Guide to Real Estate Woos of NRI’s: Best Real Estate Attorney Advice in India
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Legal Advice & Solutions for NRI’s & their Estates & Properties in India-12: Best NRI Legal Services in India
What precautions should NRIs take to protect their estate and property from disputes with their tenants ?
As an NRI (Non-Resident Indian), there are a lot of difficulties which are being faced while renting out his estate. In order to make the process of renting more transparent and efficient The Indian government has put in place The new Model Tenancy Act.
The new Model Tenancy Act:
The key features of this Act are as follows
• It won’t be possible for the investors in residential real estate to lease out their space. A written agreement will be required, if they so choose. Legal provisions will bind the agreement.
• Any rental disagreements or issues will have a set deadline by which they must be resolved.
• Tenancy agreements should be submitted to the rent authority on a digital platform where these legal processes will be conducted. In the next months, it will be possible, though.
• The digital platform will be practical and provide further openness regarding owners and NRI landlords.
• Written instructions and clearly stated responsibility thresholds between a tenant and a landlord will be included in the contract.
There are certain precautions which an NRI can take in order to safeguard their property from tenant disputes. Here are some suggestions:
1. Use a tenancy agreement: Make sure you have a tenancy agreement in place that properly outlines the terms and conditions of the tenancy, including the rent, security deposit, maintenance responsibilities, payment due date and any other relevant details. The tenancy agreement is to be read and signed by the tenant before settling in the property.
2. Conduct background checks: one of the most important step to ensure that the estate you are renting will not become a breeding ground for illegal activities is to make sure that before renting the property a background check is being done on prospective tenants to ensure they have a good rental history and can afford the rent. This step will make sure that the property is being rented out to a reliable and trustworthy tenant.
3. Use a property management company: for an NRI who will not be physically present to look after his property it’s advisable to consider hiring a property management company to manage your property, collect rent, and handle disputes with tenants. A property management company can also ensure that your property is well-maintained and in good condition.
4. Inspect the property regularly: Make sure to inspect your property regularly. The inspection can be done by the NRI himself if its possible for him to do so or he can contact his friends and family members to keep a check on his estate to make sure that the estate is not being used for some illegal activities and to ensure that the tenant is maintaining it properly and is not causing any damage.
5. Have clear communication: Have clear and open communication with your tenant about their responsibilities and expectations. Keep them aware of any adjustments or repairs that need to be made and swiftly respond to their questions and concerns. This can aid in preventing disputes to arise in the first hand and also it will improve communication with the tenant hence reducing misunderstanding.
6. Insure your property: it is cardinal to insure your property. The insurance can be done against natural disasters, theft or accidents. This will be beneficial in recovering any losses and for the protection of the investment.
7. Have legal documentation in place: Make sure you have all the necessary legal documentation in place, such as a power of attorney, to allow someone you trust to handle legal matters related to your property in your absence.
8. Consult a lawyer: If you are involved in any conflicts with your tenants, consult a lawyer right away. It’s critical to be aware of your legal responsibilities and rights as a landlord and to take the proper legal steps to address the situation.
By taking these precautions, you can help protect your estates and properties from disputes with tenants and ensure that your investment is secure.
Authored By: Adv. Anant Sharma, Vikrant Rathore & Lehar Saini
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