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Rent Agreement 11 Months: Why is a rent agreement made for 11 months, Know the reason and rules
Rent Agreement 11 Months or 12 Months: If you live on rent or are going to rent a place, then this news will prove useful for you. If you have ever lived on rent, then you must have had a rent agreement made. Landlords mostly get a rent agreement made for 11 months from their tenants. Have you ever wondered why it is not made for 1 year? Let us tell you that the rent agreement is not made for 12 months for this reason.
Why is an agreement made?
A written agreement of rent for 11 months is made between you, i.e. the tenant and the landlord. When you take or give a house, flat, room, area, etc. on rent. Then you have to get such an agreement made. It contains the rent, condition of the house, address of both parties, and rent agreement. The landlord also writes his conditions in it, which he has to tell the tenant.
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This is why 11 months are necessary.
Under the Registration Act, if a property is given on rent or lease for 12 months or more, then that agreement or lease agreement has to be registered. To avoid the hassle of expenses incurred in this paperwork, the rent agreement is made for only 11 months. In Agreement Registration, along with the registration fee, stamp paper is also applied. At the same time, there is no such obligation in the rent agreement of 11 months.
What is the Rent Tenancy Act?
Let us tell you that the rent given by the tenant to the landlord by making a rent agreement of more than 11 months comes under the purview of the Rent Tenancy Act. In this act, if there is any rent dispute and the matter goes to the court, then the court has the right to fix the rent. Then the landlord cannot charge more than that rent.
Stamp duty and fees
If you make a lease agreement. In this, if you lease for 5 years, then you will have to pay a 2 per cent stamp duty on the average amount of rent for the same number of years. If there is a mention of security deposit in the agreement, then 100 rupees more will be charged. At the same time, if the rent agreement is for more than 5 years and less than 10 years, then 3 per cent stamp duty is charged. 6 per cent stamp duty has to be paid on lease agreements of more than 10 years and less than 20 years. Apart from this, a registration fee of Rs 1,000 is also charged.
