Don’t forget to do these when you next rent your house

Buying a home is often an investment. And when the property is purchased elsewhere, buyers mostly give it on rent. While renting your house is wise idea—a second income and the property will remain in a livable condition, do not forget to these tips.

The Rental Agreement

It is important to prepare a rental agreement every time you rent your house. “Every rental agreement should be in writing and registered. The rental agreement should provide the term of the lease, monthly rental amount and security deposit. It should specify also all the terms and conditions such as who will pay for utilities water, electricity and maintenance charges,” said Santhosh Kumar, CEO, Operations and international director, JLL India.

He further added, “The purpose of tenancy should be clearly mentioned, such as whether the property is being used for commercial or residential purpose. If the rental agreement is set to expire and you and the tenant agree to extend the term of the lease for a specific period, then the extension should be in writing.

Registering your rental agreement is extremely important as it can be used as evidence in case of any legal dispute with the tenants.

Police Verification

Kumar calls it an extremely important tip for landlords to remember. “This is one of the most essential parts of the process which helps in background check of the tenant. Not running a background check is a punishable offence under Section 188 of the Indian Penal Code. The landlord has to fill the verification form, obtainable from the state police department website. It must then be submitted to the local police station along with identification proof of the tenant. The local police then conduct the background check and give approval for the rental agreement,” noted Kumar.
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