Granting a property on Lease(let) or Taking a property on Lease(rent) both requires a list of legal documents. We will present you a list of some essential documents that we need to take care of when leasing property.
We are starting with a checklist for Tenants.
They need to take care to ask for the following documents.
Previous Electricity Bills: Always check if there is any past due or any penalties on the last electricity bills. Usually, Electricity bills are on the homeownersâ€™ name. Also, make sure to know about meters capability if you will use heavy appliances or live with a family.
No Objection Certificate: There are some housing societies where they have certain limitations or reservations for tenants. You must make sure to know all the housing society rules and if available, get a no-objection certificate from housing society, for avoiding future hassles.
Homeownership Proof: As a tenant, you can also ask the owner for any homeownership proof document, which establishes owners right to let you this property.
What documents do homeowners need to see before leasing a property?
Valid Identity and Permanent address Proof: For safety protocol, we advise landlords to photocopy tenantsâ€™ identity and address proof. If leasing out to students, do make sure to have their parents' contact details.
Police Verification: Do make sure to check if your tenant does not have any legal cases or criminal records. You can get them verified by the police by going to your nearest police station and filling out a form of verification and attaching your tenantsâ€™ identity proof with it. Police will visit your premises for verifying.
Work Details: For office going tenants you can ask for their employment details. It will help in making sure they have a stable job and will be able to pay rent timely.
Some More Important Things: While framing the rental agreement, tenants and owners must decide on payment related to maintenance and bills. Usually, maintenance charges are paid by the owner while the tenant pays electricity and water bill. If leasing for less than 11 months, the registration is not necessary.
Make sure to mention all these clearly and clear about the mode of payment.
As your Property Manager, FreeBHK makes everything hassle-free, and you do not have to worry about the leasing headache.