Boost Your Storage Rental Agreement Legitimacy in India with Electronic Signatures

How to eSign a document: electronic signature legitimateness for Storage Rental Agreement in India

no broker as a homeowner renting out to your property can be a great way to earn some extra income however it's important to have a solid rental agreement in place to protect your interests as a landlord a rental agreement is a legal document that outlines the terms and conditions of the rental agreement between the landlord and the tenant in this video I'll be sharing a comprehensive guide on rental agreements for homeowners in India we will cover everything from the basics of rental agreements to the key Clauses that you should include in your agreement hi I'm yoshu before we get into the video do consider subscribing to our Channel and hit the Bell icon for future updates now without any further Ado let's get started the first thing is to know the important terms that you should include in a rental agreement which are information of the tenants names of all the occupants should be mentioned in the rental agreement so that there's a clarity about every individual living in the rented property taking responsibility for the place duration of stay to make sure that the tenants wickets as per the decided time and will not illegally try to take possession of the property this will leave the owner on a safer side legally next is rent amount the rental amount or installments that have to be paid should be specific the sum of the money needed to be paid every single month the date and the punishment statement for any late payments should also be mentioned this is done so that both parties know clearly what needs to be done next is maintenance costs the maintenance cost is either the tenants or landlord's responsibility it varies from property to property it has to be mentioned in the rental agreement who will be responsible if any damage is done or bear the costs for the major minor repairs so that there is no confusion or miscommunication pose the duration of the tenancy next is rules this mentions the rules regarding the safe keeping and the treatment of the property and its surroundings rules about subletting the space and causing alterations to the property are mentioned here next is renewal of the rental agreement under this mention the date of the renewal of the agreement if the tenant is staying for a longer period that extends poorly decided upon duration then they need to sign the lease again next is amenities here mentioned the amenities that are provided to the tenant their condition and if they require any repairs Etc next is exit clause if the tenant is leaving before the decided upon a time then she or he would have to abide by the rules of the exit clause pertaining to the agreement next is date and signatures lastly both parties need to sign the agreement for proof stating that they agree with all the Clauses and rules failure of doing so might lead to unwanted legal action here are some essential terms and conditions that both parties should be aware of security deposit this is a sum of money that the tenant has to pay to you as a landlord as security against any damages or unpaid rent the amount is usually equivalent to two to three months of rent and is refundable at the end of the lease period subject to the condition that the tenant has not caused any damage to the property so let's say if the rent of the house is 30k per month the security deposit will be around 60 to 90k that is a total of two to three months of rent next is rent payment the rent payment is usually made in advance and the due date is mentioned in the rental agreement if the tenant fails to pay the rent on time you you have the right to charge a penalty or even terminate the tenancy next is maintenance charges the rental agreement should clearly State who is responsible for paying the maintenance charges in most cases you as a landlord will bear the cost of maintaining the structure of the building while the tenant is responsible for any damage caused by them next is use of property it should also clearly State the purpose for which the property is being granted the tenant should not use the property for any illegal activities or anything that violates the law next is termination Clause the rental agreement should specify the notice period required by both parties to terminate the lease this could be anywhere between 15 to 30 days depending on the terms agreed upon one more crucial element of any rental agreement that you may not know about is the fullest verification of the tenant this is an important step that needs to be done to ensure the safety of your property ing to section 188 of the Indian Penal Code doing a background check is mandatory failure to do so is a punishable offense now let us talk about the rental agreement process in India everyone who wishes to reside in a rented property must register the rental agreement to register a rental agreement follow these steps it is necessary to register agreements that last more than a year while agreements that last less than a year should be notarized by a public notary along with stamp duty to be considered credible prepare an outline of a rent agreement with the preferable Clauses related to the rent and security deposit next get the rental agreement printed on a stamp paper with an assigned value then get the signature of both the tenant and yours as a landlord on the design places of the rental agreement visit the sub-registrar's office at the relevant sub-localities along with the tenant carry a copy of the ownership proof of the property passport size photographs and ID cards for individual verification and validation as soon as the stamp duty is paid the registration of the rental agreement is completed the charges typically are about rupees 1100 regardless of the property value or rental amount you can also hire a lawyer to do the same now let us discuss how to execute a valid rental agreement a rent agreement must be registered in ance with the registration Act of 1908. if it lasts for a period longer than 12 months there is no necessity to register the rental agreement if the term is less than 12 or 11 months the rental agreement must be printed on stamp paper received from the sub-registrar office of the location where the property is located the agreement must be signed in person at the sub-registrar's office by both the landlord and the renter in the presence of the registrar the stamp paper must be signed by two witnesses as well and registered when the necessary payments have been paid however you can skip this entire process as no broker offers a hassle-free way to create a rental agreement we also provide service of next day rental agreement delivery it is legally binding and includes all the essential terms and conditions that you need you can also customize the agreement to suit your specific requirements renting out your property can be a great way to generate income but it's important to protect yourself as a landlord by understanding the key terms of a rental agreement adhering to legal requirements and verifying your tenants background you can ensure a smooth and successful tenancy well that's all all for this video if you found this video informational do like share and subscribe to our Channel and do not forget to hit the Bell icon for future updates thanks for watching see you next time [Music]