You and your tenant can usually choose between you the terms of the tenancy agreement, unless they are contrary to the landlord and tenant regulations. You should inform your tenant if you decide to sell your rented property. If no new agreement is reached between your tenant and the new owner of the property, the terms of the existing lease will continue to apply. Don`t forget to clarify with the tenant and the new landlord the responsibility for the repayment of the deposit to the tenant. A rental agreement must be stamped within 30 days of execution. You can qualify a rental agreement via the Internet, by mail or in person with the Stamp Office of the Inland Revenue Department. Both the landlord and tenant are required to pay stamp duty. Stamp duty is generally shared between the landlord and the tenant. Subject to the terms of your tenancy agreement, you and your tenant may be responsible for government rates and rents. The ratings and evaluation department and the Lands department offer a number of online services to facilitate payment. Maintenance: The contract must clearly state who must pay the monthly maintenance fee.
In order to promote rentals in India, the government has drafted a draft directive, the Model Tenancy Act, 2020, to make the transaction advantageous to both landlords and tenants. The provisions of this model policy should be the guiding principles for the development of a lease agreement. According to the union secretary, the policy, which will likely soon replace existing rental housing laws across India, will unlock via a Crore apartment on rental markets in India. The registration fee for rental contracts in Karnataka is 1% of the deposit. While many people forget the importance of paying a correct stamp duty and registering the document, these factors cannot be ignored. If the corresponding stamp duty is not paid, the parties may have to pay, in the event of a dispute, 10 times the original value as a fine. Visitors: The agreement must contain a clause on who can visit you and when. Number of occupants: The agreement must indicate what happens if your family members come to see you in the future. The tenancy agreement should include the name and address of the landlord and tenant, the terms of the tenancy, the duration of the lease, the rent and the amount of the deposit, the restrictions imposed on both parties, the terms of termination of the contract, the terms of renewal and the indication of other costs, such as maintenance costs, repairs, etc. Alternatively, you can use our customizable, verified lawyer ready to use rental contracts to save time and money. A fixed-term lease, established on or after July 9, 2004, expires at the end of its term.
Landlords and tenants do not have to issue notices of termination.