A rental agreement is an important document that contains important terms that tenants and landlords have mutually agreed upon. The rent agreement online must be registered in accordance with Section 55 of the Maharashtra Rent Control Act, 1999. In general, the rent agreement can be either a notarized agreement or a registered agreement.
Registered Agreements are printed on the stamp paper and registered with the sub-registrar. The registered rental agreement is kept in the government database and can be easily accessed online. It can also be valid evidence in court proceedings.
What is a Rental Agreement?
A Rental agreement is an agreement between the tenant and the owner of the property. It contains various clauses that have been mutually agreed upon by both parties.
Generally, a lease agreement will contain the monthly rent amount, payment terms, security deposits for the lease term, property maintenance obligations, lockout period, contract extension clauses, notice period, termination clauses, maintenance and repair clauses, etc.
The responsibility for registering the rent agreement lies with the owner of the property. However, tenants must ensure that the rental agreement is registered in order to avoid complications in the event of a dispute.
The total cost of registering the rent agreement is usually divided equally between the owner and the tenant.
Why Register The Rental Agreement?
By registering the rent agreement, it becomes an authentic document in the case of a dispute. And it is accepted for legal proceedings in the court.
After registering the document online, it will be stored in the government database. In addition, you will be assigned a unique registration number for future reference.
Therefore, the rent agreement can be easily accessed and used after registration.
What Is The Term Of The Rental agreement?
The term of the rental agreement can be up to 5 years.
And if the rental or lease period is more than 11 months, it is necessary to register the rental agreement. To avoid the applicable stamp duty and registration charges many people keep the leasing period of 11 months.
Remember that you do not have to stick to the 11-month agreement period. On the contrary, longer duration agreements are advantageous for owners and tenants.
What Are The Rental Agreement Registration Fees In Mumbai?
The stamp duty charges for the rental agreements are calculated on the net rental earnings of the landlord.
Stamp Duty = 0.25 % X [ Monthly Rent X Loan Tenure + 10% of Refundable Deposits]
In Maharashtra, the registration fees are Rs 1,000 if the property is in the urban area. Rs 500 registration fees apply in rural areas. Usually stamp duty and registration fees are shared between both parties.
How Do I Register The Rental Agreement Online?
Online rental agreement in Mumbai involves the following stages:
- Visit the official website of Department of Registration and Stamps for rent agreement.
- Calculating Applicable Stamp Duty and Registration Charges.
- Making Payment on The GRAS Portal, Noting the GIN Number.
- Drafting The Rental Agreement Online
- Executing by Scanning the Thumb Impressions and Aadhar Details
- Apply For Police Verification.
- Check The Status
- Sarkari Suvidha Official Website/our consultants will assist you in obtaining all the necessary documents and registrations required for Online Rent Agreement Mumbai.
Documents Needed For Rent Agreement Online?
Following are the main documents required to rent agreement registered online.
- Owner’s Aadhar Card and Pan Card
- Tenant’s Aadhar Card and Pan Card
- Witnesses’ Aadhar Card/ Pan Card
- Copy Of Electricity Bill
- Copy of the Tax Receipts of The Rented Premises