Rent Agreement is a mutual written contract between the tenant and the property owner consents the use of a property under certain terms and conditions defined and lay down by the government of India. A proper Rent agreement ensures the tenancy rights of the tenant regarding a property as well as the liabilities of the property owner towards the tenant and the property. Benefits of a rent agreement in Mumbai can be classified as:
- On the basis of rent or lease agreement the tenant gains a legal assurance and tenancy rights for the property available for rent just after drafting a legal rent agreement.
- Owner of the property also gains several advantages of legal rent agreement including monthly remuneration, security deposit, security and maintenance of property and protection of landlord’s rights against the violation of rent agreement norms.
The Process of creation of a Rent Agreement/ Lease Agreement
Draft the Agreement
A legal Rent Agreement can be prepared by introducing several identity based details including name of the tenant and landlord, real residential address of the tenant , source of earning of the tenant, agreed monthly rent, security amount, permission and restrictions for the tenant and starting and ending date of agreement.
Non-Judicial Stamp Paper or E-Stamp Paper
A normal Rent Agreement in Mumbai is written on a 100 ? non judicial stamp paper with marked stamp duty. But nowE-stamp paper is getting popularity for rent agreement in India.
Lifeline of a Rental Agreement in Mumbai
A general tenancy rental agreement in Mumbai is typically valid for 11 months. Property owners in Mumbai frequently choose eleven month period to stay away from rental control laws. The tenancy Rental control laws in Mumbai defends the tenancy rights of the tenants from unfair eviction and were signed by most state governments in India to protect the tenants from unfair eviction and defraud by property owners.
Owner of Property and Tenant and Have to Sign it
The tenant and the landlord should read all the pages of rent agreement carefully and can express their consent for the same by making signature at the end of the page in the presence of two witnesses and self attested Xerox copy of identity proofs.
Validate & Attest the Rent Agreement with Sub-Registrar or Notary Public
After the written formalities of rent agreement, it must be certified by the local notary public officer affiliated to session court or you can get it attested by the regional sub-registrar office to bring it into the effects. What items should be included in a legal rent agreement in Mumbai to avoid inconveniences? Important components of a perfect rent agreement should be:
- Legal name of the tenant and the landlord supported by Pan Card or Adhaar card.
- Initial and final date depicting the implementation of rent agreement.
- Remuneration amount entitlement agreed as monthly rent
- Final date of rent amount submission
- Provision of penalty in case of late payment
- Mode of payment for the rent
- Surcharges in the rent
- Inclusion of charges of daily base utilities like water, Gas, electricity and security fee
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