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Planning to rent a home? Read this

Friday, April 07, 2017

April is the time when most people looking for a place to stay on rent shift homes, as the summer vacations begin. Here are some useful rent tips

Check details of the owner, such as whether he has the right to give it out on rent. If the representative is the owner’s agent, ask for an authority letter. If the owner is not present to sign the agreement, then ask the representative to show you the power of attorney between him and the owner, taking care not to offend him.

If the agreement has to be registered, ask the owner about the expenses towards that registration (lawyer’s fees, registration charges, stamp duty and other charges, if any). Who will bear these charges; are they going to be shared?

Check with the neighbours regarding facilities such as water, power, security, or any other details that you wish to know.

If you are confirming the choice of flat, it is better to pay the token or earnest money to the owner directly.

If you are taking a flat through an agent, be sure to check his credentials.

Check the society rules. Some societies do not allow working bachelors, while every society welcomes families. If possible, meet the secretary of the society inform him about your, intentions of taking the flat on rent.

Ask for a Format of Leave and License Agreement or rent agreement, and have it checked by someone competent. Look for the notice clause in the agreement – an exit or termination clause on either side.

Check for any thefts or any other problems that may have occurred in the past.

Make a checklist of all things provided by the owner and let the document listing the items be signed by both of you mutually. List all items that are broken or damaged. Check the electrical meter, and take the meter reading on your date of possession. If there is no meter for the premises, get a sub-meter installed to avoid confusion.

Check for car parking place allotted to the flat you are taking on lease.

Check for facilities in the neighbourhood such as vegetable markets, stores, doctors, bus stops, specific company bus stops, and security

Get paid receipts for the token and security deposit. Keep a log of monthly payments made and to whom and how.

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