Whether you want to buy a house or apartment with a tenant inside, you should avoid certain mistakes, that said, keep these keys in mind when buying a home with a tenant:
Does the tenant have a right of first refusal to the home?
This is like football, it may be the case that the person who resides in the house has the right of first refusal to execute the purchase. It is important since at the last moment you can exercise this right stipulated in your contract. The seller must inform the tenant of the offer and he must decide if he has this clause.
It may be the case that not only would it have the right before you as a possible and future buyer, but that it may even exceed the right of purchase of any third party.
So our recommendation is to consult both the seller and contact the tenant to find out their intentions. If there is no interest go ahead. And if there is no clause, also go ahead.
Does the house or apartment have charges or pending taxes?
This which seems minor is not. As you would do with any property, the first thing you should do before buying and signing anything is to check that the rented property in Gurgaon that will belong to you does not have any type of tax burden, or tax or pending tax to pay.
What type of investment is it? Is it safe?
Of course, this is a different purchase because someone resides in the home. But it is a normal operation, more common than you think and above all, safe.
We say safe for several reasons, the first because the tenant will continue to pay you for what you get monthly money and second the tenant enjoys the apartment until the rental contract ends.
The person who lives does not care who the owner is as long as he maintains the services and rights signed in the rental contract as well as complies with the obligations of a landlord. So it is a win-win situation for both parties (both the owner and the tenant).
The contract is sacred
As we have told you at the beginning, the law protects the tenant, so no matter how much you want, you cannot throw it out during the current time of the contract signing.
Once the term of the contract ends, you can execute the option of not renewing it, either to rent it again or to sell it. Whatever the case, if there is a signed rental agreement, forget about breaking it.
Breach of rules and rights
In the same way that you, as the owner, must respect the rules and rights that you have as the owner, the same happens with people who live for rent.
Tenants also have obligations to fulfil and if they do not do so, above all, the basic and most important ones such as taking care of the apartment, paying the monthly payments and respecting the home, actions can be taken against them.
One of them is to request eviction, especially if there are defaults and for this you can and must initiate a judicial procedure. The tenant can refuse to leave the rented properties in Gurgaon voluntarily, if he does, you must and you can evict him if it is shown that he has effectively not fulfilled his obligations.