Renter and Owner Responsibilities of a Rental Property
Whether you are a tenant or an owner, it is important that both the tenant and the owner have a fair understanding of the responsibilities and rights required to have a peaceful and enjoyable rental experience.
Dwarka property dealers involved in the rental business offer Dwarka society flats, DDA apartments and flats for rent. The people who rent these residential properties are called tenants. When a person rents a property, the basic rights and responsibilities of both the lessee and the landlord are specified in the lease. To avoid confusion and legal disputes, both the landlord and the tenant should be aware of these responsibilities and rights.
Types of lease
The Indian lease consists of 2 different types of contracts, namely the lease covered by rent control laws and the lease and license agreement, which is not covered. The first option allows the tenant to obtain ownership of the property for an indefinite period of time. This becomes a big problem when the tenant refuses to vacate and finding a legal solution to this problem can take the court a very long time of 10 or 20 years. However, the second option is more viable as it comes with a conditional ownership agreement for a limited period of time with the option to renew with certain changes in rent and tenancy. This is the most popular contract that most estate agents in Dwarka choose.
Decide on the rent
A Lease Agreement is covered by the Rent Control Laws. The landlord can decide the amount of the rent following a formula devised by the judicial government, the local executive or the legislature. According to that formula, the maximum annual rent for Delhi is a combination of 10% of the construction expense of the property and the market price of the land. Both costs depend on historical values where current market valuation is not taken into account. Therefore, with older properties you can expect lower rents, while newer properties can provide profitable margins for the owner. Rent can also be increased marginally by including the cost of renovating a property.
Responsibilities that both the tenant and the landlord must share
A responsible tenant must pay the rent and other associated rental bills, within the time period mentioned in accordance with the contract. If by any chance, the tenant does not pay the rent within the mentioned time period, the tenant in Delhi is subject to paying simple interest at the rate of 15 per cent per annum. The interest rate must be calculated from the date the rent is due until the period in which it is paid.
Similarly, there are also some responsibilities that the owner must share. Real estate agents in Dwarka, New Delhi are required to provide the tenant with a rent receipt as proof of paid rent. If a landlord does not provide a rent receipt, the tenant has the right to file a complaint with the consumer court. In such a scenario, the authority can provide a solution by listening to both parties and thus compensating the tenant from the owner. There are certain rules that the tenant must follow such as claiming within 2 months from the date of payment. The lessee has the right to request bank details from the lessor to deposit the rental money. Without said availability, the lessee can choose to deposit the same through money order.
If a landlord wants to review the rent, they must notify the tenant in advance. A formal notice must be sent in accordance with the rule listed in section 106 of the Transfer of Property Act 1882 with the signature of the owner.