Online Registered Rent Agreement Charges: A Comprehensive Guide
If you are planning to rent a property, then getting a registered rent agreement is of utmost importance. It is a legal document that clearly outlines the terms and conditions of the rental agreement, the amount of rent, the security deposit, the duration of the agreement, and the obligations of both the landlord and the tenant. In the past, getting a registered rent agreement was a cumbersome process that involved several visits to the registrar’s office. However, with the advent of technology, one can now get a registered rent agreement online. In this article, we shall discuss the charges associated with online registered rent agreement.
What is an Online Registered Rent Agreement?
An online registered rent agreement is a legal agreement between the landlord and the tenant that is registered electronically. The process of getting an online registered rent agreement is seamless and can be done from the comfort of your home. All you need is an internet connection and a device to access the website of the online registration service provider. Some of the popular online registration service providers in India are Rent Agreement, LegalDesk, and QuickRental.
What are the Charges for Online Registered Rent Agreement?
The charges for an online registered rent agreement vary from state to state in India. However, there are some common charges that you can expect to pay, which are as follows:
1. Stamp Duty: Stamp duty is a state government tax that is levied on legal documents. The stamp duty for a rent agreement is approximately 0.25% to 0.5% of the total annual rent plus the security deposit. For instance, if the annual rent is Rs. 1,20,000 and the security deposit is Rs. 60,000, the stamp duty would be Rs. 900 (0.25% of Rs. 1,80,000).
2. Registration Fees: In addition to the stamp duty, you will have to pay a registration fee to the state government. The registration fee varies from state to state and is usually a fixed amount. For instance, in Maharashtra, the registration fee is Rs. 1,000.
3. Service Charges: When you opt for an online registration service provider, you will have to pay a service charge. The service charge varies from provider to provider and can range from Rs. 499 to Rs. 1,499.
4. GST: GST (Goods and Services Tax) is a central government tax that is levied on services. The GST for an online registered rent agreement is 18%.
Getting an online registered rent agreement is a hassle-free process that can save you time and money. The charges associated with an online registered rent agreement are minimal compared to the cost of visiting the registrar’s office multiple times. If you are planning to rent a property, then getting an online registered rent agreement is highly recommended to avoid any legal complications in the future. So, go ahead and get your rent agreement registered online today!