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What is a Rent Agreement?

A rent agreement is a written contract between the property owner (the landlord) and the tenant who rents the property. It also contains the terms and conditions under which the property is rented, such as its description (location, kind, and size), monthly rent, security deposit, property's usage (residential or commercial), and the agreement's duration. Terms and conditions can be discussed beforehand, but the landlord and the tenant are bound by them once signed. It also lays forth the terms under which the contract can be cancelled.

The lease agreement form, as a legal document, is highly vital. The rent agreement online protects the rights of both parties and prevents future disagreements. During the lease term, there may be various disagreements between the landlord and the tenant. Such disputes could be tackled well through a contract. It offers the landlord's property security and protects tenants against unreasonable demands.

The rental agreement document also provides the tenant with the ownership of the property for a set length of time. As we all know, verbal agreements are not enforceable by law, and it is usually a good idea to sign a written contract. Another crucial aspect is that it serves as a piece of legal evidence that can be presented for several identity proofs.

Rent agreements can be set for whatever time the parties desire or agree. It can be renewed according to the conditions of the agreement. The rent agreement’s length is usually 11 months, which is to get over the rigorous rental rule which applies to lease agreements of up to 12 months. Also, an important point to remember is that, according to the Registration Act 1908, any property leased to a tenant for more than 11 months must be registered. Hence, a property on the agreement for a few months or less than 11 months does not require registration.

An online rent agreement protects you from misunderstandings, doubts, and disagreements about renting or leasing property. Get into an actual rental or leasing agreement if you want to experience calm and transparency along the way. This agreement contains essential elements, such as property information, rent due, advance deposit, and property-related terms and restrictions.

One must be vigilant about several aspects while signing a rent agreement online, such as the format, registration process, the house rental agreement form, the lease agreement form, the notice period, etc.

This type of legal agreement may appear perplexing at first glance, so here's a breakdown of the rent and lease agreement form, style, distinctions table, importance, and house rent form, among other things.

Why is Rent Agreement Necessary?

A legally binding and registered rent agreement is necessary for the harmonious relationship between the parties (landlord and the tenant) as it safeguards their rights from fraud, future disregard, doubts, fights, and legal issues. Getting into a genuine and registered rent agreement or lease agreement form helps the owner and the tenant have a more calm, transparent, and formal relationship. The lease agreement form consists of some extremely dominant information like the property's details, rent you agreed upon, the advance deposit, and restrictions (if any) regarding the property.

To create a rent agreement online or a lease, then it also assures the tenant of the security of living at the property with pre-agreed terms and conditions and all other details without expecting surprises.

Also, the agreement benefits the owner by giving them a certain type of legal hold over the property. Another important advantage of registering a rental agreement is that it serves as legal proof and can protect the landlord in the event of a future legal issue. When a significant asset, such as a residential property, is involved, the landlord requires a document that protects them legally in the event of a future disagreement or resistance from the other party.

Why is it Important to Register a Rent Agreement Online?

A rent agreement can be easily created online on Squareyards.com. One can acquire a quick rent agreement by simply filling out the needed information online. After completion, the online rental agreement document will be mailed to both the landlord and the renter. Both sides must sign the same document.

The online rental agreement process is convenient but also cost-effective and important. Squareyards.com offers flawless online rent agreement registrations and allows both parties to sign the contract digitally. Once all the documents have been uploaded and all other services have been made, the rental agreement document will be prepared online. Now both parties must sign the same. The parties can digitally sign the agreement or have it mailed to them.

The online process of creating the rent agreement removes all the doubts of misinformation or false claims. And this all can happen in just a flash without wasting any time by going to a court and standing in queues to get the stamps etc. One can just sit at home and relax, and squareyards.com will do the rest.

Types of Rent Agreements

When a property is rented, be it commercial or residential, several legal documents such as a rent agreement, lease agreement form, or licencing agreement define the relationship between the landlord and the tenant to curb unnecessary disputes in the future.

So, what does an agreement mean? A lease agreement form is a legal document that spells out the terms and circumstances of a lease or rent partnership between two people, i.e. (the owner and the tenant). There are different agreements for renting or leasing a property, as stated earlier. The rental agreement document comes under the Rent Control Act, and the Leave and License agreement comes under the Indian Easement Act.

