How to Get Safe Return on the Property, As A Landlord
Jan 19, 2018 Home Trading Steps
For the first time landlords, renting out a property can be a tedious task. Even a small mistake can sot the landlord heavily. A proper agreement is mandatory for all the landlords before they rent out the property. It will safeguard the interest of the landlord while it is occupied or rented out.
The general issue that a landlord faces before renting out the property is the amount of rent that he should charge, the kind of tenant he should be looking for, tenants ability to pay the rent, queries pertaining to lease agreement, security deposit, and verification task.
The most common problem that the landlords face is the delay in receiving the rent, misuse of the property by the tenant, refusal to leave the property when asked to.
The below points can help the landlord to a great extent:
1. Legal documents:
Legal documents are so important when a landlord decides to rent out a property. the document safeguards and protects the interest of the landlord in case of infringement of property, delay in rent, etc by the tenant.
2. Rent amount:
According to the real estate experts, the rent that a landlord can ask for depends on the cost of the property. The range of rent varies between 0.8 percent and 1.1 percent. Other factors that are considered as well while fixing the rent amount is the location of the property, amenities provided, furnished or semi furnished property, etc.
3.Rental agreement:
The rental agreement specifies the amount of rent, the date in which it has to be paid, the number of months for which the property is being rented out, which is usually 11 months. It also specifies who pays for the electricity, water bills, utilities etc. If the rental agreement has expired and the tenant and the landlord want to have an extension on the agreement, then it must be in documented.
4.Lease agreement registration:
According to the experts, it is necessary to register the lease agreement under the Registration Act, for it to be legally valid. According to the Transfer of Property Act, the lease deeds with the tenure of more than one year shall be registered. The general practice that is followed in the market is to enter the lease agreement for 11 months and then renew it for 11 months after it has expired. Such leases are also meant to be properly stamped.
The general issue that a landlord faces before renting out the property is the amount of rent that he should charge, the kind of tenant he should be looking for, tenants ability to pay the rent, queries pertaining to lease agreement, security deposit, and verification task.
The most common problem that the landlords face is the delay in receiving the rent, misuse of the property by the tenant, refusal to leave the property when asked to.
The below points can help the landlord to a great extent:
1. Legal documents:
Legal documents are so important when a landlord decides to rent out a property. the document safeguards and protects the interest of the landlord in case of infringement of property, delay in rent, etc by the tenant.
2. Rent amount:
According to the real estate experts, the rent that a landlord can ask for depends on the cost of the property. The range of rent varies between 0.8 percent and 1.1 percent. Other factors that are considered as well while fixing the rent amount is the location of the property, amenities provided, furnished or semi furnished property, etc.
3.Rental agreement:
The rental agreement specifies the amount of rent, the date in which it has to be paid, the number of months for which the property is being rented out, which is usually 11 months. It also specifies who pays for the electricity, water bills, utilities etc. If the rental agreement has expired and the tenant and the landlord want to have an extension on the agreement, then it must be in documented.
4.Lease agreement registration:
According to the experts, it is necessary to register the lease agreement under the Registration Act, for it to be legally valid. According to the Transfer of Property Act, the lease deeds with the tenure of more than one year shall be registered. The general practice that is followed in the market is to enter the lease agreement for 11 months and then renew it for 11 months after it has expired. Such leases are also meant to be properly stamped.
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