Different Types of Rental Agreement in Delhi

Delhi has become a popular place for individuals and companies to perform various kinds of activities. They come here in search of multiple opportunities. And with the increasing number of people and companies in Delhi, there is a huge demand for rental properties. Individuals and organizations search for room, house or business properties that are offered for rent purposes.

Growing demand for rental properties is increasing, ultimately increasing to demand for rent agreements in Delhi. There are multiple types of lease agreements offered in Delhi which you can select depending on your needs and purposes. Do you have any idea about it? If not, you should continue reading this article to know about the different types of rental agreements in Delhi.

What is a Rental Agreement?

Rent agreement is a mutual agreement of rental between property owners and tenants. The agreement includes details like duration, rent amount, responsibilities of both parties and other important terms and conditions. This helps the owner as well as the tenant in knowing their role and responsibilities.

Drafting a rent agreement saves time of both parties and also from any kind of trouble later on. Therefore, it is essential to create a lease agreement so that it fulfills the need of both. A landlord will benefit as he/she will be paid rent on time and renter is assured that the owner cannot change the terms and conditions of rent on his/her own.

Procedure to Get Rental Agreement in Delhi

To create a lease agreement in Delhi, you need to do the following:

• Discuss important information and details such as rent, security deposit, maintenance charges, etc.
• Prepare a rough draft which will include details such as names of parties and address of the property
• Adding important terms and conditions to the document
• Purchase stamp paper of recommended value
• Print your fresh draft on the stamp paper.
• Put signatures of both landlord and renter, in the presence of two witnesses
• Register the document at a local Sub-Registrar office

How does E-contracts Help You Draft Your Rental Agreement Online in Delhi?

Drafting a lease agreement in written form is a work of the past. With growing technology, some companies have come up with the ease of drafting an agreement online for you. These companies help in saving your time by reducing the procedures mentioned above and also make the process of drafting the agreement hassle-free. One such company is Feelium E-Contracts where you get templates for your different contractual needs. You cannot only pay and download the rent agreement but can also modify the template as per your need. Hence, use this digital way of drafting a lease agreement if you are an owner of a property and renting it to an individual or a company.

Different Types of Rent Agreement in Delhi

Following are some common types of rental agreements that people can create in Delhi:

Flat Rent Agreement

A flat rental agreement is created when an individual is willing to rent out a single unit in an apartment (not the whole property). Such agreements are drafted carefully, which includes rules and regulations of the residents’ association and clauses for having access to common amenities in Delhi.

Room Rent Agreement

Room Rental agreement is much alike but slightly different from the conventional rental agreement. Here, a landlord leases only a room to the tenant.

House Rent Agreement

This is a well-drafted agreement which defines that a house is being given on rent. House rental agreement should be in place before the renting of the house starts.

Commercial Office Agreement

Commercial office agreement is used by any individual, company or business owner who is willing to take up a property to use it as an office in Delhi.

Commercial Shop Rent Agreement

Commercial shop rental agreement is where a business owner takes up a property for using it as a shop in Delhi. This agreement is signed between the owner of the business and the owner of the property.

Now you know the different types of rental agreements that individuals, companies, and businesses use in Delhi. Drafting a rental agreement is a tough job as you need to discuss and agree on various clauses and terms and conditions of each other. But to make the process easier and faster, you can choose to go digital by drafting your agreements online at Feelium E-Contracts.