First Time Renters Guide - Real Estate Mumbai
If you are looking to rent your apartment as a tenant then you need to understand a few things. This first time renters guide helps you understand the basics of taking an apartment on leave and license basis in Mumbai.
Important Points before considering a Property on leave and license basis for the licensee (tenant or occupant)
- Set up a Monthly budgets
- Make sure you have the rent payout money before the 5th of each calendar month.
- Understand the Lock In Period as to when can you sever a notice of termination.
- Usually the owners will ask for a 1 year lock in period.
- Decide the number of months, you would like to stay in the Licensed Premises (the Apartment), under a leave and license agreement
- You can sign a contract upto 60 Months under a leave and license agreement
- Its advisable to sign a contract for 2 to 3 years.
- If you are unclear about your stay in the apartment, then sign only for 1 year and build an exit clause for termination
- Speak to your Real estate advisor and share with him in confidence your plans
- Keep provision for a Security Deposit
- You don’t need to pay maintenance for the property, but you have to be responsible for the general day to day maintenance
- Bring to the owners notice all the issues, leakages, damages in the apartment.
- Before moving out make sure, the place is neat and clean as the same condition the owner has given in.
- You need to pay the Utilities bills like electricity, telephone, internet and gas charges
- Please ensure that your agreement is Registered in the Registration office in your location or which falls under your location.
- Ask your real estate advisor to get these paper work formalities done.
- Ask for Society NOC
- Ask if the property is mortgaged and make a mental note of that, usually, the Banks have no Objection in Leasing out the property as its beneficial for them in any case.