If you plan to rent a commercial property to move in, you should follow the below steps to avoid missing any vital activity.
Step 1: Validate Title Ownership
Start with ensuring that you have all the details regarding property ownership and access to the title deed. It should authenticate the rent. Moreover, it would help if you considered more research to ensure that there is no sub-rent associated with a property before moving in.
Step 2: Verify the Title Deed and PoA
If you are renting a property building under construction, you must verify the commencement certificate and title deed from the relevant authorities. Moreover, you should confirm if there is any Power of Attorney associated with the case of indirect rent.
Step 3: Create a Rental Agreement
Make sure there is a proper legal renting agreement based on mutual decisions. You must ensure that there are specific inclusions of the rent, lease agreement and other requirements that your owner previously agreed to avoid future legal complications.
Step 4: Verify the Financial Background
It is advisable to verify the attributes like income tax and mortgage backgrounds of a property. You should check for any illegal proceedings or pending disputes surrounding a property. It will help you avoid associating with any disputed property.
Step 5: Check the Validity of Your Rental Agreement
A rental agreement must include information like the dates, location, rental and deposit amount, terms of lease, payment intervals, name and details of parties involved, etc. It can also include other clauses.
As you can see, the Rent Control Act is essential for tenants and property owners. It details the rules and regulations regarding renting property across India. If you know these rules while renting or letting out your property, you are less likely to face legal interruptions.