Home to the iconic Taj Mahal, Uttar Pradesh (UP) is a state that holds monumental importance in the history of our country. Neighbour to the national capital, New Delhi, UP has more than just magnificent buildings. Its capital city Lucknow and its industrial capital Noida are among the most populous cities in India in addition to the holy city of Varanasi and the tech capital Kanpur.
Every year, multitudes of people migrate to UP in search of culture, education and opportunities. This naturally leads to an increased demand for rental spaces within the city. If you are on the lookout for a rental space in UP, and in need of rental agreement, this page is a must read.
You can also create rental agreements online without having to experience the hassles of having to look for a lawyer. LegalDesk offers excellent pre-drafted, lawyer verified, ready-to-use rental agreements which can be customized to suit your needs.
Stamp Duty is tax paid in return for making a legal document valid. In UP, Stamp Duty charges for rental agreements are 4% of annual rent + deposit, if term of lease is less than a year.
If requisite Stamp Duty is not paid, should any dispute arise, the court may sentence you to pay ten times the original Stamp Duty as penalty.
Registration is a method where a document’s contents are registered with an official. This provides the following advantages –
In UP, 2% of the rent+deposit charges is the registration charge. If a document is not registered, it will never be considered as primary evidence. Instead, it will be accepted as collateral evidence.
E-Stamping in UP was introduced in early 2013, initially being available only to folks who paid stamp duty of INR 10,000 or more. As of now SHCIL along with select banks, is regulating the issue of e-Stamp Paper in the main cities of UP.
Notarization is not registration and must not be confused with each other. Notarization is simply a method for fraud-deterrent and to prove that the document was indeed signed by the parties discussed in the contract. Non notarized agreement will only be considered as collateral evidence in courts should disputes arise.
Also called Caution Deposit, is also a lump sum collected from the Tenant prior to moving in. This amount is essentially backup for damages incurred by the Tenant for which he/she refuses to pay or for non payment of rent. Should no hassles occur, the security deposit is fully refundable to the Tenant at the time of handing back the keys.
Often it is seen that most people prepare a rather careless rental agreement with plenty of loopholes because they are simply not aware of the troubles that could follow. Majority of people are unaware that a badly drafted agreement could make things ugly if a dispute arises in future.
Even if both parties know each other on friendly basis, it is strongly recommended that a rental deed be drawn up to avoid hassles. While only the major cities like Noida, Kanpur, Lucknow, Ghaziabad etc insist on really elaborate rental agreements, smaller cities like Agra or Varanasi are quite relaxed. Here’s a list of clauses that should never be omitted from your rental agreement –
To create a rental agreement with LegalDesk, fill in your details in our pre-drafted, customizable, lawyer verified rental agreement which can be accessed by clicking the button below. Fill in details of all parties involved and details of the property intended for leasing. Review and print the prepared soft copy on Stamp Paper or you can allow us to print the document on Stamp Paper and deliver to you.
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