Legal Checklist before You Rent in Bangalore
You have an image of your dream home in mind before picking contacting the rental property manager and a checklist has been prepared that clearly states your preferences. But most often, we get so carried away with the euphoria of getting our dream home we forget about the legal checklist. Yes, there is a legal checklist. Usually, when renting a home in Bangalore, your Rental property management company would have gone through the legal checklist but it doesn’t hurt to verify. Having a clear understanding and verifying these legal documents will help in keeping you out of trouble. It is important that you never enter into a legal contract lightly so, we compiled a list of important things and documents to take note of before entering a rental contract.
Title Documents and Share Certificate
The title document is the proof that the person leasing out the property is the actual owner of the property. While the share certificate is used to indicate that the property is owned by a colony or cooperative society.
A No objection certificate (NOC) specifies the conditions for rent, some NOC specifies that Bachelors or spinsters may not rent the property. The document simply defines any form of bias.
This simply stated the minimum period for which you can stay on the property after which you cannot vacate the property. This means that if tour contract if you have a contract for 11 months and lock-in period is stipulated for 6 months, you will have to pay the rent for 6 months even if you want to vacate the property. What this means is that your rental agreement of 11 months is independent of the lock-in period. So, you will likely want to avoid any unpleasant argument with your landlord by checking you are locked in period.
You need to carefully scrutinize the lease agreement before signing. Any aspect you do not understand will be clarified by your rental property management company in Bangalore. However you can look out for these aspects; the license fee which should remain consistent for the duration of the lease, license period, all cost associated with the house such as society charges, municipal taxes should be clarified.
Your rental agreement should be signed by the signing authority himself, it is essential that you take note that it is not signed by the caretaker of the property. The contract should only be signed by the legal owner of the property regardless who has been occupying the property previously.
This should be clearly stated in the agreement and should favor both parties. This is needful in the event of issuing a notice to vacate by the landlord or if the tenant wants to vacate the property.
This is essential as it is levied in order to rectify the arrears in case of any damages to the property, unpaid bills and other miscellaneous charges to be borne by the tenants for wear and tear of the property during the rental tenure. However, it is equally significant to pay the same through the bank deposit or cheque and also know exactly when you can claim it back from the landlord. If the security deposits are not refunded within seven days after the expiration of the lease, the security deposits are liable to be refunded with interest for each day of its delay.
Cost of repairs
You should ensure that you check the house for any fixture discrepancy, usually, a surveyor would carry out this task to ensure the property is in top notch condition. By law, the landlord is responsible for the repair or replacement of any faulty fixture in the house.
You can rent your dream home without hassle all you need is to contact Rentorop4u. We have a team of specialist who will take care of all your accounting and legal needs when it comes to renting a house.