Landlord and Tenant
Many overseas Pakistanis wish to obtain an income through letting their properties in Pakistan such as residential houses, flats, apartments, agricultural lands, warehouses, etc. However, renting out their property often becomes a dreaded proposition for most of the property owners living overseas. For this reason most landlord generally shy away from renting their properties, because of general perception of bad tenant behavior and fraud.
Letting your property in Pakistan is not as straightforward as it may first appear and there are many things to consider. From a legal point of view there must be a very efficient and carefully drafted rent/lease agreement capable of protecting your rights as the landlord. Then there are other matters like how do you find good people wishing to rent your property? Who will take care of the property? who will maintain the property? If tenants behave badly, who will evict them out? Who will pay annual property tax? Who will collect rent on time? Rental returns from your property can be very substantial and it is essential that the whole transaction is done legally and in a professional manner.
Although tenancy laws have recently been amended in order to be more equitable for property owners, an extra dose of caution is always required before handing over your property to tenants in Pakistan. After finding a tenant, you should check out his background and his financial capabilities. Seek information about his employment, occupation or business and whether he is earning enough to pay the rental charges regularly. In case of companies, check their track record and reputation, what business they do, whether the local and provincial government by-laws allow renting out for commercial purpose. It is advisable to rent out properties for a short duration.
Even after all these preliminary steps, you should appoint someone to visit the house occasionally, to make sure the tenant uses the property as agreed, for the specified purpose. At the time of vacating the premises by the tenant, ensure that it is in proper condition and tenant has cleared all outstanding dues such as water, electricity and society fees. Return the security deposit only when you are certain that all the dues have been cleared. Recently in some areas of Pakistan, you need to register with local police station if you are renting out a house or flat to someone.
To help you with the letting of your property you should solicit the help of a professional lawyer to draft and finalize the rent agreement. If you are expected to absent from Pakistan for a long time and don’t trust someone in Pakistan to manage your property, you can hire professional property management services to efficiently look after your property. They will take care of the practical side of things and ensure that everything runs smoothly.
We can advise and assist you further in this respect, take care of all matters highlighted above. Please feel free to write us on email@example.com, or fill out the details on Contact Us page of this website.