Gurgaon is the new office hub near the NCR area. They have so many IT companies and other sectors engaging a heavily employed public in this area. The working population density is on another level. With the level of offices situated there, many employees have decided to live there itself.
As many people have decided to live in the hub of offices in Haryana, there is an opportunity for the real estate sector to expand. And it has expanded to a big degree. Many rented houses and flats are available in and outside the city.
Due to this, there is a budding need to understand online rent agreement Gurgaon. See this article to find out how to make rent agreement in Gurgaon and understand all that there is to know about this. Read carefully and view it diligently.
What is an Online Rent Agreement Gurgaon?
Now that we are discussing online rent agreements Gurgaon, we must know what it means and what it is. You might have guessed correctly though that it is an agreement that involves the contract regarding rent between the renter and the house owner.
In serious terms, a rental agreement is a legally binding contract between two parties specifically between the tenant and the owner. This contract is a government document. It is a document that has listed the rules of the tenant and the owner of any property. When they bind in that contract they agree to follow those rules.
Keeping this document updated and signed is extremely important for both the tenant and the owner. It is legally binding for both parties. They will agree on it mutually and follow their end of the deal diligently.
Through this rental agreement, the tenant gets the legal assurance of having a rental property where he can live legally. That person gets a roof over their head. With the legally binding contract, they get the assurance of having a house in their name as a tenant.
The owner gets the benefit of his property house or flat being off the market and is not involved in any illegal activity. Ensures additional money in your home as a side income. Keeps your property running and keeps it away from getting deserted.
Also Read: How to Save Money to Buy a House? Top Tips to Save Money for Buying a House
How to Make Rent Agreement in Gurgaon?
Now that you are aware of the online rental agreement Gurgaon, and what it means. We have to get to the steps of how it is made and what it comprises. Let us see the steps below.
Make the Agreement
Mention the agreement details as they could have been mentioned. We have to mention the biggest details and comprise all the important info in the draft agreement. State the details as needed. The main details could include about both the parties.
Details like mentioning the tenant and the owner, details overlooking the rent, and the other conditions stipulated. Security amount, date of agreement, lock-in period, if pets are allowed, and any other terms that need to be mentioned.
Get the Official Document
Do not forget the non-judicial e-stamp paper for official purposes. See to it that it is followed as it is followed by the rental agreement. Purchase that stamp and pay the price for getting it. Since it is an e-stamp, it is relatively easier to get.
Just pay the price and you can get the official document. Also, the Haryana Government started this online e-stamp duty for easier convenience for the people.
Owner and Tenant Signs
See to it that both the parties of tenant and owner sign the agreement. Sign with their full names and official signatures. Also, sign the witness areas by two witnesses. Do paste the photographs of the tenant and owner.
Make sure that both parties sign without any discrepancies.
Notary Public
After this process make your agreement attested by the Notary public or register it with a Local Sub-Registrar. It is the choice of both the rental party and owner party to make sure that it is agreed upon which they collectively agree.
Both choices can be compared and the choice they both agree on can be finalized.
Also Read: What is the Difference Between Freehold and Leasehold Property?
Stamp Duty and Registration
Stamp duty is calculated based on the property’s annual rent. Make sure that the stamp duty of Haryana is followed, see it below:-
- If the lease is below 5 years, then the Stamp Duty will be 1.5% of the Annual Rent.
- If the lease is for 5-10 years, then the Stamp Duty will be 3% of the Annual Rent.
As you are going to register your stamp duty, make sure that you also pay the charges for registration as it costs extra. Registration charges are mentioned below as per the transaction value:-
- 1 to 50,000 – Rs. 100/-
- 50,001 to 1,00,000 – Rs. 500/-
- 1,00,001 to 5,00,000 – Rs. 1,000/-
- 5,00,001 to 10,00,000 – Rs. 5,000/-
- 10,00,001 to 20,00,000 – Rs. 10,000/-
- 20,00,001 to 25,00,000 – Rs. 12,500/-
- Above 25 lacs – Rs. 15,000/-
Documents You Need For Online Rent Agreement Gurgaon
We recommend you follow the list of these documents to register the official document easily. Make sure that the list of documents is followed properly. Collect all of them. Make sure you are ready with the documents on time.
Here is the list of the documents that you might need:-
- One Original Identity Proof of Owner and Tenant.
- Two passport-size photographs of each owner and Tenant.
- Two Witnesses with their Original Identity Proof.
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Conclusion
Now we have collected all the info about the online rent agreement Gurgaon for you. All the details have been mentioned above. You will not have to go anywhere else to read about it. Understand the article, and follow the steps diligently.
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