Most of the western countries provide legal requirement for a landlord to have Tenancy deposit protection agreement before he is renting any property..
This saves both landlord and tenant in case of disagreements and protect the property for landlord.How it works :
1. Before renting the property, Landlord and tenant both goes to bank and open a join rental account in bank which is jointly owned by landlord and tenant.
2. Rental agreement is documentary proof for this account.It says as well that When tenancy ends, deposit amount will be be returned to tenant's bank account automatically.
3. Tenant deposit the deposit money in this account from his/her bank.Tenant is also entitled for interest on the deposited money.
4. Every month tenant deposit rent in landlord's account (NOT in rental account).
As of Now Indian banks do not provide such 'rental accounts ; instead in India we have following :
- lease agreements with a minimum of 12 months
- lease and license agreements of up to 11 months (Preferred)
This saves both landlord and tenant in case of disagreements and protect the property for landlord.How it works :
1. Before renting the property, Landlord and tenant both goes to bank and open a join rental account in bank which is jointly owned by landlord and tenant.
2. Rental agreement is documentary proof for this account.It says as well that When tenancy ends, deposit amount will be be returned to tenant's bank account automatically.
3. Tenant deposit the deposit money in this account from his/her bank.Tenant is also entitled for interest on the deposited money.
4. Every month tenant deposit rent in landlord's account (NOT in rental account).
5. When tenancy ends both parties inform the bank and deposit are then released directly into the tenant’s bank account.Simple !
As of Now Indian banks do not provide such 'rental accounts ; instead in India we have following :
- lease agreements with a minimum of 12 months
- lease and license agreements of up to 11 months (Preferred)
0 comments:
Post a Comment