An agreement consists of some basic property details, the details of the owner and the tenant, the term of the agreement, and the amount to be paid as rent. The three types of rental agreements are as follows:

Rent Agreement

A rent agreement is a written contract between the property owner (the landlord) and the tenant who rents the property. It contains the terms and conditions under which the property is rented, including its description (location, kind, and size), monthly rent, security deposit, usage (residential or commercial), and agreement duration.

The rent agreement can be acquired for a shorter period of only 11 months. If the agreement exceeds the time of 11 months, then it is necessary to get a registered agreement.

The Transfer of Property Act, Specific Relief Act, Evidence Act, and Registration Act, among others, are significant legislation that governs the tenancy agreement, and one should be thorough with all of these to be on secure ground.

Lease Agreement

A lease agreement is usually for a more extended time than a rent agreement. A lease agreement form is a contract between the landlord and the tenant that grants the tenant the right to use the property for a specified period of time (generally more than 12 months).

This agreement binds the landlord and the tenant for the agreed-upon duration, from 30 to 99 years.

A lease also generates an interest in the transferable property and creates rights that can be inherited.

The lease agreement assures that the lessee does not evict the premises unless it is indicated explicitly in the agreement. A legal notice might also be served on the lessee. To be valid in a court of law, a lease deed must be stamped and registered (in case of disputes).

According to tenancy law, the person who receives the rent is the landlord. In a dispute, the person allocated to receive the rent has the authority to take all legal steps necessary to have the agreement either precisely performed or the property removed by instituting appropriate legal actions in a court of law.

Leave and License Agreement

A Leave and License Agreement is a legal instrument that allows the licence holder to use the Licensor's property. However, the property is granted under a Leave and License agreement rather than a tenancy arrangement. Therefore, the property right would be invalid without it.

The leave and license agreement come under the Indian Easement Act 1882, and it is not similar to the lease or rent agreement.

Difference Between Rent & Lease Agreement

Basis of Comparison Lease Rent
Definition Leasing is a contract in which one party grants the right of the property to the other to use it as an asset for a fixed amount of time. Renting means allowing someone else to use your asset for a given time for a predetermined price.
Time Span Long Term Short Term
Standards of Accounting AS-19 Accounting Standards No Particular Standard is required or applicable
Involvement of Parties Lessor and Lesse Landlord and Tenant
Conditions for Maintenance The responsibility for maintenance is entirely on the Lessor Owner/Landlord is the only one responsible for maintenance of the property
Considerations Rentals according to the Lease Rent
Changes Once the contract gets signed, it can’t be changed further The terms of the contract can be modified by the landlord.
Buying Offers (if applicable) The lessee receives an offer to acquire the leased asset for a residual value after the lease period. Not Applicable

What is the Process of Creating the House Rent Agreement Online?

Making a rental agreement online is available through a variety of internet sites. Squareyards.com offers a service which is fast and efficient. While the processes may differ depending on the platform, the basic procedure includes the following elements:

1. Fill in the information on the landlord, tenant, property address, and lease terms, such as lease period, monthly rent, and security deposit amount, among other things. Depending on your preferences, you can choose between a lease arrangement and a leave and licence agreement.

2. You will need to preview the created agreement to ensure that all the details entered are correct. Once you preview the details, the payment shall be made on the platform using any acceptable payment method, such as UPI, debit card, etc. The appropriate stamp duty charge (which you may have to calculate), convenience charge, and delivery price (which vary by platform), as well as the applicable Goods and Services Tax, will be included in the payment (GST).

3. The platform will have the online lease agreement printed on proper stamp paper and mailed to you. If you prefer a soft copy, you can have the e-stamp and the online lease agreement emailed to you. The online hard copy of the rent agreement usually takes 3-5 business days to arrive.

Squareyards offer online rental agreements that allow you to sign the contract digitally. After the payment for the service has been made and the agreement has been formed, the signatures of both parties will be asked. Following that, both parties will have the option to share the agreement and digitally sign it. The online rental agreement can be downloaded after both parties have signed the agreement. You can also avail free rental agreements in India.

NOTE: Digital signatures are legally recognised under Section 5 of the Information Technology Act of 2000.

