Online Lease Agreement in Bangalore
Online Lease Agreement in Bangalore
Introduction to Lease Agreements in Bangalore
A document that enables a tenant to use a specific property owned by another person for a set duration in exchange for rent is called an agreement. In the case of a lease agreement in Bangalore, the tenant can enjoy those rights for a period of a year or more. However, the ownership rights are never transferred to the tenant during this period. This document states a few terms and conditions both parties should uphold apart from identifying the parties and mentioning the rent, duration, and custom clauses.
Common Clauses in Bangalore Lease Agreements
| Clause | Description |
| Renewal Clause | It may be a clause that auto-renews the agreement with the same clauses or otherwise. |
| Early Termination Clauses | Allows either party to exit the agreement with or without notice. |
| Pet Policies | Simply let the tenant know if pets are allowed within the space or not. |
| Smoking Policies | Lays down the rules for smoking within the premises. |
Security Deposits in Bangalore
A security deposit, as the name suggests is an amount charged by the owner to safeguard them from any damages caused by the tenant during tenancy. The tenant needs to pay this before moving in and the exact amount is mentioned on the house lease agreement Bangalore. The permissible limit for the security deposit according to the Karnataka Model Tenancy Act is equal to 2-3 months of the rental amount.
The landlord must also immediately return the security deposit at the end of the term. It is also important to know that the owner has the right to deduct certain amounts from the security deposit before returning it to the tenant. This happens when the owner must be compensated for any damages made to the rental space.
A final inspection is carried out by the landlord on or a few days before the tenancy ends. The owner inspects the property to look for damages like broken windows, damaged tiles, too many holes in the walls, etc.
What is Lease Duration and Renewal?
Every lease agreement format Bangalore mentions a duration between one and ten years. This implies the period within which the terms and conditions of the agreement are valid. Since the duration of a lease agreement is pre-decided, the terms and conditions like rent cannot be amended during this period.
In some cases, tenants and landlords wish to continue the tenancy even after the term is over. Such scenarios call for a renewal which sees a fresh lease agreement being drafted. The owner has the freedom to change the old terms or even add new ones if they wish. However, all of this needs to be unanimously agreed upon by both parties.
Karnataka Rent Control Act
The Karnataka Rent Control Act sets the foundation for every tenant-owner relationship in Bangalore. It states rules and regulations that govern eviction, dispute resolution, and, above all, rent. Clearly understanding the implications of this act is important for both tenants and landlords. Here are a few key provisions:
- If a tenant has not paid rent or has promised to clear the arrears, the owner has the right to give them a two-month notice before asking them to vacate the space. If the request is not obliged the owner is free to move to court.
- If the tenant uses the property for other reasons without getting a written permit from the owner, they can be evicted.
- If repairs need the space to be vacated, the owner can request the tenant to do so.
- If renovations are made, the owner can increase the rent by 10% of the total renovation cost every year. This does not apply if the tenant pays for the renovations even via monthly rent.
- Tenants can demand the rent to be reduced if the property’s condition deteriorates.
- Landlords cannot cut off the supply of amenities without proper reason. This includes water and electricity supply, sewage, lift, etc.
E-Stamping and Stamp Duty for Lease Agreements in Bangalore
As stated, the lease agreement registration charges in Bangalore need to be paid while drafting a lease agreement. This involves both parties visiting a notary public and signing the agreement in front of two other witnesses who must also sign. The deed is considered stamped once the notary public attests to it.
However, with the help of NoBroker, you can skip all the hassle and do it all with a few clicks on your laptop or smartphone. Additionally, while stamping a deed in Bangalore, a stamp duty is owed to the government. Here are the conditions:
- If the duration is equal to or less than a year for a residential property, the stamp duty charges are capped at INR 500 (0.5% of the average annual rent+advance+premium+fine).
- The same duration for a commercial property demands 0.5% of the average annual rent+advance+premium+fine (no cap) of stamp duty.
- For periods exceeding one year but less than ten years 1.0% of the average annual rent+advance+premium+fine (no cap) of stamp duty is owed.
- For the periods of 10-20 and 20-30 years, the stamp duty follows the same formula with 2% and 3%, respectively.
Documents Needed to Draft a Lease Agreement in Bangalore
Every legal proceeding demands a few identity and address proofs for verification. The house lease agreement format Bangalore is no different. Both parties must share copies of the following:
- Aadhar Card
- Driver’s Licence
- Passport
- Voter’s ID
Additionally, the owner must also share the ownership deed of the space and tax receipts about the same.
How Can NoBroker Help?
Using NoBroker, you will be able to draft a lease agreement in Bangalore from your home or office desk. This doesn’t just add convenience to the entire procedure but also makes it more streamlined while eliminating all the middlemen. Tenants and landlords residing in faraway cities from each other benefit greatly from this. You can scour through hundreds of sample formats in our database while drafting your agreement. The legal experts in our team help you stay within the lines at all times. Our value-added services include tenant verification, same-day delivery, aadhar e-sign and so much more.