| Originally posted by : rajagopal.s |
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HI
I will suggest the following steps
A) all of the legal heirs can authorise your mother to act as a power of attorney holder through a registered power of attoreny and can authorise her to let the property on lease.
Or
b)You can get the property transferred to your mother's name by effecting a settlement deed at Sub Registrar office. this will be the safest way for transfer of property and thereafter your mother can let the property on lease.
c) Tenancy agreement: Please enter in to a tenancy agreement with any tenant for a fixed period by using the stamp papers. if you can afford have the tenancy agreement registered. this should give you a factor of safety in case you want to vacate the tenant at a later date.
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Thank you Adv. Rajagopal.S for your valuable reply. I would like to ask for a few more clarifications, hope you would be happy to help me.
Regarding giving power of attorney to my mother, how it should be executed? Is it through a Notary public or through some other means. I am not aware of this please give me more information. Also, one of my brother is currently outside India. So, can he sign for this document from there itself(through post)? or does he need to come to India to do the same? If there is an alternative way please tell me.
Regarding the agreement, you have mentioned it should be a tenancy agreement, is it the same as lease agreement or is it a different one? can you post any link of online samples if any? Probably you would know why you have chosen this type. But can you let me know cant we go with a Leave and license agreement? What is the duration we can mention in the agreement, I read from the internet, if the agreement is only for 11 months there is no need of registration. Is that true? if so will it be safe for the owner in case there is a dispute? If I am going for 11 months agreement, and if the same tenant continues to stay for a prolonged duration(many years, say 20 years) with agreement being renewed for every 11months, will it be a problem at a later stage?
If we were signing a tenancy agreement, what is the risk of owner in the future? I believe, this type of agreement let the tenent with more rights on the property. I think there is also some level of rights for the tenant to extend the duration of stay through the court. Can you also tell me by any chance could he claim the property? Why I am asking these thing is one of my friend said that one of the tenant in the nearby town won a case like this. I am not sure if it is a genuine news.
Also, is there any limit on the security deposit? Should it be any times of the rent? How about the rent rates? Can I decide based on the near by shops? or is there any Govt. guidline which I should follow?
Sorry for writing a long essay, hoping to get a positive reply from you. Thanks.
