Bangalore is the hub of IT services and an important property destination. The disposable income of the end users in the city is high and hence it is a prime real estate market of India. Owing to the never ending job opportunities in the city, there is also no dearth of requirement of rental homes. The city’s acceptance of new technology and the rising demand for rental homes has led to the development of the online rent agreement service by housing.com.
This is a unique service that s currently available in Bangalore only. Whenever a property owner gives flat for rent in Bangalore, he/she and the tenants have to come together to sign the rental agreement. This rental agreement is initially created by a legal representative for a fee. However the property owner has to ensure that the paper work is complete and many a times has to be present at the site where the agreement is being prepared.
The rental agreement service does away with all the woes mentioned earlier. This service allows a property owner to create a legally valid rental agreement on his/her own. The best part is that it can be prepared online and without any hassles whatsoever. The property owner has to pay a paltry sum and the agreement is also delivered and signed by tenants in the presence of witnesses. So how does the process work?
Using the Rental Agreement Service
The first step towards creating rental agreement is to log into the housing.com portal. Just below all the service options are listed, there is an icon saying ‘Rental Agreement’ and a blue button below it which says ‘Create Now’. Clicking on this button leads to page which gives one an idea about the benefits of creating the rental agreement online. However the button that helps one proceed says ‘Get Started’. When the end user clicks a button, a page is revealed which has the drawing of a stamp paper. There are numerous options listed in a panel on the left hand side.
Numbered from 1 to 8, these options allow a property owner to capture all mandatory and optional clauses of a rental agreement. When ‘Basic Information’ tab is clicked, the owner has to select the city name and the execution date. Once these details are filled, the end user sees a line appear on the rent agreement that reads “This agreement is executed at <City Name> on <Date>” Clicking on the second option brings up a box where the details of the landlord have to be entered. These details include the name, gender, PAN details, address Phone number etc. As soon as these details are entered, they are represented on the rent agreement form in the legal verbatim.
This is how the whole rent agreement is created which is applicable for all houses and rental apartments in Bangalore.
Stamp Duty and Delivery
The property owner can pay the stamp duty online and can either take the printout himself or have the agents of housing.com take a printout on the stamp paper and have it delivered to tenants . Here the tenants sign it and the agreement is considered enforced.
The rental agreement service is currently valid only in Bangalore and will soon be introduced in other territories across India.
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