All you need to know about online rent agreement
In almost all the states, the registration of online leave and license agreement is mandatory. The encumbrance of responsibility falls on the owner if a rental agreement is not registered in the Sub- Registrar's office. If caught, the owner is liable to pay Rs 5000 as a penalty and may also get imprisonment of 3 months. So, every homeowner should register for a rent agreement.
Nowadays, there is even an option of online rental agreement registration which is much convenient than offline registration. Today, consumers have a number of choices when it comes to home delivery services of rent agreement and on-site biometric verification. There are myriads of rental agreement service providers available at customers’ disposal. However, before applying for registration, the customers must be aware of details related to registration costs, stamp duty and fees of the government approved services to prevent any fraud.
Nowadays, the laws are stringent than ever when it comes to getting a rental agreement registered. If you wish to acquire a hassle-free legal rental agreement, then you should choose Renteement.
Cost of Rent agreement
The cost of rental agreement registration includes the cost of stamp duty and registration charges along with the charges of the government approved service provider. The property charge differs from one property to another. It is dependent on various factors like the location of the property and the surface area of the property. For example, you can be charged Rs 1000 if the property is located in a municipal area and Rs 500 if the property is located in any rural or less developed location.
How is stamp duty calculated?
For calculating the stamp duty on any property, one should be aware of the following details:
- Rent of the property
- Period of tenancy
- Refundable/ Non-refundable deposit
The stamp duty of building is calculated using the formula-
A= 0.25% of B
Here, A is the stamp duty of the property.
B is the amount subjected to the stamp duty which is to be calculated as under-
B= (MONTHLY RENT x NUMBER OF MONTHS) + 10 % of REFUNDABLE DEPOSIT + ADVANCE RENT
Why do service providers charge for online rental agreement registration?
The service providers like Renteement makes the process of online rental agreement registration easy. Thus, a small amount of doorstep service fees is charged. The fees is charged for online services like drafting the entire rent agreement and biometric verification which is conducted at your doorsteps.
At Renteement we charge a minimal amount for our services. Furthermore, we constantly offer great discounts and special prices for various online services which make the process of online registration hassle-free.
At Renteement.com, our main focus is in making the customer experiences richer and meaningful. Therefore, if you are looking for an instant online rent agreement Pune or in Mumbai then you can easily get a government approved online rent agreement registration at your doorsteps with us.