What is the Process of Rent agreement in Bangalore?
One of the fast-growing IT capitals of India in Bangalore. The IT spot has experienced a lot of people locating there from different parts of the country.
Technological organizations are the reason why Bangalore has become the favorite spot amongst the working generation. Due to which the city has also witnessed an increased demand for rental properties. If we talk about the rental market in Bangalore, it seems to be quite systematic compared to other cities in India. Well, if you’re one of those individuals looking out for a change and planning to shift to this IT capital, then it is very important to know how you should go about it. There are certain rules one might want to consider regarding rent agreements in Bangalore.
Let’s dive straight into the process and other important details of the rent agreement in Bangalore
What’s the Process?
Well, the process is kind of the same that is followed by most cities of India.
- The contracting parties should make a list of the many issues they wish to cover in the lease agreement. Each point requires the mutual agreement of both parties.
- Once all parties have agreed on the contract terms, it must be put on agreement/plain paper.
- Both sides must examine the printed agreement document again to ensure that the terms are correct and to avoid inconsistencies.
- If both parties are happy with the agreement’s terms, they must sign it in the presence of two witnesses.
Is the agreement compulsory in Bangalore?
When it comes to renting agreements in Bangalore, it is not necessary to register the agreement if the term is shorter than 12 months. However, it is strongly advised that the agreement be recorded. A registered rent agreement is legally obligatory on both parties, who must follow the agreed-upon terms and conditions.A recorded rent agreement is legally binding. As a result, it can be utilized as evidence in the event of a disagreement between the two parties.It is crucial to understand that only a written agreement can be legally recorded and enforced. Oral lease agreements are not enforceable.
Final Thoughts
A rent agreement can protect both the owner and the renter from potential conflicts. If you want a healthy relationship as an owner and a renter, the rental agreement should be drafted with care and with mutual consent at each phase.
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.
