While renting or leasing an apartment, you will go through a process of signing various documents. There are few things to consider before the signing process.
- Before you sign an agreement, ensure that the person whom you are dealing with is the real owner of the property.
- Verify title documents that includes sale deed, share certificate and no-objection certificate (NOC) from the housing society mentioning where you would like to lease/rent the property.
- In case if the apartment is mortgaged you need to obtain a NOC from the bank, since the original sale deed will be under the custody of the bank. This will mention the rightful owner of the property and help you from fraudulent people.
In general, NRIs or investors hand over their properties to caretakers since they cannot look after them due to their unavailable situation. At times, these caretakers take advantage of this situation and may lease it to a third party without the knowledge of the owner. Hence it becomes extremely important to ensure if your dealing with the actual owner of the property.