Below are some very important points you must follow when you plan to rent-out or to-let a property in India else you may fall in big trouble.
1. You must verify permanent address, police records, job, and credibility of tenant. Contact the previous landlords.
2. Get lock-in period, i.e., period within which the tenant cannot terminate the lease. If tenant terminates the lease, than the tenant have to pay lease rent for rest period.
3. Take at least 6 months rent as against advance rent and another 6 months rent as security deposit. This is great idea to avoid all future problems.
4. Remember to keep ability to sell, transfer, and mortgage the lease property.
5. Retain right to terminate the lease on violating terms of lease.
6. Report local police station about the lease deal.
These are very important, because I have seen many cases in which the property owner has fallen in trouble because of neglecting the above steps.
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