Coordination, fees, validity and registration in India

Gone are the days when landlords and renters in big cities had to visit notary offices for drafting Rental Agreements. Now, with the many platforms that allow utilities to create rental agreements online, landlords and renters can accomplish this task with the safety and security of their homes.

Apart from providing ready-made templates for online lease formats, these platforms also help one to design the document on demand. platforms like housing edgefor example, not only help the parties to formulate Online rental agreement Taking into account their own needs but also helping them to integrate terms and conditions to protect the interests of all involved.

It is important to note that online rental agreements executed on electronic stamp paper and signed by both parties, are legally valid documents and serve as proof of address for the tenant and proof of the landlord’s rental.

How is an online rental agreement created?

To draft online rental agreements, the tenant or landlord must fill in the details on the platform of their choice to proceed, make the payment and digitally sign the agreement. The service provider will then email a sealed rental agreement to their mailboxes immediately.

Note here that since the entire process is completely online, you don’t need a hard copy. However, you can get a copy of the rental agreement registered online and printed from your email ID after downloading it in PDF format.

Also check out Housing.com rent receipt generator

Follow the process to create an online rental agreement

Step 1: The landlord/renter fills in personal details, along with delivery contact details or email details, and customizes the lease agreement form provided on the platform, according to his or her own needs.

Step 2: The owner/renter enters the required stamp category and makes the payment.

Step 3: The online rental agreement provider gets the document printed on the required category stamp sheet, completes the documentation and delivers it to your email ID.

Also read how to claim tax deduction under 80 grams Is HRA not part of your salary?

Details required to create an online rental agreement

The details one should be ready, before mentioning to fill in the online rental agreement form include:

• The name and address of the lessor and the lessee.
• Payment Terms.
• notice period.
• The duration of the reservation period.
• The date of implementation of the agreement.
• Purpose of the lease: whether for residential or commercial purposes.
• Annual increment terms.

See also: All you need to know about rental agreements

Is online rental contract registration facility available all over India?

So far, online brokerage platforms have only launched this facility for major cities, where the rental housing market is very strong. These cities include Delhi, Mumbai, Bangalore, Gurgaon, Noida, Hyderabad, Chennai, Kolkata, etc.

See also: Why Landlords and Tenants Should Go to Online Rental Agreements

How much stamp duty is due on online rental agreements?

The online rental agreement has been drafted on electronic stamp paper with a denomination of Rs 100, on the Housing Edge platform.

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