Documents Required for Rent Agreement

While getting a tenant agreement online, one needs to have the following documents handy:

  • The property's original proof/evidence of ownership or title.
  • Index II, or the tax receipt for the property to be leased, can be used for Property documentation
  • Two photographs of each party and one photograph of each witness
  • Copy of both parties' and witnesses' proof of address. Any of the following documents can be used to prove your address: a passport, an Aadhar card, a ration card, a bank passbook, or a driver's licence.
  • Map of the leased-out property's route

Rent Agreement Format

The following is a basic rental agreement sample (also known as tenant agreement sample) used widely in India. It's important to note that this is an 11-month lease arrangement. View Sample Report

What is the Stamp Duty on Rent Agreement?

Stamp duty is a tax levied by the government on various property transactions. You must pay stamp duty when you buy a home or sign a rental agreement. Section 3 of the Indian Stamp Act, 1899, mandates the payment of stamp duty.

What is E-Stamping in the Rental Agreement?

E-stamp paper or E-stamping is a method of electronically paying stamp duty to the government. The government has replaced the conventional paper and franklin stamping approach with a digital plan to ensure a quick and trouble-free payment process. This service is currently available in 22 Indian states.

Registration Charges of the Rental Agreement

The cost of registration varies by state. There are also stamp duty charges to consider. These, too, differ by state. In Delhi, for example, stamp duty on a home rented for five years is 2 %. Furthermore, you can check out multiple rental agreement samples to know the registration charges better. You can also avail free rental agreement in India with several resources.

State Time Span Price (INR)
Delhi ≤ 5 Years 2 per cent
Noida ≤ 11 Months 2 per cent
Karnataka ≤ 11 Months 1% of the total rent plus deposit paid each year, or Rs 500, whichever is less
Tamil Nadu ≤ 11 Months 1 per cent of rent + Deposit Amount
Uttar Pradesh < 1 Year 4 per cent of the annual rent + Deposit Amount
Maharashtra ≤ 60 Months 0.25 per cent of the whole rent
Gurugram ≤ 5 Years 1.5 per cent of the annual rent (calculated averagely)
Gurugram (ii) 5-10 Years 3 per cent of the annual rent (calculated averagely)

Frequently asked questions

Q1. How can I sign an online rental agreement?

Square Yards offers an E-signing facility on its online rental agreement service. Once we drop the agreement in your mailbox, you can easily sign it digitally and get the job done.

Q2. What would happen if I rented a property without an agreement?

Renting a property without an agreement would make you resourceless in times of disputes and conflict. Further, renting a property without an agreement for 12 months or more will also land you in legal trouble.

Q3. Why are rental agreements generally made for 11 months?

Rent Agreements are typically made for 11 months to avoid the registration process. Law mandates rentals of 12 months or more to be formally registered. Any rental lower than that duration does not require a mandatory registration.

Q4. Can a landlord visit a premises without the tenant’s permission?

While the landlord should give advance notice and seek the tenant’s consent before visiting the property, the situation is primarily governed by the terms of the mutually agreed rental agreement.

Q5. How long does it take to create an online rent agreement?

At Square Yards, tenants and landlords can easily generate an online rent agreement within minutes with complete customisation.

Rent Agreement

What is a Rent Agreement?

A rent agreement is a legally binding document that outlines the terms and conditions of the rental arrangement between the landlord and the tenant. Tenant details, property address, mode of payment, security deposit etc., are some key contents of the agreement. A rental agreement is drafted on a stamp paper and can be prepared for residential and commercial property. These agreements are also called rent deeds or lease deeds. Typically, they are drafted for 11 months to avoid the legal registration. A rent agreement for 12 months or more is mandated to be registered with the government as per the Registration Act of 1908.  The Rent Agreement plays a critical role in safeguard the rights and responsibilities of the landlord and the tenant. It ensures a clear understanding of what is expected from each party. It includes clauses on rent increase, notice period, restrictions, conditions under which the security deposit can be forfeited and others. By adhering to the terms, both parties can ensure a smooth and amicable rental experience. The process of manually framing a rent agreement can be tedious and time-consuming. Hence, Square Yards offers an online rent agreement service that helps draft a digital agreement within minutes at your comfort. 

