Online Rent Agreement, Lease Agreement

Know Everything About the Rental Agreement in Ghaziabad with this Extensive Guide

One of the popular excuses for not creating a rental agreement, as found in Ghaziabad, is the lack of awareness and knowledge regarding the registration process. The government of India is making proper efforts to raise awareness regarding the rental agreements in Ghaziabad and other parts of the country. This has helped the tenants and the homeowners comprehend their rights and responsibilities. However, there are certain terms that often leave the tenants and the landlord confused regarding the rental agreement.

Which are the Commonly Used Terms Used in the Rental Agreements in Ghaziabad and Across India?

Here we present an extensive glossary of the key terms that are used for the registration of the rental agreement in Ghaziabad:

• Rental Agreement:
  A rental agreement is a legal document that is written between a property owner and a tenant. Both the parties decide the terms and conditions and sign the document. A rental agreement is for a fixed timeframe. This timeframe is known as lock-in period. During the lock-in period, neither the tenant nor the owner has the right to terminate the rental agreement.
  The rental agreement also consists of other important information, such as the rent amount, security deposit, and other payments. After the lock-in period gets over, the owner releases the security deposit of the tenant, and the agreement expires.
• Lease Agreement:
  Though the terms rental agreement and lease agreement are often used interchangeably by the common people, there is a vast difference in their meanings. As opposed to a rental agreement, a lease agreement is for a period of at least 12 months and can even exceed 10 years or more. When a tenant and an owner sign the lease agreement, the tenant pays the lease to the owner. After this, the tenant does not have to pay any monthly rent. On the completion of the lease agreement, the owner pays back the lease amount to the tenant.
• Security Deposit:
  A security deposit is an amount that a tenant pays to the owner for a rental property before moving into the place. To put this into perspective, a security deposit is a type of insurance against an unpredictable tenant. The tenant holds the right to use the security deposit, in case the tenant does not pay the rent or causes some intentional damage to the rental property. The security deposit is refundable. However, there are some clauses under which a landlord may legally refuse to pay the security deposit to the tenant. The security deposit should not exceed the rent for three months.
• Token Deposit:
  A token deposit is a part of the security deposit. When a prospect visits a rental property and likes it, he can pay some amount of the security deposit to book the property. After receiving this amount, the owner takes off the ‘on rent’ status from the property. Once the tenant decides to move in, he pays the remaining amount of the security deposit and the rent. It is not mandatory to pay the token deposit; however, in order to ensure that the place is not booked by another prospect, the tenant can pay a minimal amount.
• Lock-in Period:
  A lock-in period is the total time duration for which the owner and tenant agree to enter into the agreement. The lock-in period for a rental agreement is usually 11 months. This is because when a rental agreement is made for 12 months or more, the agreement attracts many legalities and stamp charges. During the lock-in period, whoever tries to breach the agreement has to bear the brunt of the lawsuit.
• Payment Clause:
  The payment clause is a written pointer in the rental agreement that talks about the total rent and security deposit that the tenant needs to pay to the owner. Besides this, this section also specifies the mode of the transaction. Also, the payment clause defines the condition under which the owner can withhold the security deposit.
• Subletting Clause:
  A subletting clause is not very popular among the common people; however, its exclusion from the rental agreement can take a toll on the property of the owner. Under this clause, the owner withholds the right from the tenant to lease the property to another individual. If the tenant is found guilty of this illegal conduct, he possesses the right to terminate the rental agreement.
• Payment Default Clause:
  A payment default clause should be mentioned in the rental agreement. Under this clause, the agreement clarifies regarding the liability of payment for the maintenance and repair work. Another similar clause is the payment delay clause, under which the agreement talks about the grace period that an owner can give to a tenant in case he wants some time for paying the due rent.
• Dispute Resolution Clause:
  Under the dispute resolution clause, the tenant and the owner can discuss whom to go to in case any of the parties breaches the rental agreement.
• Eviction Notice:
  The rental agreement empowers the landlord to evict the tenant, in the case when he breaches the agreement. As per the norms, the landlord gives a notice of at least 30 days to the tenant to evict the property. The landlord need not give any reason for evicting you. In scenarios when you a tenant fails to pay the rent, the landlord can give less than 30 days of notice to the tenant to vacate the rental property.

These are some of the commonly used terms for the registration of rental agreements in Ghaziabad. Now that you are aware of the important terms used during the creation of the rental agreement, let us walk you through the legal procedure to create a rental agreement in Ghaziabad.

What are the Ways to Create a Rental Agreement in Ghaziabad?

There is an online and an offline mode for the registration of the rental agreement. Previously, before the introduction of the online portal for e-filing, the tenant and the landlord had to be present in the registrar’s office. Two witnesses accompanied them. After reading the document carefully, the tenant and the landlord had to sign the document. On the successful registration of the process, the landlord and the tenant used to wait for days to receive the rental agreement.
However, the online mode has unlocked the doors of convenience for all parties. These days, the tenants and the landlords have become tech-savvy, and they can use their laptops or tablets to register the rental agreement in Ghaziabad.

What are the Steps to Follow for the Registration of a Rental Agreement in Ghaziabad?

Below are some of the steps to follow to create a rental agreement online in Ghaziabad:

• Log in to the online portal.
• Ensure that you and the tenant/landlord have an Aadhaar card, which is mandatory for online registration.
• Enter all the required details. Cross-check the authenticity of the details you add to the portal.
• Learn about the important clauses that you can include in the rental agreement. Discuss with your landlord/tenant about the same.
• Create the first draft of the rental agreement on plain paper. Send it across for review to your landlord/tenant. Once you have done the required edits and both of you are satisfied with the clauses, you have to print these clauses on stamp paper.
• The stamp paper should be of a value of 2% of the annual rent + deposit or Rs. 500, whichever is of a lower value. For the rental agreement that has a lock-in period of 11 months, the registration is not necessary. However, it is crucial to get the rental agreement written on a stamp paper and signed by both the parties.
• The next step is to book an appointment for biometric verification. For this process, you and the tenant/landlord need to be ready with all the required documents—an Aadhaar card, Pan card, property tax details, electricity bill, passport-size photographs, etc. Have two witnesses present at the venue during the biometric verification process for the registration.
• On completion of the biometric verification process, you will receive your rental agreement via post or courier service.

Some of the sophisticated rental agreement service providers, like NoBroker, can deliver the rental agreement directly to your email. This way, you don’t have to search for the rental agreement in your entire house and folders when you need it the most.
From the day of the biometric verification, the registration of the rental agreement and its delivery takes typically 3-4 business days. If you do not receive your rental agreement even after a week’s time, you can contact the authority to know where the rental agreement is stuck and how much time you should expect regarding the delivery of the agreement to your place.
To avoid tracking and tracing your rental agreement, you can directly avail of NoBroker’s rental agreement service. We ensure you a convenient and stress-free rental agreement registration process.
What’s more?
In case you want to check on the delivery status, you can simply log in to NoBroker’s app or website with your registered mobile number and find it out.