With growing employment opportunities, well-built infrastructure, and a safe environment infused with the best lifestyle choices, Bangalore is more than just a cosmopolitan city. It offers young professionals, students, and families a place to grow. Known as the silicon valley of India, it has everything a person needs for personal and professional development.
However, finding a home in a desirable location gives real stress to house hunters and tenants while sorting through multiple listings and shortlisting one, finally signing the house rent agreement. Search for a home can becomes stressful, and can lead to tenants and owners falling prey to scams:
- Fake real estate agents duping tenants unaware of RERA Act 2016
- Brokers asking for advance cash payments before prospective tenants visit the property
- Landowners are asking tenants to skip the lease agreement process.
Apart from these, tenants may find understanding rental agreements’ legal terms and processes challenging. In some situations, few landlords ask you to avoid getting into legal processes to save time and resources; however, a written deed ensures both parties’ safety and peace of mind (property owner and tenant).
If you are a tenant or rental property owner who wants clarity about the house rent agreement, you are in the right location. This blog will cover the basics of home rent agreements in Bangalore, including processes and benefits.
House Rent Agreement– Everything You Need to Know
IT Capital of India is a hub of rental properties. But many need to know the government rules that protect them as tenants or landlords. One such legal document that helps rental property owners and tenants avoid hassles and disputes during the lease tenure is House Rent Agreement also known as Lease Agreement. Though not mandatory, it protects you in case of rental conflicts. For example, landlords may charge you extra for maintenance, security deposits, etc. An initial idea can help you decide what works best for your interests. For better insight, refer to our blog– ‘Various Charges Tenants Have to Pay When Renting a Flat in a Gated Apartment‘. To avoid conflicts later on, both parties must always finalise the deal after both parties sign the written lease document.
Nonetheless, here are a few things about House Rent Agreements in Bangalore.
Rent/ Lease Agreement
A rent or lease Agreement is a written document between two contracting parties, namely the property owner and the tenant, which binds both parties under mutually agreed terms and conditions for a decided tenure. Additionally, a registered rental agreement can be valid proof for resolving disputes.
Usually, few rental property owners try to skip it, as they feel it consumes time and money, further complicating the process. However, both parties must understand the perks of a legal written lease agreement, such as dispute resolution, no arbitrary increments in rental payments, legal protection etc. The clearly defined roles and responsibilities ensure both parties suffer from no hassles.
Nonetheless, prospective contracting parties should take note of the following points before preparing or signing any rental agreement.
Process of Preparing Rent Agreement
Hearing the word ‘process’ blues many people. However, it follows mostly easy and similar steps in all Indian states with few exceptions. If you are looking for rental properties in Bangalore or want to list your property for rent, then you must follow the following procedure for preparing a rental agreement:
The tenant and the Property owner will list clauses they want to include in the agreement. Here, the consent of both parties is necessary on each point. For a better understanding, property owners can refer to our blog, ‘ What Are the Main Clauses of a Rent Agreement‘, to frame a draft agreement that best includes their interests.
Once parties reach an agreement, they must print the document on a stamp paper.
After printing the agreement, reviewing the terms and conditions is recommended again to avoid any confusion or discrepancies.
At last, both parties must sign the rental contract in the presence of at least two witnesses.
In Bangalore Registration of a Rent Agrement is not required if the term of the agreement is for 11 months. If the agreement is longer, it is suggested to register the agreement at the nearest Sub Registrar office. ORO PropTech can help you with this registration.
Generally, all states have set their criteria for preparing and registering rent agreements. For instance, Bangalore land owners and tenants must register a contract only if the rental tenure is 12 months or more.
To register the House Rent Agreement, follow these steps:
Print the rent agreement on stamp paper of appropriate value.
Contracting Parties and two witnesses need to sign the document in the presence of the local sub-registrar’s office. If one of the parties is absent, their power of attorney can sign the document.
Document Required for Rent Agreement Registration
For registering a rent agreement, the following documents are required:
Both parties must submit–
- Address proof such as Passport, Aadhaar card or driving license in photocopy formats.
- Identity proofs like PAN or Aadhaar
- Passport size photographs
- Tax receipts
Rental property owners must submit the following–
- Ownership proof like title deed, property tax receipt etc
Get Bangalore Rental Agreement Online
That’s all about preparing and registering the lease agreement in Bangalore. But going through all the steps is only some people’s favourite idea for tea. So, why not opt for a much easier and hassle-free option where you can get the rental agreement ready and signed while sitting at your home? If you are a tenant or a rental property owner seeking clarity on house rental agreements, Contact us for detailed information on home rent agreements in Bangalore.
With the online option, you can conveniently prepare and sign the agreement with the guidance and support of a professional real estate agent. It makes your job easier and cuts transportation, paper, and other expenses. Nonetheless, if you need more help, ORO Proptech is ready to advise you on every step related to selling, buying and renting a home for both Indians and NRIs interested in Bangalore’s real estate. We use data to help tenants, buyers, sellers, and landlords make informed decisions that best suit their needs in the long run. Get in touch and make property management a worry-free chore.