Friday, March 29, 2013

Legal Paperwork For Rental Property.     

Leasing a residential apartment in Mumbai generally is very simple. Most of the buildings are Co-operative Housing Societies which work under certain guide lines set up by the Government and most of these bodies function as an independent organization with the Model bye-laws and other rules and regulations as passed by the General Body for the best functioning of the Building Society. 

The societies in Mumbai, generally if they are well run issue a Share Certificate and that is one of the Key ownership proofs and in the absence of a Share Certificate in the name of the Owners or your flat Owner the Second best proof is the Agreement for Sale/Sale Deed and of course the society may have a monthly or a quarterly bill raised in favour of the apartment owner which is another bonafide proof that he/she is the owner. 

Generally if you are entering into a Company lease, these are the following documents you will require from your flat owner ;
  • Copy of Share Certificate (remember that you would require both front and back side)
  • Copy of the Agreement for Sale/Sale Deed
  • Last Paid Society Bill
  • Last Paid Electricity Bill
  • Last Paid Telephone Bill (If Any)
These are the most important papers you would need to determine the ownership of the apartment owner. Besides, a lot of owners may be overseas and they may have given Power of Attorney to their relatives and friends or agents to execute the leave and license agreements.

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