The lease is a key document intended to establish a transparent transaction between the lessor and the tenant. Under the Registration Act 1908, an 11-month lease agreement must be registered with the Sub-Registrar`s office in the district concerned. Deposit and token amount: the agreement must clearly mention the deposit and what happens to it when you leave the site. It is also worth mentioning the symbolic amount that the owner received from you. Yes, electronic seals are available in some states. In the case of electronic seals, you do not need to physically purchase a stamp paper for the rental agreement. You can simply register on the website of Stock Holding Corporation of India Ltd (SHCIL) and see if your state offers the option to stamp electronically. Only take into account your proof of rental if it is made on stamp paper. The rental agreement should contain the names and addresses of the lessor and tenant, the terms of the lease, the duration of the lease, the rent and the amount of the deposit, the restrictions for both parties, the conditions for termination of the contract, the conditions for renewal and details of who should bear other costs such as maintenance costs, repairs, etc.
To prepare a lease, start by creating a draft version after discussing the clauses with your landlord/tenant. There are certain clauses that should never be omitted in a rental agreement, which will be discussed later in the article. Add all the desired details and check the act as soon as the design is ready. Buy buffer paper of the recommended value, which depends on your rent and deposit amounts. Finally, print your document on stamp paper. Capitals like Chennai, Coimbatore, Salem, etc. are used to making sophisticated deals, while smaller towns like Madurai, Tiruchirapalli, Tirunelveli, etc., are more forgiving. In some countries where the e-stamp is available for rental contracts, you do not need to buy the stamp paper physically.
You can register on the website of Stock Holding Corporation of India Ltd (SHCIL) and check that the state in which you reside offers this possibility. Currently, Assam, Gujarat, Himachal Pradesh, Karnataka, Maharashtra, Delhi-NCR, Tamil Nadu, Uttarakhand and Uttar Pradesh allow e-stamping of rental contracts. In order to promote rental housing in India, the government has formulated a draft directive, the Model Tenancy Act, 2020, to make the transaction beneficial for both landlords and tenants….