What are the various pitfalls and cautions to look out for when leasing a property in India?
To begin with, you must undertake legal due diligence of proposed premises like any litigation pending against the property. This is to avoid interference from municipal or local administrative bodies within the lease period. Check for possible dues/registrations of previous tenant so that no unwarranted dues are passed on to you. Ensure a protection clause in the lease and ensure that in case during the lease period, the ownership right changes hands then the new owner adhere to existing lease terms. If the premises are held by multiple owners, then the lease rent should be paid into one bank account jointly operated by owners. If the lease has a lock-in provision, provide exit mechanisms for landlord’s breach to counter such provisions. You must ensure an easy mechanism for refund for security deposit which should this clause to adjust against notice period rent. You must have a clear understanding of the scope of separate maintenance services. A separate agreement is desirable since
