Purva Midtown Residences - Bangalore
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Q:  Checklist for renting residential or commercial property.
A:  •Market Trends about prevalent rates of property in the vicinity and last known transactions

•Identify the property you wish to rent

•Formulate commercial terms

•Distinguish between terms and conditions of the contract which are negotiable and those, which are fixed eg. Rent, payment schedule, time of completion etc.

•Avail of services of Propmart.com. List your requirements with a reputed broker such as Propmart.com

•Compile or Ask for photocopies of the all deeds of title related to the property to be purchased. Examine the deeds to establish the ownership of the property by the Lessor, preferably through an advocate. Ascertain the survey number, village and registration district of the property as these details are required for registration of the sale. Previous encumbrances and loans, if any on the property must be cleared before renting of the property. The title of the Lessor must be clear and marketable

•Finalize commercial terms. Ascertain stamp duty, registration charges and outgoings to be paid i.e. property tax, water and electricity charges, society charges, maintenance charges.

•Request Lessor to obtain, if applicable, consent, permission, sanction, no objection certificate of various authorities such as the (a) society (b) any other authority

•Permanent Account Number of Vendor and Purchaser under Income Tax laws

•Payment of stamp duty on the formal agreement or document for transfer of the property, signing by both the Vendor and Purchaser and registration

This FAQ applies to: Owner.

Previous FAQ:If the lease is for a certain specific period, can the lease be terminated ...

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