How To Renew Your Registered Rent Agreement

In Maharashtra, under the Registration Act of 1908, any agreement for leave and license or letting in of any premises, entered into between the landlord and the tenant or licensee shall be in writing and registered under the act. Failure to comply with the renewal and registration rules may result in a fine or even imprisonment.

What points to reconsider while renewing

• Know the terms of your present agreement (that is to be renewed).
• Contacting the owner/ broker in writing at least before 45 days
• Annual rent increase might happen, so know your budget
• Always request an agreement copy for your records.

Renewing rent agreement in case of offline registration

To register your renewed agreement, go to the nearest sub-office of the registrar. The renewal must be completed at least two months before the deed’s expiration date.

If both parties are not present simultaneously, the Power of Attorney must be signed, giving the attorney the authority to close the agreement.

The process of renewal goes like this:

1. Preparing a draft of the rental agreement in Word format.
2. Buy an e-stamp paper from your local co-operative bank, court, or register office to print the draft.
3. Bring your supporting documents to a notary public near you.
4. The agreement must be signed by the landlord, the tenant, and two witnesses.
5. The agreement is attested and signed by a notary public.

Renewing rent agreement in case of online registration

In Maharashtra and a few other states, you can register for a rental renewal agreement online. To do so, the individual/landlord must go to the e-filing website and create a profile.

The landlord can pay stamp duty and fees online when the transaction is completed by creating an online challan receipt.

The landlord can schedule an appointment with the sub-registrar after successfully delivering the required costs. To ensure effective registration of the property, they must come to the sub-office registrar’s on the scheduled day with all the necessary documents.

Documents required for the renew registration of a rental agreement

• The property’s original ownership or title.
• Index II or the tax receipt for the property to be leased is an example of property documents.
• Two photographs of each party and one photo of each witness
• Any of the following documents for address proof:
  • Passport,
  • Aadhar card,
  • Ration card,
  • Bank passbook,
  • Driver’s license.

Is renewal less time-consuming, or the whole process needs to be done again?

When you renew a lease, you save money and time. You will not have to pay for the shifting and brokerage, and from the owner’s point of view, renewing will cut off the tedious process of looking for a new tenant. Also, the whole verification process need not be done. Therefore renewal is time-saving for both parties.