About "rent back schme"
Sukesh b Shetty
(Querist) 12 July 2017
This query is : Resolved
Respected sir /Madam,
As per Indian property law what is "rent back schme ? ".And how is "rent back schme" is different from lease agreement and rent agreement. what type of properties comes under "Rent back schme",can I make "rent back schme" agreement for commercial properties like shops, offices.etc
Rajendra K Goyal
(Expert) 12 July 2017
Academic query.
State material facts of the problem if any.
How are you concerned / related with the query?
Looks like examination question.
Kumar Doab
(Expert) 12 July 2017
Is it 'Rent to own' scheme......
Govt seems to contemplating on it..
kavksatyanarayana
(Expert) 12 July 2017
How can you make rent back agreements? In some foreign countries, the rent back scheme will be operated by some registered firms. But we shall wait till the bill is proposed and approved by the Union Govt.
P. Venu
(Expert) 13 July 2017
What is the problem? Please post complete facts and the problem, if any.
Kumar Doab
(Expert) 13 July 2017
Until now it is not a scheme passed by govt.
T. Kalaiselvan, Advocate
(Expert) 17 July 2017
If you're struggling to pay your mortgage, one option you might be thinking about is a sale and rent back scheme run by a private firm. These schemes can also be called buy back or sale and lease back schemes.
A sale and rent back scheme run by a private firm allows you to sell your home to that firm and then rent it back from them as a tenant. You would normally sell your home to the firm at a reduced price. A private firm can mean a company, a broker or a private individual.
These schemes are different from mortgage rescue and homelessness prevention type schemes which some social housing landlords may offer.
You need to be especially careful about signing up to a sale and rent back scheme run by a private firm because they can be risky. You need to understand exactly what you're signing up to and how this might affect your housing and financial situation in the long-term.
It's best to only think about one of these schemes as a last resort.
Hope the information was useful
Kumar Doab
(Expert) 17 July 2017
If private establishments offering such scheme become your choice take precautions as suggested above and preferably consult your own very able local senior counsel of unshakable repute and integrity specializing in consumer/civil matters.......................before signing or making any payment.
Kumar Doab
(Expert) 17 July 2017
'Buyer Beware' applies to property deals.
It shall be appropriate to get proper legal opinion from a very able local senior counsel of unshakable repute and integrity specializing in revenue/property/civil matters before signing or making payment.
This may cost some FEE but can defend long term interest and hard earned monies.
