What is The Procedure for Renting a Residential Property?

Renting your residential property is not a kid’s game today as it was earlier. In previous years  it was like charging a particular amount for the space or flat used by the tenant along with few instructions that to without any paper work. But the things are different today because the crime rate has increased. Now you need to follow a systematic procedure if you want to rent your property safely as it is in your favor. No one would like to lose his or her property or any unpleasant happening on their property that is why spending some time doing the legal work won’t let you down in future. Even though there is no compulsion but it is advised by the government to each home owner who wants to rent their properties to follow the legal procedure while renting the property.The complete process for renting residential property involves the following steps:1. It should be clear how you want to rent your property like furnished or unfurnished, if it is a big house then which portion you want to rent out or the complete house needs to be rent out. If it is a big flat for example if it is a 3bhk then whether to give only 2bhk or 3bhk on rent. This planning must be done in advance.2. Make a note of it whether you want a big family or a nuclear family or students as tenant because each one of them has their advantages and disadvantages that is why it is better to decide in advance which tenant will be most suited to your requirements.3. Decide the rent to be charged for the house or flat as per the rates in that area, age, size and type of your property.  It is also to be decided in advance how much deposit you need to take for renting out the property.4. Think about the advertisement means i.e. how are you going to inform people that the property is available for rent. There are many ways like you can put a sign board of to let on your house or flat, put it on the let out section of property websites, real estate portals or common floor sites, one can also find suitable tenants through posting an ad on office board or can hire a real estate agent who can find a tenant for the property as per your requirements. It is better to fix the agent’s fee in advance otherwise conflicts can arise later.5. While the search for tenant is on you need to keep your property rentable that is you are supposed to keep the house neat and clean, all the unfinished repair works like plumbing or wiring or painting should be done before showing it to the people.6. Once you find the tenant then the most important thing is to do a police verification of the tenant that is mostly neglected in India but is very important thing to do to avoid any unpleasant consequences in near future.  In this process you can check with the police whether he or she is  having any criminal background or is involved in any illegal activities or not. Some documents needs to be produced like tenant’s identity card or passport, permanent address proof or driving licence or PAN card to verify his identity. Police verifies the details and everything is ok then you can go ahead. It does not take much of your time as it can be done at any nearest police station.7. After police verification a rental agreement is must that usually contains all the terms and conditions from landlord’s side like tenancy period, any maintenance cost along with monthly rentals, deposit amount that is refundable if all conditions are fulfilled at the time of leaving the property by the tenant, any wear and tear charges in case of damage of the property or any furniture articles if provided.  This agreement needs to be signed by both the parties on being mutually agreed  and the tenant can ask for any change if he is not comfortable with any conditions and both the parties can decide the agreement mutually.  This agreement is not legal unless and until it is stamped and signed by the registrar of the government. It is advised in favour of the owner of the property to get the agreement registered.8. The last but not the least step is to inform your neighbors about the new tenant of your property. It is owner’s social responsibility and actually in favour of the owner as the neighbours can inform any abnormal activity or behaviour of the tenant if they find.9. Make it clear to the tenant about the payment of maintenance and other related charges, if it is not included in the rent amount to be paid.10. Decide on the terms of moving in and vacating (the time duration) before letting out the property. If the tenants wish to move out early before you find a new occupant then be ready to tackle such situations as well.Ruchi Mahajan

Check out for Home Buying Guide in India here.

Also check out Flat on Rent in Pune here.

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