Things to Watch while Renting your Property in India
One of the frequent queries we receive is regarding the renting out of the properties by NRI in India.
With this blog we would like to give some important guidelines to be observed while giving property on Rent in India.
First and Most important thing to be kept in mind is to take the services of a competent lawyer who can draft a proper Rent Agreement.
The rent agreement is the only document which gives the Tenant right to live or use your property and hence utmost care should be taken for drafting the same.
The rent agreement should contain all the terms and conditions of tenancy. It is preferable to get your rent agreement registered. Stress should be laid on taking Post dated cheques from the tenant for the entire duration of tenancy. A little background check of proposed tenant should also be carried out. There should always be atleast one witness known to you on the rent agreement.
The 2nd most important thing that you should ensure is that Tenant Verification form is duly filled and submitted to the concerned Police station.This is a mandatory requirement and failure to do so would attract penal provisions.
3rdly you should preferably give a special POWER of ATTORNEY to one of your relatives or friends who can look after your property and take necessary steps required for the upkeeep of the same in your absence.
Needlessto mention, proper documentation to compete formalities would ensure healthy Labdlord- Tenant relationship and make the property a source of Joy and income for our NRI clients.