One of the newest trends prevailing in the real estate sector in the city is finding a great deal of house for sale in Kolkata and then renting it out for getting income steadily for a long time. A properly crafted and signed agreement is one of the must-haves in this respect. Here are few insights on the matter.
At present real estate is one of the emerging fields no doubt with every one eyeing on the prospect of the sector. There has been an increase in the interest of the people to find out a favourable deal on house for sale in Kolkata. At the same time several projects dealing with property in south, west, east and north Kolkata have come up to make way to the increasing demand. Buying a property is no more directed towards building one’s sweet home but it has gained more importance as a preferable investment option for individuals of various age group and professionals from different walks of life. One of the important objectives towards buying a property is to put it on rent and create a long term source of income. That is indeed a lucrative option.
Renting out one’s property on rent is a popular option but at the same time there are some important considerations to be made, the foremost being having a well formulated agreement for renting. The agreement must entail all the required terms and conditions. The relevant details of the parties involved in the transaction. The agreement should be such that it must safeguard the interest of both the property owner and the tenant. If at the time of formulating the agreement the relevant points are not scrutinized and made transparent enough then there are chances that afterwards legal issues might crop up and create unnecessary hassles. The most important aspects happen to be conducting background check of both the owner and the tenant. The terms of payment should be well defined as that stands out to be the root cause for all the major problems. The terms include the specific date for paying the rent, bearing the maintenance charges; pay the utility bills like electricity bill, telephone bill, security deposit, refund and several other intricate points. Lastly, one should clearly mention the tenure for which the property would be rented out. Normally the agreement is signed for 11 months. The notice period and the clauses to be followed if either of the parties wants to cancel the agreement before time should also be made precise in the agreement.