If you are in need of a rented accommodation, or if you planning to give your home on rent, as a tenant and as an owner you need to initiate a process of full proof documentation, which will safeguard your interest, and in case of a legal ligation or any other conflict or dispute will bail you out from the odd situations.
It is imperative that the lease agreement must have all the relevant details of the landlord and tenant, like the name, age and permanent address of both, along with the photograph of the tenant.
eThe credentials and the past record of the tenant must be duly verified with the local police station and NOC should be obtained for the same, and even from the co-operative society, where the property is located and registered.
The agreement must clearly specify the rental amount payable every month, the mode of payment, the deposit amount received by the landlord and the tenure of the agreement, with a clause stating the increase in rent in case of renewal of the agreement.
The agreement must specifically mention the other charges to be borne by the tenant, and the clauses that may result in the termination of the agreement.
Residential Lease AgreementThe owner must clearly specify the dos and donâ€™ts related to the property, and the penalty imposed in case if there is damage to the property.
The agreement must also mention the notice period and if additional charges payable if the owner does not vacate the premises on the specified time.
All the agreements must be duly notarized and registered at the registrarâ€™s office, and doing so will ensure that in case of a dispute, it will offer legal security to all parties of the agreement.
With these real estate facts in place, you can ensure that renting a place is a cake walk for both the landlord as well as the tenant.