How To Prepare An Agreement When Renting Apartments In Chennai
When renting apartments in Chennai, the gateway to the South, you should keep in mind the lease on the property by the builder. Agreements are different when an apartment is under construction and different when it is fully built and furnished. Read the document carefully before signing the agreement, as it may have various clauses depending on the builder's requirements. Real estate is a booming business in Chennai and you must be careful to check whether the area has good connectivity and lifestyle options, as the rent rates differ depending on such varied amenities.
Verification Of Ownership
Before you prepare the rental agreement, ensure that you let the tenant verify your identity and claim to the property. This can be done by checking title documents, electricity bills or share certificates. If you are renting out property, ensure that the tenant is aware of all the infrastructure provided by you and the conditions you wish the tenant to adhere to.
Agreement Clauses
Once the ownership is verified, you need to negotiate with the tenant the clauses of the agreement. You should understand the legal implications of each clause carefully, when renting out apartments in Chennai. The agreement should include information on the rent, deposit, amenities, the plan of action upon damage to property, the furniture provided by you and the notice period that needs to be given in the case of moving. The tenant will need to provide the owner with some proof of identity, so that the owner can obtain the stamp papers, on which the agreement will be made and signed. The agreement will require both, the landlord and tenant's details, and the time period of the lease.
Signing The Agreement
Most brokers ask for a 30-day time period to submit the deposit money, after signing the lease document. The deposit money is usually a month to three month's rent combined, and the money stands forfeited if any agreement in the lease document is broken without any notice or reminder. So be sure to read through the document carefully before signing it.
Go Through The Papers
With high rates of squatting, it is important to make sure that if you are tenant, you ask the landlord for a tentative look at the papers of the property to make sure you are not renting squatted property. When signing the agreement for apartments in Chennai you are basically clarifying that you accept all the clauses in the agreement. While booking apartments in Chennai, you need to ensure that the all the parties involved are aware of the clauses. Both, the tenant and the landlord, should be in agreement for all the clauses in the lease. The stamp paper must be signed, only after all requirements and conditions are met, and once the deposit has been paid.
Verification Of Ownership
Before you prepare the rental agreement, ensure that you let the tenant verify your identity and claim to the property. This can be done by checking title documents, electricity bills or share certificates. If you are renting out property, ensure that the tenant is aware of all the infrastructure provided by you and the conditions you wish the tenant to adhere to.
Agreement Clauses
Once the ownership is verified, you need to negotiate with the tenant the clauses of the agreement. You should understand the legal implications of each clause carefully, when renting out apartments in Chennai. The agreement should include information on the rent, deposit, amenities, the plan of action upon damage to property, the furniture provided by you and the notice period that needs to be given in the case of moving. The tenant will need to provide the owner with some proof of identity, so that the owner can obtain the stamp papers, on which the agreement will be made and signed. The agreement will require both, the landlord and tenant's details, and the time period of the lease.
Signing The Agreement
Most brokers ask for a 30-day time period to submit the deposit money, after signing the lease document. The deposit money is usually a month to three month's rent combined, and the money stands forfeited if any agreement in the lease document is broken without any notice or reminder. So be sure to read through the document carefully before signing it.
Go Through The Papers
With high rates of squatting, it is important to make sure that if you are tenant, you ask the landlord for a tentative look at the papers of the property to make sure you are not renting squatted property. When signing the agreement for apartments in Chennai you are basically clarifying that you accept all the clauses in the agreement. While booking apartments in Chennai, you need to ensure that the all the parties involved are aware of the clauses. Both, the tenant and the landlord, should be in agreement for all the clauses in the lease. The stamp paper must be signed, only after all requirements and conditions are met, and once the deposit has been paid.
Source...