I am looking forward to take an apartment in Mumbai on a leave and license basis. Are there any precautions I need to take? Also, is it completely safe?
Answered on November 08, 2017
It is safe if following steps are adhered to: 1. Check the background of the proposed tenant; 2) Prepare an Agreement with clauses for: (a) Licence fees, (b) Deposits, (c) Recurring charges like electricity, phone bills etc. to be borne by?, (d)Terms: like rental payments due dates, renewal of term etc., (e) Lock in period, (f) Termination, (g) liquidated damages, (h) To establish complete right of the owner along with his/her right to inspect the apartment at regular intervals.; 3) Chk police verification done by local police station; 4) Register the agreement with competent authority.
