LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

1. CREDENTIALS - Check the credentials of the person you are renting out your property to check the I cards, bank statements, previous history, etc.

2. REGISTRATION - Make sure proper registration has been done and stamp duty duly paid. In the event of rent agreement, less than 12-month registration is optional, but do not evade the stamp duty. Consider it your insurance against any foul play.

3. POLICE VERIFICATION - Take his permanent address and on the basis of this, please get a police verification done.

4. PDCs - Take Post dated cheques/NEFT Mandate for lock-in period. This will not just reduce any chance of argument later, but also remove a big headache as a landlord.

5. POINTS TO INCLUDE IN YOUR LEGAL AGREEMENT - Make sure you have defined the period of lease and rights of re-entry. The termination clause and purpose of usage must also be clearly defined. Further, in the event of unauthorized occupation, misuse charges must be levied on a per day basis.

Disclaimer: This is an effort by Lexcomply.com to contribute towards improving compliance management regime. The user is advised not to construe this service as a legal opinion and is advisable to take a view of subject experts.

"Loved reading this piece by RSJ LexComply?
Join LAWyersClubIndia's network for daily News Updates, Judgment Summaries, Articles, Forum Threads, Online Law Courses, and MUCH MORE!!"

Tags :

Category Property Law, Other Articles by - RSJ LexComply