Significant things to consider while signing a rent agreement

Submitted by asandil on 5/27/2014

An inhabitant ought to check whether the landowner has incorporated a “rent escalation clause” in the agreement, which could be utilized after a certain period. Check whether the agreement says that the date after which lease charges would expand and the rate of increment also.

Check if the landlord has added a “clause on the sale of the house”. If the landlord decides to sell the house during the term of the rent agreement, you need to know at least how many months you will get to find a new accommodation for yourself with convenience. The terms and conditions related to regular repairs of the property must also be incorporated in your agreement. Typically, minor wears and tears of the property are taken care of by the tenant.

It is necessary for you to visit the spot where you need to stay on rent—before consenting to the lease arrangement. You not only need to check the state of the house, but also additionally verify that all power and water points are working appropriately. Check the windows to ensure whether they open-close and bolt properly.

Stay assured that all the apparatuses in the house are working perfectly. Typically, it is the holder’s obligation to guarantee that the property is given over for ownership fit as a fiddle. This would imply that all electrical and water connections are in working condition, the power meter and water motor are in running condition.

The rent agreement could additionally incorporate extra month to month charges, for example, the general maintenance charge, power bill, water bill to be paid by the occupant. Rent agreement can likewise incorporate spaces like carport included with the property. These extra charges ought to be plainly specified in the rent agreement alongside the individual who should pay them.

In case either of the party neglects to respect the terms and conditions of the agreement, it will get invalid and the bothered parties could face punitive charges. Along these lines, the agreement ought to additionally incorporate notice period and punishment for crossing out the limit of terms without finishing the pointed out period. Generally, a one-month notice period is served.

Each and every tenant should handle the issue of rent agreement very carefully and seriously because it is the only document that supports you all the way when it comes to taking a gas connection, telephone and internet connection, the opening of a bank account and so many other household tasks.

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