What are the steps involved in preparing a Rental Agreement?
Step 1: Prepare draft agreement
Step 2: Buy E-stamp paper from registered office or any of cooperative bank in Bangalore. Rs.100 E-stamp paper would be safe and best for Bangalore rental market.
Step 3: Print the agreement content in E-stamp paper
Step 4: Get the notarization from lawyer. Agreement notarization is mandatory if use your agreement for address proof application like gas, telephone connection, passport application etc.
Step 5: Property owner and tenant has to sign all the pages of agreement at bottom of pages. Witness has to sign at witness column.
There are 3 ways of preparing a rent agreement:
Do It Yourself - You can download Rent Agreement Format from internet, customize it, fill your details, sign it and get it notarised. This is the most cost effective and efficient way of making the rent agreement.
Use Services of Broker - You can use services of the broker to get the rent agreement made. But you may not be satisfied with the draft of the agreement used by the broker. Most brokers use a simple rent agreement that does not cover all clauses properly.
Online Rent Agreement - Now a days, few companies have started offering rent agreement services online. You can try out any of these services.