t is better to give on rent or just sell of my flat

Querist : Anonymous (Querist) 04 December 2009 This query is : Resolved
I need to give my flat on rent in Mumbai who documents should I ask for ? what are the risk involved

1. Do I have to do police verification
2. Do I have to pay extra to society
3. Do rental agreement have to be registered with registrar

please guide as I am american citizen and i do not stay in india

It is better to give on rent or just sell of my flat, please advice

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Vineet (Expert) 04 December 2009
The answer is yes for all the queries:

1. You will have to intimate police details of your tenant.
2. Societies normally charge non-occupancy charges for rented flats.
3. The leave and license agreement of term more than 12 months needs to be compulsarily registered. However, as you stay in USA it is always advisable to register the agreement for whatever period it is.

As far as renting or sale is concerned, that depends upon your personal convenience and decision.

Guest (Expert) 04 December 2009
Another suggestion is to appoint an agent (relative or friend) by way of a power of attorney (be specific only to receive rent and to execute documents related to such).

niranjan (Expert) 04 December 2009
If the tenant defaults,who is going to take action on your behalf? If you intend to come back to india and use your premises for personal use, even in that case it will be difficult to chase the tenant.Giving property on rent,means loosing the property for small return.If the property is vacant,sell it away,instead of inviting troubles from tenant.

Raj Kumar Makkad (Expert) 04 December 2009
I ratify the opinion of Vineet and Siva.

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