.
It is necessary to get the document signed by both the parties (landowner and tenant).
The document must be attested by two witnesses along with their name and address.
If the term of the agreement exceeding 11 months then, you have to register the rent agreement at the sub-Registrar office after paying the required registration fees.
How Our Company can help in the Registration of Rental Agreement?
Our legal experts will draft your rent agreement on the E-Stamp paper of due value.
We will get notarised the rent agreement after getting the signature of both parties.
If it is a registrable agreement (i.e., more than 11 months of tenure agreement), we will take the date from the Sub-registrar office for the registration of rent agreement.
We will pay the registration fees and facilitate the process at the Sub-Registrar office.
We will collect the registered Rent agreement from the Sub-Registrar office.
We will also deliver the Rent agreement at your Doorstep.
Charges related to Registration of Rent Agreement in Various States/Cities:-
Delhi- Stamp duty is payable @ 2% of the average annual rent in case of rent agreements for a term up to 5 years and @ 3% of the average annual rent in case of the rent agreements for a term greater than 5 years but up to 10 years. Registration fee is payable @Rs.1100 through bank pay order.
Noida and rest of Uttar Pradesh- In UP, Stamp Duty charges for rental agreements are 4% of annual rent + deposit, if the term of the lease is less than a year. Also, 2% of the rent + deposit charges are the registration charge.
Bangalore and Rest of Karnataka- In the state of Karnataka, maximum Stamp Duty that can be charged on any rental agreement is INR 500/-, however, it is to be calculated on yearly basis.
Up to 10 years – 1% of annual rent + deposit
Above 10 years – 2% of annual rent + deposit
Registration charges for rental agreements in Karnataka stand at 1% of rent + deposit.
Gurgaon, Haryana- Stamp duty is payable @ 1.5% of the average annual rent in the case of rent agreements for a term up to 5 years and @ 3% of the average annual rent in case of rent agreements for a term greater than 5 years, but up to 10 years. Also, Registration Charge is mentioned below:
1 to 50000 = Rs. 100
50001 to 100000= Rs. 500
100001 to 500000= Rs. 1000
500001 to 1000000= Rs. 5000
1000001 to 2000000= Rs. 10000
2000001 to 2500000= Rs. 12500
above 25 Lakh =Rs. 15000
Chennai, Tamil Nadu- Stamp duty is 1% of the total amount of rent, premium, fine etc. and the Maximum Registration fee is Rs.20, 000.
Maharashtra- Stamp Duty will be 0.25% on the complete rent and non-refundable or 10% (for each year) of the refundable deposit. And Registration fees will be Rs. 1000/- if your property comes under Corporation and Rs. 500/- if the property is in the Rural Area.
Indore, Madhya Pradesh- Stamp duty & registration fee put together in Municipal Corporation Area of Indore is approximately 9.75% presently and it is due to increase by 1% from 01st January 2018 and Outside corporation area, stamp duty & registration fee put together is 8%.
Jaipur, Rajasthan- You have to pay the stamp duty from 0.1 percent to 5 percent of the property’s value and a registration fee is 20 percent of the stamp duty.
Many collective agreements have provisions governing extracurricular duties, so you need to check that. In any case, the instructor must be aware of unreasonable expectations for voluntary Getting to know your employment contract work that can interfere with a successful year in the classroom.
Yes, by executing a Special Power of Attorney for this purpose, the property owner can transfer his/her right to register a property document to someone else.
Description of Work (sometimes called scope): The contract should describe, in some degree of detail, the work that you are hiring your contractor to perform. If you are hiring a contractor to perform a kitchen renovation, the contract should be specific with regard to the work and materials you expect. . You might list? Installation of stove, installation of white triangular marble tiles, or upgrades of sink piping. The idea is to clarify the expectations, as much as possible, about what the general phrase kitchen renovation means.
Time for Performance:: Among the most frequent complaints about home contractors is the time of performance. Homeowners frequently feel that their contractors are taking far longer than they anticipated. Your contract is an opportunity to lay out basic expectations. For example, you can include specific benchmarks: Tiling to be completed by April 30, 2018 or Old stucco to be removed by March 1, 2018 This creates clarity. You can also include an overall deadline, and indicate that time is of the essence (a legal phrase that would demonstrate to a court that the contractor had notice that timely completion of the work was a crucial component of your contract).
Schedule of Contractor?s Work: Home improvements can be invasive from the perspective of someone trying to live in the home. It is a smart ideas to spell out exactly when your contractor will be expected to be in your home. Weekends, Evenings Afternoons Will he be given a key Clarifying these logistical scheduling issues will save some time down the road.
Payment Amount and Schedule: Obviously, the contract must state the amount that you will pay your contractor for the work. But it should also go into more detail: How will you pay, and when will you pay by check Wire transfer It is generally smart to structure payment in instalments. This creates an obvious incentive for the contractor to continue working at pace. It is also common to withhold what is known as retainage usually 5-10% from each payment until after the entire project is complete. Retainage allows you to keep some degree of influence over the contractor, again to ensure that the work is finished as expected.
Type of Payment: Generally, home improvement contracts fall into two types: Fixed costs or Time and materials. Fixed cost contracts are situations in which the contractor’s payment is a single dollar amount. Time and materials contracts are contracts where the contractor will charge for the labour and materials (usually hourly pay rates for workers, plus invoices and receipts for materials). In most cases, a lump sum, fixed costs contract is more favourable to homeowners. But regardless of the type of payment, the type of contract should be clearly identified.
Method for Changes to the Scope: Sometimes, a homeowner will have a change of mind about certain aspects of the job along the way. You’ll see those blue tiles you chose installed in your kitchen and realize that you made a horrible mistake. Sometimes, a contractor will not be able to perform in exactly the manner he promised; for example, maybe certain materials he thought were available to him are not, in fact, on the market anymore. Your contract should state the time period within which either of you can make such requests for changes to the scope of work, and the ramifications for payment. Typically, you would pay time and materials for any changes unless a new fixed sum were agreed upon.
Method for Dispute Resolution: Disputes happen. A dispute resolution clause in your contract can lay out the procedure for how such disputes might be resolved. For example, the clause might provide for mandatory mediation of the dispute (whereby you and your contractor would sit down with a trained mediator to attempt to work out a solution). Alternatively, it might provide for binding arbitration, a process where an arbitrator makes a binding decision about the outcome of your dispute. Such a clause might also simply state that any disputes must be filed in a particular court applying a particular state’s law. You should select the county court that is most convenient for you.
In most real estate deals, it is up to each party to protect themselves. The buyer is to hire an inspector to check the house and a real estate attorney to look over the paperwork, for example. Termite inspections, lead paint inspections, etc are all the responsibility of the buyer to ask, however, most states do require that the seller provide that information before signing. A real estate lawyer can help you determine what information you are required to give.
A lease deed or rent agreement will require compulsory registration only when the lease is for a period of more than 11 months or if the lease requires the payment of a yearly rent.
If you are forming a new Joint Venture company, a Joint Venture Agreement and the new company’s articles of association are crucial. Points that may be covered in these documents or in separate agreements include:
The financing arrangements for the Joint Venture
Agreements not to compete with the Joint Venture
Arrangements for licensing or transferring intellectual property in inventions, brands, designs or copyright works Such as plans or manuals to the Joint Venture
Agreements on any services or supplies you will provide to the Joint Venture
How any disputes will be handled
How the partners can exit the Joint Venture
Any agreements that will continue after the Joint Venture is terminated.
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