Checklist for Property Let Out

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Property Let Out Checklist: Key Steps Before Renting Your Property

Letting out a property isn’t just about finding a tenant—it’s about safeguarding your asset, ensuring legal compliance, and maximizing rental income. Here’s a detailed checklist every landlord must follow before leasing their property.

🏠 1. Property Inspection and Maintenance

  • Deep cleaning of the property

  • Plumbing, electrical, and structural checks

  • Pest control (if needed)

  • Ensure all appliances are functional (for furnished properties)

  • Paint touch-up or full repaint (if necessary)

📜 2. Prepare Legal Documents

  • Rent Agreement (customized and registered if over 11 months)

  • Police Verification Form (as per local law)

  • Inventory list (furniture, electronics, etc.)

  • No Objection Certificate (NOC) from housing society if required

💰 3. Set the Rent and Deposit Terms

  • Determine competitive rent based on market rate

  • Decide on security deposit (usually 1–3 months’ rent)

  • Clarify rent due date and late fee policy

  • Mention charges for utilities, maintenance, parking, etc.

👨‍💼 4. Tenant Screening

  • Collect photo ID and address proof (Aadhaar, passport, etc.)

  • Verify employment/income documents (salary slip, job letter)

  • Get references from previous landlords (if applicable)

  • Use a background check or police verification service

📝 5. Draft and Review the Rental Agreement

  • Duration of tenancy (start and end date)

  • Lock-in period (if any)

  • Clause for rent revision after 11 months/1 year

  • Rules on subletting, pets, and guests

  • Termination and eviction terms

🧾 6. Utility Transfer and Meter Readings

  • Take and record readings of:

    • Electricity meter

    • Water meter

    • Gas meter

  • Transfer or retain utility bills in landlord’s or tenant’s name

  • Clarify who pays which bill

🔑 7. Handover Checklist

  • Keys for main door, rooms, and cupboards

  • Access cards/remotes for gated communities

  • Inventory list signed by both parties

  • Welcome kit or user manual (for furnished homes or appliances)

🧮 8. Tax and Financial Compliance

  • Declare rental income in ITR (under ‘Income from House Property’)

  • Deduct TDS if rent exceeds ₹50,000/month (under Section 194-IB)

  • Keep rent receipts for future tax benefits (for tenant and landlord)

📌 9. Insurance and Safety

  • Consider landlord’s insurance (covers damage or tenant default)

  • Ensure basic fire safety (fire extinguisher, escape access)

  • Install locks, grills, and basic security features

🏘️ 10. Ongoing Management

  • Set up a communication channel with the tenant

  • Schedule periodic inspections (with notice)

  • Track rent payments and expenses

  • Renew rent agreement before expiry

📢 Why This Checklist Matters

Following a well-structured checklist reduces risk, increases tenant satisfaction, and ensures your property remains a valuable and safe investment.

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