Things to keep in mind before you give out flat on Rent
Many people invest in real estate to earn a decent rental income. In India there are many people whose primary source of income comes through rentals. The shortage of space and sky-rocketing rates of properties are some of the main reasons why a huge chunk of population prefers to live in a rented accommodation. For the flat owners, rentals help people to earn extra money. But many a times, the flat owners find themselves in problematic situations.
For being on the safe side land owners should always:.
1. Do a Verification of Tenants: Verification all the claims of the prospective tenant. Check the ID proof, permanent address, employment address, and other details. Always cross-check all the information. This way, you can save yourself from any untoward situation in future.
2. Lease Agreement: Always include all the necessary clauses within the rent agreement. Hire a lawyer if required. There should be no discrepancies in the agreement. Clearly mention the duration of the lease period as well as its expiry or renewable date. Also include the details of the deposit and the period after which it shall be returned back.
3. Ownership: Name of the land owner should be clearly mentioned in the agreement. An explicit mention will help you to avoid any future disagreements.
4. Termination of Rent Agreement: If you have rented an apartment for a specific time frame and you don’t wish to renew it, then don’t forget to mention this in the lease agreement. So that incase the tenant does not vacate the premises you can challenge him in court.
So, before you give a flat on rent, always keep all the terms and condition well recorded in a proper format and get signed by the tenant.