L &L under power of attorny

AJIT KAWATKAR (Querist) 01 April 2010 This query is : Resolved
my friend has a ownership flat taken on loan; in mumbai &wish to give it on L & L.The leasee is a developer/builder who will be doing it so on POA. The actual occupier's name etc. will be entered into the l&l agrmnt. How safe is the transaction/what precousion/s i should take so as to safeguard his[owner's] interest legally.

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Raj Kumar Makkad (Expert) 01 April 2010
A clear agreement should be got executed and this agreement should be got registered. The terms and conditions containing each and every aspect should be clearly mentioned therein. The procedure to be adopted in case of violation of any of the terms by either of the parties should also be clearly stated therein.

Ashok Yadav (Expert) 01 April 2010
Mr. Makkad has advised correctly, Agreement should contain all related terms and conditions, obligations of the parties, defaults, penalties etc., always try to safe your own part.