Sélectionner une page

If you have ever rented real estate or lived in a rented house, you must have signed a lease. Have you ever wondered why most leases have an 11-month term? Often, neither landlords, nor tenants, nor even real estate agents know why. We`ll find out. The bill also provides that tenants who extend their stay in rented accommodation, as mentioned in the agreement, are required to pay double the amount of rent for the first two months and four times the rent in the following months. A lease provides for a short-term lease agreement, which will be renewed later after the period expires. Typically, a landlord and tenant make a lease for a period of 11 months with the option of a regular extension. If you want to complete the formalities quickly and without problems, you just need to fill in the details, create the rental agreement online, sign the contract digitally and mark it in seconds by e-stamp. In order to reduce the frequency of stamp duty, people used to pay a considerable amount as an interest-free deposit with the nominal rent. This gap has been filled and now, in cases where a refundable bond is recovered by the owner, a notional annual interest rate of 10 percent is charged to that interest-free deposit and you have to pay stamp duty at the same rate, on that interest for each year of the term of the license agreement. To promote rental housing in India, the government has formulated a draft directive, the Model Tenancy Act, 2020, to make the transaction beneficial for both landlords and tenants. The provisions established under this model policy should be the guiding principles for the preparation of a lease agreement. According to the union`s housing minister, the policy, which will likely soon replace existing rental housing laws across India, will unleash a crore unit in India`s rental housing markets. *Once successfully completed, a token number is generated….