A rent agreement, often referred to as a lease agreement or rental agreement, serves as a legally binding document that delineates the terms and conditions governing the rental of a property by a landlord (property owner) to a tenant (individual or entity seeking to rent the property). This contractual arrangement establishes the rights and responsibilities of both parties throughout the rental tenure.
The Model Tenancy Act of 2021 made rent agreements necessary when people rent a house. If they stay in the house for a long time, like more than 11 months, they have to make a registered agreement in the sub-registrar office. But if they stay for a shorter time, like less than 11 months, they can use a simple agreement on stamp paper instead.
To facilitate this process, there are two primary methods to generate a stamp paper agreement:
1. Offline Mode:
In this mode, the property owner collects all requisite documents and then obtains a stamp paper agreement from a notary. Once the documentation is complete, the agreement is signed by both parties, finalizing the rental arrangement.
2. Online Rent Agreement:
Opting for an online rent agreement offers a more streamlined and convenient process. The RentOk app simplifies the procedure, making it accessible to all. Here’s a step-by-step breakdown of how to create an online rent agreement:
Step 1: Download and Install Rentok App Begin by downloading and installing the RentOk app from Playstore. This user-friendly application is designed to facilitate hassle-free creation and execution of online rent agreements.
Step 2: Add Tenant and Initiate Onboarding Once the app is installed, open it and navigate to the people section to add the tenant’s details. Following this, the tenant receives a WhatsApp message containing instructions to complete the onboarding process.
Step 3: Aadhar Verification and E-signing During onboarding, the tenant is prompted to verify their identity using Aadhar. This verification is conducted through the linked mobile number, ensuring a secure and reliable process. Subsequently, the tenant e-signs the rent agreement using the app’s interface.
When the person who wants to live in the house signs their name online, the agreement becomes real. Both the owner and the person moving in get a copy of the agreement. This way, they both know what they agreed to. Using these steps, the RentOk app makes it super easy to make the agreement online. This new way helps make things go faster and makes sure everything is done the right way according to the law. Owners can get an agreement on stamp paper worth ₹10 to ₹500.
The creation of a well-drafted and legally binding rent agreement is essential to safeguard the rights and obligations of both landlords and tenants. If you want to make an rent agreement online just click here