This makes it imperative that real estate requires, from year to year or for a period of more than twelve months, a mandatory registration with the office of the Sub-Registrar of Insurance responsible for the location of the property for rent. Both parties, i.e. the tenant and the owner, must be present with two witnesses to be certified, in order to be able to register the deed. If all parties are not present together, he/she must sign the power of attorney that gives the agent the authority to sign the agreement. If the rental period is extended to one year or more, the parties to the transaction must pay stamp duty and registration fees. In accordance with section 17 of the Registration Act 1908, the registration of contracts for the lease of immovable property is compulsory from year to year or for a period longer or reserved for an annual rent. This section therefore applies to one-year leases, which significantly increases rental fees. In such cases, the tenant must bear the stamp duty and registration fees. Housing.com has implemented a fully digital and contactless service to create rental contracts.
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. Either the landlord or the tenant can buy the stamp paper and he will continue to be the buyer. If you want to have an original agreement, you need to buy the stamp paper yourself. You can obtain a photocopy or a scanned version from the other party. Although you can use stamp papers after six months, unused papers should ideally be returned to the collector within six months and you could also be refunded. Using old stamp paper is not a good idea. If the agreement includes a deposit, add more Rs100 and Rs1,100 as a registration fee – bringing the total cost to Rs6,240. This does not apply to fees due to lawyers or other intermediaries for all paperwork. In UP, 2% of the rent + deposit is the registration fee.
If a document is not registered, it is never considered primary evidence. Instead, it is accepted as collateral evidence. The Registration Act of 1908 is an instrument that requires mandatory registration within four months from the date of its execution The Registrar may, at his discretion, extend for a further four months by imposing a fine of up to ten times the registration fee, since the instrument is not available within the first four months. It-Tribunal rejects the taxpayer`s HRA claim on the rent paid to the mother: an analysis. Once the agreement is concluded and signed and if the lease is less than one year, the document can be certified by the notary and if the lease is longer than one year, it must be registered with the local sub-registrar to make it legally enforceable in the event of a dispute. A registered lease retains more probative value than a notarized lease. . .