Online rent agreement: Process, format, registration, validity and much more

[ecis2016.org] Discussed here, are the various aspects of executing an online rental agreement

Gone are the days when landlords and tenants in big cities had to visit notary offices, for drafting rent agreements. Now, with various platforms allowing facilities to create rent agreements online, landlords and tenants can get this job done from the safety and security of their homes.

You are reading: Online rent agreement: Process, format, registration, validity and much more

Apart from providing readymade templates for online rent agreement formats, these platforms also help one to custom-design the document. Platforms like Housing Edge, for example, not only help the two parties to draft an online rent agreement keeping in view their specific needs but also help them to incorporate terms and conditions to safeguard the interest of everyone concerned.

It is important to note that online rent agreements that are executed on e-stamp paper and signed by both the parties, are legally valid documents and act as an address proof for the tenant and a proof of tenancy for the landlord.

How is an online rent agreement created?

To draft online rent agreements, the tenant or landlord has to fill in the details on a platform he chooses to go ahead with, make the payment and digitally sign the agreement. The service provider will then mail an e-stamped rent agreement to their respective mail boxes instantly.

Note here that since the entire process is completely online, you do not require a hard copy. However, you could get a copy of your registered online rent agreement printed from your email ID after downloading it in PDF format.

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Process followed to create an online rent agreement

Step 1:  The landlord/tenant fills in the personal details, along with delivery contact details or email details and customises the rent agreement template provided on the platform, according to his specific needs.

Step 2: The landlord/tenant enters the denomination of the stamp paper required and makes the payment.

Step 3: The online rent agreement provider gets the document printed on the stamp paper of denomination requested, completes the documentation and delivers it to your email id.

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Details needed to create a rent agreement online

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The details that one must be ready, with before stating to fill the online rent agreement form include:

• Name and address of the landlord and the tenant.
• Terms of payment.
• Notice period.
• Lock-in period duration.
• Date of execution of the agreement.
• Purpose of lease: Whether for residential or business purpose.
• Yearly increment terms.

[ecis2016.org] Everything you need to know about rent agreements

Is the facility for registration of rent agreements online available all over India?

So far, online brokerage platforms have launched this facility only for big cities, where the rental housing market is quite robust. These cities include Delhi, Mumbai, Bangalore, Gurgaon, Noida, Hyderabad, Chennai, Kolkata, etc. Going forward, the facility to draft and register online rent agreements is likely to reach state capitals and tier-II cities, as well.

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How much stamp duty is payable on online rent agreements?

The online rent agreement is drafted on e-stamp paper with a denomination value of Rs 100, on the Housing Edge platform.

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Category: Lifestyle