Author: Sachin Gupta | Find me on Twitter Follow @sach_gupta
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Leasing or renting out your property is a demanding job. Not
only you need to maintain the property but at the same time you need to be
careful in choosing the right tenant with good financials who can pay the
monthly rent and other expenses on time.
There have been instances when tenant has refused to vacate the property
even after the termination of rental agreement. Because of this, there is certain
percentage of landlords who avoid renting out their property to prospective
tenants. And it puts the pressure on housing market because on one hand there
is demand for housing but rental market is not sufficiently catering to that
demand. And therefore capital values of housing stock increases at a rapid
rate. Had there been proper laws with respect to safeguarding the interest of
landlords, the supply which would have then come into the market would have
considerably eased the capital values.
The laws on landlord and tenants in India are outdated and
needs complete reforms. However, the central government is encouraging local
state governments to amend these laws to encourage investments in housing and
construction sector. How fast will states in India will move to abolish its old
system is still to be known.
In this environment, how can you as the landlord of residential
property or commercial property such as office space, shops or warehouse lease/rent your property? We list down the steps which you should take before leasing or
renting out your property:
- Background checks
First thing first! Since you are renting your property to a
prospective tenant, make sure to check his/her background by asking tenant to
provide a reference certificate from a colleague/friend or co-worker. At the
same time, find out about tenant’s previous landlords and talk to at least one
of them. Ask for tenant’s permanent address as well and permanent address can
be known by asking tenant to show 2 photo ID cards such as a passport and
driving license or a voter card. In most cases, these 2 photo ID cards will have
the same permanent address.
- Police verification
As per the law, these days tenant verification at a local
police station is required for landlords. Do not ignore this verification
process before you rent out your property. This is a punishable offence under
Section 188 of the Indian Penal Code.
- Solid Lease agreement
Prepare a lease agreement which safeguards your interests
and you should have the following in a typical lease agreement:
- Basic clauses
- Security deposit clause
- Maintenance of the property
- Concealed defects and responsibility for fixing it
- Sub-leasing clause
- Termination notice
- Registering the lease agreement
Now that lease agreement has the above mentioned clauses, it’s
time to register the lease agreement. If you are leasing or renting your
property for a short time period in India, a lease agreement is not mandatory,
but the agreement is required if the property is being rented out for over 11
months. The agreement is registered with the local registrar office.
So, as a landlord, did you follow the above process of renting your property??
Have any Questions? Tweet to @sach_gupta
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