Rent Agreement Registration Charges In Bangalore
Moving to Bangalore, Karnataka? It is a wonderful city with fantastic tourist spots and excellent weather. It rapidly develops the city in many sectors, especially in the information technology sector. In Bangalore, fantastic job opportunities are being created at a breakneck pace; This is one of the great reasons why people around the world are more attracted to Bangalore. As a result, people are moving to Bangalore, and on the other hand, the need for rental housing is increasing. Although the city gives room to all, you need to know the proper procedure on renting in this city. Lease agreement is an agreement in which two parties own and tenants mutually for the rental of real estate according to the rules and regulations pre-established by the Government of India. It play a crucial role both for the tenant and the owner of the property. Both the party tenant and the landlord must check all the clauses mentioned in the document before signing. It is a good practice to share the draft agreement first before going to pressure. Once you check and understand the details and conditions mentioned in the document, it can be signed. For registration, the following documents must be filed: The registration fee for rental contracts in Karnataka is 1% of the rent-deposit.
While many people forget the importance of paying a correct stamp duty and registering the document, these factors cannot be ignored. If the corresponding stamp duty is not paid, the parties may have to pay, in the event of a dispute, 10 times the original value as a fine. Home “Real Estate Trends” Stamp duty and registration fees in Bangalore In the city of Bangalore, the duration of the rental is usually 11 months, and later it can be renewed at the end of the 11th month. The tenant must pay the rent and additional costs such as the electricity bill, the water bill after use. The tenancy agreement is the basic document that must establish a transparent and responsible relationship for both parties between the landlord and the tenant. It sets out the terms agreed between the parties and also stresses their obligations and responsibilities.