Things the landlord must know
One of the most expensive and significant purchases that most people make is a house.
Many buy a house to actually live in, but many people also buy houses as
investments. In the latter case, it is never a wise idea to simply let the house lie occupied for a
long period of time, because a house, like any other asset requires maintenance. It is generally a
good idea to renting out a house, but even here, a few precautions must be taken, since
becoming a landlord comes with its own set of problems. Even finding a genuine tenant is a difficult task nowadays. Lonavala Property works here just for you to find a genuine tenant and houses in Lonavala, if you are willing to rent a house.
A landlord’s worst nightmare is, his tenants have become squatters after renting out a house. What this means is that despite being served notice to leave, the tenants refuse to vacate the property. What usually follows is a lengthy legal battle and involves a lot of time and money. However, this trouble can be avoided by having a solid lease agreement drafted by a lawyer, as well as proof of identity of the tenant, PAN card copy, address proof – both permanent and office – and occupation/service proof. Mention the notice period as well as the additional amount you will charge, if the tenant does not vacate on time. It is also important to get a police verification of the tenant done, and if the lease agreement is for longer than 11 months, it is compulsory to get the lease deed registered.
This is another major fear that a lot of landlords have. Tenants sometimes fail to pay rent
on time, although, often, it is because of circumstances that can’t be controlled. However, if
non-payment of rent is a regular problem, you should be ready to serve notice to your tenant or
seek the help of a lawyer. You should also have all the rent details – including the amount and
due date – mentioned in the lease agreement, in case you need documented, legal backing.
This is a frequent problem and something that needs to be dealt with tactfully. When a house
is occupied, it is natural that there will be some wear and tear. However, it is a wise idea to ask
your tenant to pay a security deposit at the time of renting the house, and be sure to mention
this amount in the lease agreement. Also, mention all the amenities that have been provided
to the tenant, so that these can be checked before the tenant vacates the premises. If there is
some damage to the house, you can repair it by taking money out of the security deposit.
In recent years, news articles have highlighted cases where housing societies object to
certain tenants based on their marital status or dietary preferences. While it is true that
individual societies have the legal power to deny tenancy as per their by-laws, they have no
constitutional right to do so. If you, as the landlord, have approved and finalized a tenant, the
society can be taken to court if they object to it. However, the society is allowed to charge an
extra maintenance fees from flat owners who have leased out their houses, so keep that in mind. A lot of leasing problems can be solved by the simple act of hiring a property lawyer to look
after one’s interests. In matters of property, sometimes the laws are so complicated that
one needs a legal mind to look into every aspect and examine the transaction for any and all
loopholes. Remember this whenever you plan to give your house out on rent.
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