When leaving your home for rent or searching for rental accommodation, several key features will be included in the agreement. The document includes deposit amount, clauses about payment, resolution, in case of property damage and these things need to be considered. Here in Amarprakash builders reviews, few key aspects are mentioned which help both, the tenant and the landlord and they should keep in mind these factors before signing the deal.
Documents to be certified before renting:
1. Title deed: Title deed is a proof mentioning that the person who will letting their house for rent or lease is the actual owner of the property
2. Building share certificate- In case the place is being situated in either a society or colony, the renters have to check the share certificate
3. Inspect whether electricity bill is in the owner’s name
4. Verification of built-up area – either measure or use an architect to measure the size of the residence
5. No objection certificate (NOC) – This certificate holds many conditions. For instance, some of the conditions may be not to allow bachelors, only vegetarians are allowed, pets not allowed and many, it varies depending upon the mentality of people
The Rental Agreement
The lease document should be concentrated on various factors such as
I. The rental period
II. Consistency of payment of the agreed amount should be paid without delay on every month
III. Payment clarity on things like society fees, maintenance charges, municipal taxes etc should be mentioned
A clause stating the deposit amount has to be provided. The document should clearly mention the refunded amount when the lease is ended. Information about the payment of telephone bills or electricity bills and its time line should also be stated clearly. In case of delay or failure of payment, next procedure that can be taken should also be given. As a norm, security deposit that are not refunded by the owner within the duration of 7 days despite the lease expiry date are charged with an interest for the delayed number of days, at the percentage agreed in the document.
Specification for landlord:
1) Depending upon the market value, the landlord should charge the rental value
2) It is necessary to inspect about the tenant’s record such as previous rented accommodation, police verification, place of employment and previous owner’s opinion about the tenant
3) It is important to mention the details about the woodwork and other furnishings done in the house in the paperwork since details about repair or replacement in case of damage and payment choice
4) The owners should have the photocopies of all the paperwork about ownership for any verification
5) The document should hold the usual term of lease agreement that is normally 11 months with 2 to 3 notice period for both parties. Based on mutual consent, renewing of the lease period can be done