Tips For Leasing A Property

Most of us faced with a decision to buy or rent a place

. Well, students or young couples usually prefer renting a place because buying a house requires a fairly large investment! But what most of us do not know or are not aware is something called as lease. So if you do not want to rent a place and also do not have sufficient money to buy the house outright, you can lease the place. People sign leasing contracts to avail benefits of operating their business at prime locations without actually owning the site. Renting at prime locations becomes very expensive and buying is even more expensive. But leasing has some hidden criteria and generally you need to be aware of everything. Here are some tips and pointers you should keep in mind before you sign any leasing contract!

You need to have answers to the following questions:

Amount of security deposit

Parking allotment and situation

Neighborhood environment

Percentage to be paid by you in terms of electricity, maintenance or water bills

Make sure you do not rely on anything which is not there in the written form. No oral statements! This is the best way to avoid any trouble in future. This will create a sense of safety and security between both parties. In case any problems arise in future, you will have written proof in the form of deeds to show to courthouse.

It is also necessary to form a good rapport or compatibility with the lessor. If you are buying a property, you pay the amount and are done dealing with the previous owner. Well, in case of leasing properties, as in rentals, you will be dealing with the actual owner on regular basis! Hence, compatibility is important and bad blood is to be avoided.

Last but not the least, read all the documents very carefully with your lawyer and landlord. Ask and clarify all doubts as and when necessary. Before you actually sign the document, get rid of doubts!

These are some basic tips on leasing a property. Leasing properties is not very common for families in India and is usually done by business men, entrepreneurs and bigger organizations. But policies, tips and guidelines remain same. Make sure the property you are leasing is a good one and will benefit you in the long run. Above all, enjoy the newly leased property!

by: Manusmriti

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