Online Rent Agreement, Lease Agreement
If you are renting a house in Mumbai for the first time in your life, you may be a bit sceptical about the procedure. Firstly, you will have to search for a place of your choice, see if there is any brokerage, and then prepare your moving-in. Besides this, the owner will ask you to get your rental agreement done within the first week of your shifting.
Now, many of us may see a rental agreement as a formality; however, it is more than useful and can work in your favour during unwanted legal issues. Besides this, if your company allows compensation on the rental properties, you may have to show your rental agreements to avail the benefits. For the house owners, rental agreements can serve as proof that the property is registered under your name and that the tenants have to abide by the rules set by you.
Different states in India have their own laws when it comes to rental agreements. For instance, the Rent Control Act in Maharashtra was introduced in 1999. These laws play an integral part in the case of property disputes between the owner and the tenant.
Under the rental laws of Mumbai, tenants get security from illegal eviction, and the homeowners have the security of their property. Some of the features of the rental agreements are as follows:
Given the traction that the real estate and the rental property market in Mumbai have been receiving, the laws pertaining to the rental agreements are more stringent here. In other states, under Section 17, as stated by the Indian Registration Act, any property that is out for rent for 12 months or more requires registration.
As opposed to this, the Registration Act (Section 55) of Maharashtra says that any form of tenancy requires to be in writing, regardless of the tenancy period. According to the law, it is under the purview of the property owner to ensure that the rented property gets a registration. If not, the landlord may have to pay a fine of Rs. 5,000 and is even becomes eligible for three months of imprisonment.
In order to create a rental agreement, you will require some of the basic documents.
For Tenants:
For Landlords:
For Witnesses
Basically, there are many ways you can choose to get your rental agreement done. You can hire a lawyer and ask him to set the terms and conditions for the rental property, or you can do it on your own. You can set the terms of the rental agreement through online portals like NoBroker.
Offline Mode of Rental Agreement:
If you are not very keen on using the prowess of digitized rental agreement process, you can hire a lawyer, who can prepare a rental agreement for you. Below are some of the steps that you will need to get your rental agreement done:
Online Mode of Rental Agreement:
If you want to cut down on the hassles that come with the offline mode, you can simply opt for the online rental agreement creation process. Below you will find a step-by-step process to create a rental agreement in Mumbai:
As a landlord, it is your responsibility to know your tenant completely. Ask him for the identity proof and know where he is from and his purpose of renting a place.
As a tenant, you should know details about the property. Ask your landlord some questions such as who is responsible for the repair cost, electricity bills, house tax, etc. Also, get clear information on the rent of the property. Ask him if he wishes to increase the rent in the foreseeable future.
Also, get clarity on the security deposit. Know the terms in which you are eligible to receive the security deposit. All the parties—tenants, landlord, and witnesses—need to have PAN card and Aadhaar card, while signing the agreement for the further processing of the document.
If this is your first time with the rental agreement, regardless of your status as a tenant or the landlord, you may feel a bit sceptical about the registration process. However, we, at NoBroker, understand your dilemma and strive to help you register your rental agreement at the comfort of your home.
When you choose NoBroker to create a rental agreement for you, you can be done with the registration process in three simple steps:
Do you wish to create a rental agreement for your tenant in Mumbai with utmost ease? Visit NoBroker now to get more clarity.
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