You are a property owner, you have number of properties in the form of apartments, flats, condos or penthouse. Now, you want to let your property on rent. This is a big task to give your property to someone strange.
There are two types of lease:

Individual Lease
Company Lease

Individual Lease: It means you are going to lease your property to a specific person. You need to check his reliability and few other things. Here, are few things you need to consider:

Id proofs
Where he is working?
Number of family members

Company Lease: It means you are going to give your property to a company i.e. a statutory body not a individual person. You are dealing with a company. On the lease, there will be the signature of their authorized signatory. If in case, any dispute occurs, any of the company authorized person will present in the court.
Things to consider by the owner while going for company lease:

Company profile:

Type of company: Private limited or Public limited
Reputation of company
Local Presence and repo

Purpose of renting the property

Company is hiring the apartment for his employees only
Run the apartment as the guest house
Or for sublease

c. In which Mode Company will pay the rent: NEFT transfer, by Check or cash…Be clear about that
d. Fix the time frame for rent whether it is monthly, bi-monthly or quarterly.
e. Escalation rate: The most important part of lease. Minimum escalation is of 10% yearly, rest depends on market value of property at that time.
Pay attention to these points, you will definitely get the right tenant for your property.

Rentech Designs provides you the best info on Residential Leasing and Commercial Leasing.

To add a comment please login by clicking here