Pune: Things to know before signing rent agreement: When giving your house for rent or looking for rental accommodation, several key aspects need to be part of the agreement. Clauses about payment, deposit and resolution, in case of damage to property, are some factors that need to be considered. Magicbricks gives you certain key aspects which both, the landlord and the tenant should keep in mind before signing the deal. Documents to be verified before renting: Title Deed – This is proof that the person renting or leasing out the premises is the actual owner of the place Building share certificates – In case the place being rented out is part of a co-operative society or colony, share certificates need to be checked Electricity bills – Should be in the owner’s name Verification of built-up area – You can either measure or use an architect for this No-objection certificate (NOC) – This is a certificate that specifically mentions several conditions. For example, some do not allow bachelors or others such as `only vegetarians’ or ‘no pets’ need to be part of this document The Rental Agreement The lease agreement should be focused on three main aspects: • The rental period • Consistency of payment of the agreed amount to be paid every month by a set date • Clarity on payment such as municipal taxes, society fees and maintenance charges etc A clause mentioning the deposit amount should also be included. The agreement should also clearly state the refund of such deposits when the lease is terminated. Details about payment of electricity bills or telephone bills and the time frame till when they need to be paid should also be clearly stated. In case of default, steps that need to be taken should also be mentioned. As a norm, security deposits that are not refunded within seven days of the expiry of lease are liable to be refunded with interest on each day’s delay, at the rate agreed upon earlier. Checklist for landlord: Rental value of a property is based on market value Reference check of the prospective tenant including place of employment, previous rented accommodation, previous owner’s contact and police verification/registration Agreements must have details about the woodwork and furnishing, if any, the state they are in, information about replacement/repair in case of damage and payment for the expenditure Photocopies of all documents about ownership of the premises, for verification The usual term of the lease agreement is 11 months with a notice of 2-3 months for either party to terminate the agreement. This clause is a must. The lease can be renewed based on mutual consent. Source: magicbricks
Posted on: Mon, 19 Jan 2015 06:16:05 +0000
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