Checklist of things to keep in mind while renting your property
Most people will agree that giving a flat on rent in Jaipur or Delhi or any other city is not an easy task. It could welcome a lot of problems if not handled properly.
The common problem such as misuse of the premises by the tenant, nonpayment of maintenance fee on time, and delay in payment of rent can easily be avoided with a few checkpoints.
Here is a checklist which will help you in avoiding the hassle later:
1. Fixing the rent:
The first and the foremost step to ascertain is to fix the correct rent amount. It is advised to do the proper market research about the current trend before fixing the amount such as talking to the neighbours and contacting the professionals in that area. The rent is directly related to the capital value of the property. So, if you plan to fix a higher rent amount, make sure you justify it by offering premium services or extra furnishing.
2. Rent Agreement:
A rent agreement is a legal document which binds both the landlord and the tenant. Both parties should comply with the mutually agreed conditions. In case of a dispute between the two, it plays a crucial role. So, the agreement should be drafted with the utmost care and make sure it is duly signed.
3. Register the Lease:
Once the lease agreement is prepared, it is essential to get it registered. Acc to Rajeev Aggarwal, partner, R. A. Law Co. Advocates & Consultants, in case of litigation only the registered lease agreements can be used as a piece of evidence in the court. So, in cases when tenants are having any doubts related to the As per Section 17 of the Registration Act 1908, registration is compulsory only in the cases where the lease period is more than 11 months.
4. Hire a professional:
How can you let it be known that you want to give your house on rent? The traditional and most preferred way is to approach a professional. It smoothens the whole process by giving the personalised services to both the tenant and the landlord, thereby making the process hassle-free for you. There are companies which provide the reliable and professional assistance which one can avail as a part of their maintenance facility.
5. Police verification:
When it comes to the background check of the tenant, make sure you don’t miss out on this point. Not doing the police verification is a punishable offence under Section 188 of the India Penal Code. Moreover, it lowers the risk of renting out to a person with a criminal background.