Why is a Rent Agreement Necessary?

It is always a wise decision to document any arrangement between two parties. Mere verbal contract has no legal value. However, a written rent agreement is admissible in court and can be used in case of any possible disputes.  In essence, it is a form of establishing transparency and accountability in the landlord-tenant relationship. It plays a critical role in ensuring that no party is exploited in any form by the other. 

Registered Rent Agreement

Property is a precious asset, and every step should be taken to safeguard it. Formally registering an agreement provides legal validation for the setup. Moreover, a registered rent agreement is often required for various official and financial transactions, making it an essential document for both parties involved in the rental transaction.  The Registration Act, 1908, mandates the lease out of all properties for more than 11 months to be legally registered. Properties rented for less than 11 months may not require registration, but can be notarised. Once the draft agreement is prepared, the landlord and the tenant must be present at the sub-registrar’s office. If the two can’t be present simultaneously, the present party can sign a Power of Attorney. This grants the attorney the right to close the agreement. 

Terms & Conditions for Rent Agreement

An online rent agreement consists of the various terms and conditions that govern the tenant's occupancy of the property during the specified period of time. Some of the key elements of the rent agreement format are listed below:

Types of Rent Agreements

While renting out a residential or commercial property, its usage and duration primarily determine the nature of the agreement. Here are the three different kinds of rental agreements used in India: 

Rent Agreement

A Rent Agreement is a simpler form of agreement that is used for tenancy duration of 11 months or less. The agreement can be renewed at the end of the duration and the registration depends on the discretion of the parties. A straightforward document, it includes details like rent, duration, and maintenance responsibilities. 

Lease Agreement

A Lease Agreement is a more formal version and is used for longer durations. This document gives tenants the right to use the property for 12 months or more. The agreed-upon duration can go up to 99 years. Moreover, this document can be extended, transferred or inherited. It also ensures that no uninformed termination takes place and gives legal authority to the person receiving the right to take action in case of any disputes. A Lease Agreement creates interest in the property and has to be mandatorily registered.  

Leave and License Agreement

The leave and license agreement comes under the Indian Easement Act 1882. It is a legal instrument that gives the permission, and not the rights, to occupy a property. It differs from a Lease Agreement as it does not create an interest in the property. A Leave and License Agreement features no landlord-tenant relationship and can be revoked at any time by the landlord. 

What are the Details that are Mentioned in a Rent Agreement?

A number of details are mentioned in an online rent agreement.  These details are present in the various clauses of the document, as discussed above in the rent agreement format. Some of the key contents are:

What are the Documents Required for Rent Agreement?

While registering an online rent agreement,  the following documents must be submitted:

What is the Format of the Rent Agreement?

Take a look at the rent agreement format widely followed in India below. The various clauses and components discussed above can be fitted into a hole using this format. View Sample Report

What is the Stamp Duty on Rent Agreement?

Stamp duty is a charge mandated by the state government in property transactions. It helps legalise the rent agreement, and the rate varies from state to state. Generally, it ranges between 1% and 3% for rental properties. However, it might change with changes in states and laws. The responsibility to pay the stamp duty charges is not fixed on any party. Ideally, both parties should divide the charge. However, the tenant generally bears these charges. 

Advantages of Rent Agreement for Owners

Rent Agreement offers multiple advantages for landlords. Some of the top benefits are:

Advantages of Rent Agreement for Tenants

From the tenants’ perspective, a rental agreement offers the following benefits:

The Benefits of Creating a Rent Agreement Online With Square Yards

Preparing a rent agreement online with Square Yards helps:

Stamp Duty Charges of Rental Agreement

The applicable stamp duty charges in some of India’s top cities are listed below:
States Time Span Price (INR)
Delhi  Up to or equal to 5 years 2% 
Noida  Up to or equal to 11 months  2%
Karnataka  Up to or equal to 11 months  1% of the total rent plus deposit paid each year, or Rs 500, whichever is less
Tamil Nadu  Up to or equal to 11 months  1 per cent of rent with deposit Amount
Uttar Pradesh Less than 1 year 4 Percent of the yearly rent paid with the deposited amount
Maharashtra Up to 5 years 0.25% of the total rent
Gurgaon 5-10 years  1.5-3% of the average yearly rent