The basic necessities for life are food clothing and shelter, this we are all aware of. However, luxury and stable income leads us to enhance these basics. From food we go to expensive cuisines, from clothing we go to branded boutiques and from shelter we go to condos. Different strata of people work differently to fulfill these basic amenities. While the rich buy huge apartments, the middle class choose to rent their houses. To purchase a property means that it belongs to you. In the books of the Government and for all other intents and purposes, the property is in your name and you can do whatever you want to with it, provided it is within the laws of the land. Similarly, when you rent a property, you are not the owner, but you get a lease from the owners to “use” their property. Such use can be restricted or expanded upon depending on the parties involved. As far as any documentation is concerned, there always needs to be certain precautions that should be taken. A legal document is binding on the signatories when the contract was entered into voluntarily. One cannot cancel a contract on a later date merely because they find it inconvenient or do not agree to it anymore. It is essential to know, understand, and change the agreements to suit your needs. There are certain points that always need to be remembered before entering into any sort or property agreements be it when you’re renting it or when you are purchasing it. First point to remember is that an Agreement to rent a property is called and “Rent Agreement” or “Leave and License Agreement” while the one entered into for permanent transfer of property is called a “Sale Agreement”. These can be entered into by any individual who is eligible to enter into a contract I.e.those who are not minors and able to give free consent.
Things to look out for-
a. It is prudent to be sure that the property you want to buy or rent actually belongs to the person who claims it is his. There are a number of cases of fraudulent people, who charge token money to sell property that is not even theirs in the first place.
b. Be sure to look at their original purchase documents before entering into any agreements. Things like the title deed, the tax receipts, the approvals by local bodies etc. should be present with them and in their name to ensure that you are not being duped.
c. Onsite inspection is also a very necessary step before you finally decide to go for the property. And that doesn’t simple mean looking at the property from the inside but also analyzing the neighbourhood, the distance from any highways or stations, the neighbours, etc.
Basically, look at the whole package and don’t get lured in by a pretty looking house. Having said that, it should be the top priority to find a house that fits the description of your requirement with understanding of all the legal documentation and factors in place with the help of professional legal advisor.