Things To Keep In Mind While You Rent Your Property.

It is not just the tenants who need to be well-researched before moving out into a new property but the landlords who are looking to rent out their apartment also needs to keep certain factors in mind when renting their property. A majority of people would agree that renting a property in Jaipur and Delhi is not a child’s play. It could become a serious headache if not done properly. So, if you are landlord planning to give your property on rent, here is checklists that will help you think about how to prevent conflicts before they arise and make the process smooth for you: 

Fix the rent:

The best way to keep any probable dispute out of the way is to bring transparency just when you decide to rent your property. The first and foremost step in this process is fixing the rent amount. It is crucial because in such a competitive market you can't ask for more than the market rate so it is advised that you do a proper research about the current market trends. And if you’re planning to fix the rent higher than the market trends you should ensure that you offer premium services that are not provided by others.

Rent Agreement:

It is essential that all documents are in place with a clear message as a new property is rented and you make a legal contract when giving your property on rent. You should ensure that all the documents are duly signed and the terms and conditions are clearly put across and both the parties should comply with the mutually agreed conditions. Signing a rent agreement is the best solution to avoid any hassles happens later between the two and to make the process smooth and appropriate for both landlord and tenant.

Register the Lease:

After preparing the rent agreement or the lease agreement, the most significant task is to get it registered. As per Rajeev Aggarwal, partner, R. A. Law Co. Advocates & Consultants, every lease agreement should get registered because only then it can be used as evidence in the court in case of any litigation. However, as per Section 17 of the Registration Act 1908, it is necessary to get the lease agreement registered only if the lease period is more than 11 months.

Hire a professional:

It is advised to hire a professional broker who can help you by making your property known to people so that they can reach you in case they need to rent the property. Hiring a broker can smoothen the whole process of finding you the right tenant. Also, they provide all necessary resale and rental services including creating agreements and other paperwork and tenant verification. Though their services come at a cost, but the whole process becomes hassle-free and less time-consuming for both landlord and the tenant.

Police verification:

After finalizing the tenant, it is important that you have a background check of the tenant, make sure you don’t miss out on this point. Police verification is a must the police will keep a copy of all the documents submitted by you and the tenant for their reference.  If the tenant has any history of any kind of criminal activities, it is bound to surface. Not doing the police verification is also a punishable offence under Section 188 of the India Penal Code. This is a useful process to check the tenant's background as it lowers the risk of giving rent to a person from a criminal background.

Above mentioned are few tips to ensure you understand your responsibilities as a landlord, know how to protect your property, and keep your tenants happy dealing with any issues that may arise.