Rent Agreement- In these circumstances, tenants take possession of the property, and know the complete details.
If we talk about giving a house and shop on rent, then it is a good source of income, which increases your bank balance without hard work, but giving your property on rent to someone, that too without legal proceedings can be harmful and after some time the tenant can also take possession of the property, today through this article we will tell you what things to keep in mind before giving the property on rent.
Importance of Rental Agreement
When renting a property, it is necessary to prepare a comprehensive rental agreement. This document serves as a legal protection in case of any dispute between the landlord and the tenant.
Understanding the Tenancy Period
In many jurisdictions including India, under the Rent Control Act 1948, the period for which a tenant lives on a property can affect his legal rights. Specifically, if a tenant stays in a property for longer than a specified period (typically 12 years in India), they may acquire certain rights over the property.
Mitigating risk
Regular lease renewals: Opt for shorter lease periods, such as the common 11-month rental agreements in India, and consider renewing annually.
Tenant screening: Check potential tenants thoroughly before signing any agreement.
Monitoring property use: Regular inspections can help ensure that tenants are using the property appropriately and adhering to lease terms.
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