Be it be small villages like Unakoti, Pilak, Devtamura or a big town like Agartala or Dhala in Tripura, creating a rental agreement is unavoidable if you have moved to a new place.
Now, this could be done in a much simpler way with the assistance of LegalDesk.com.
About Rental Agreement
If you do not have a proper idea as to what a rental agreement is, then know that a rental agreement/lease agreement is a contract that is signed between the landlord and the tenant when the owner decides to rent the property to the tenant.
The Tripura Building (Lease and Rent Control) Act, 1975, governs the making of a rental agreement in Tripura.
To protect the rights and interests of an individual, the government of India strongly recommends you to create a rental agreement which is later to be printed on a stamp paper of the recommended value. This is purchased by the tenant by paying the stamp duty rates. Stamp duty is the tax that is paid to the government to make the document legally valid. In Tripura, the stamp duty rates are decided as per The Indian Stamp Act, 1989.
Rental Agreement : Know Its Types
Rental agreement differs on the basis of the duration of your stay. On the basis of the duration, rental agreement can be of three types.
- 11-month rental agreement: An 11-month rental agreement is a short-term contract which can be renewed if both the landlord and the tenant wishes to do so.
- Long-term agreement: This type of rental agreement is mainly used for residential purposes. A long-term lease agreement mandatorily requires registration at a Sub-registrar office.
- Commercial agreement: A businessman planning to start a firm in a new place would have to create a commercial agreement. He/she is entitled to customise the contract by adding clauses as per the requirement of the business.
What To Include?
Moving to a new place is always difficult. So it will be even more worse if you do not get a house that you can reside in peacefully and happily. For this, make sure that you personalise your contract and protect your interest by adding clauses that you want. Mention the ones given below-
- Accurate details: The details given in the contract should be best up to the knowledge of both the parties.
- Security deposit: The amount paid as the security deposit should be mentioned in the document. The landlord is applicable to pay back the amount subject to deductions for painting and other damages to the premises to the tenant when the agreement terminates.
- Notice period: If you have an intention of moving out of the place you are staying in, you are supposed to give a prior notice to the landlord before a certain time period. This is called as the notice period.
- Lock-in period: This is the minimum period before which neither the landlord nor the tenant is allowed to withdraw the agreement.
Given above are some of the clauses that you should add in the lease agreement without fail to avoid any disputes in the future. This also acts as a guide to what your do’s and dont’s are. You can also add any clause that you find essential.
Do You Know The Procedure?
Every task can be simplified when it’s systematically planned. Creating a rental agreement is a tiresome process. But given below are few guidelines that you could follow, so as to make it simpler. Similar is the procedure followed while creating a rental agreement in Tripura.
- Draft an agreement with accurate details of the landlord, the tenant and the property to be rented.
- Add as many clauses you find essential and personalise your paper.
- This is now to be printed on a stamp paper of the recommended value.
- The printed document is to be signed by the landlord, the tenant and two witnesses.
- Take the contract to a Sub-registrar office and get it registered.
Some of you might have a query about the notarization process while setting up a rental agreement. However, in India, notarization is not mandatory for rental agreements. But you can do the same by just taking the agreement which is printed on a stamp paper and signed by the landlord, the tenant and two witnesses, to a notary public and getting it attested.
Registration of your rental agreement is mandatory. However, for an 11-month agreement, registration is not necessary which is why it is preferred over the other two. But registering your rental agreement is always better in case a dispute arises in the future.
A Much Simpler Online Rental Agreement
Creating an online rental agreement is much simpler. We at LegalDesk.com provide provisions for online rental agreements. It could be done in a few steps.
- Fill in the ready to customise, verified rental agreement.
- Put in the details of the landlord, the tenant and the property to be rented.
- Customise the document by adding relevant clauses.
- Print the contract on a stamp paper of the recommended value.
- Get the agreement registered at a Sub-registrar office.
An online rental agreement saves you a lot of energy and time. It also saves you from the trouble of running for stamp papers, the recommended stamp duty rate etc. At LegalDesk.com, we also offer ready to use online legal documents such as Will, Power of Attorney, Startup Packages and more.