What is the charge of rent agreement?
Table of Contents
What is the charge of rent agreement?
Your Guide to registering a rental agreement in Karnataka
| Rental Period | Stamp Duty (\% of Consideration Value) | Registration Charges |
|---|---|---|
| ≥ 10 < 20 years | Rs 2 per Rs 100 | Rs 0.5 per Rs 100 (Min: Rs 200) |
| ≥ 20 < 30 years | Rs 3 per Rs 100 | |
| > 30 years* | Rs 5 per Rs 100 (Min Rs 5.6 lacs) | Rs 1 per Rs 100 (Min: Rs 1 lac) |
Is tenant responsible for service charge?
When a rental property is located inside of a block of apartments, flats or a house conversion or house share, it’s often a requirement that either the tenant pay an annual service charge. This charge will usually cover general maintenance and repair work that needs to be carried out in communal spaces.
What is the role of witness in rent agreement?
To validate the agreement, both the landlord and the tenant ought to sign the agreement in the presence of two people who are non-beneficiaries of the property and will sign on the agreement as witnesses. In most cases the real estate agent doubles as one of the witnesses.
Who is responsible for painting landlord or tenant India?
3. Maintenance charges. The cost for maintenance works, such as structural repairs, whitewashing, and painting shall be borne by both the tenant and the landlord. While the major chunk of the expenses is usually borne by the landlord, the agreement has to state which party will bear the expenses for specific items.
Can a tenant make rental agreement?
In the state of Karnataka, following are the legal requisites for the creation of a rental agreement: The rental property should be either used for residential or commercial purpose. The purpose of use has to be specified in the rental document.
Is the tenant responsible for rates and taxes?
Payment of rates and taxes is the responsibility of the owner and does not fall to the Body Corporate.