Rented a house? Before signing on dotted line, know these 7 key things

The real estate sector is going through a tough phase in India. Amid thousands of ready to buy residential properties in metro and other cities, people are not very willing to buy or invest in residential projects especially. In fact, people are showing more interest in rental properties or house, rather than investing huge money to buy a house. However, these people should know that renting a property is not so great option. It requires a bit of documentation, transparency, and understanding between landlords and tenants. In order to avoid unnecessary issues and trouble in future, there should be a discussion on every single thing among the involved parties. 

Ashok Mohanani, Chairman, EKTA World told Zee Business Online, ''Before signing up for the agreement or going through the process of documentation, tenants should highlight or bring forth their points of concerns and requirements to the landlord’s notice, and can also have it all incorporated in the agreement in terms of clauses that need to be adhered by both the parties. Also, the rentals have the right to perform reasonable background checks of the landlord's credit history and criminal records, to be well-versed with what he/she is signing up for. Right to privacy must be maintained between the landlord and the tenants.''

Here are the 7 key things that one should always keep in mind before renting a house:

1. Every tenant should look for safe and friendly society, followed by homes that are well- maintained, with all essential amenities, considering these will benefit them during their stay. 

2. Ensure that you always execute a leave & license agreement and include an adequate amount of time for notice in the event of an eviction.

3. As the demand for rental segments continues to grow, the rentals need to be taken into consideration to improve on the rental property’s ownership right

4. The landlord is responsible for the expenses for repairs and maintenance of the flat/home and only the incidentals such as electric and gas consumption is the prerogative of the tenant.

5. Right to privacy must be maintained between the landlord and the tenants

6. The agreement requires to consider every minute detail like the number of occupants,  basic preference of having guest very often or the need for certain practices by the tenant or landlord that needs to be followed

7. Ensure the agreement captures all the items provided in the flat, i.e. furnished, semi furnished, etc. And the deposit given, much be captured in the agreement too.

Of course, and perhaps, needless to say, ensure that rentals are paid timely!