Many people leave their home cities and move to completely different cities to check, for work, for business or for good life-style. the primary factor they have within the new town could be a place to reside. provided that it’s tough to buy a home to reside in as shortly as you move to new town, specially in metros, most of the people tend to require a flat on rent. however before you are taking a property on rent, it’s prudent to understand the terms and conditions and execute a rent agreement.
The agreement ought to clearly mention the number of rent that you simply need to pay every month and also the maturity date by which it’s to be paid.
In most cases, landlords ask for a deposit that is sometimes up to one or 2 months’ rent amount. Mention the security amount within the agreement and when it’ll get refunded.
Also, make sure that the agreement clearly states what else you’ll need to pay money for like electricity, water, PNG, maintenance, and so on. Also, it should be clearly mentioned if there’s a separate meter for utility connections supported that you have got to pay bills otherwise you need to pay a fixed amount each month.
Duration of agreement and renewal Conditions-
Typically, rent agreements are executed for a tenure of eleven months. However, you’ll be able to enter into AN agreement for a longer time also. ensure the tenure is clearly mentioned.
Also, clarify regarding the lock-in period, throughout which neither the tenant nor the owner could terminate the agreement, and guarantee it’s mentioned within the agreement also. “The agreement should clearly mention the results of terminating it by either party before end of the lock-in period,” if the owner desires the house vacated before the end of the lock-in period, she needs to compensate the tenant by paying AN amount up to the security deposit, in addition to the actual deposit refund.
Note that the lock-in period isn’t a similar because the notice period, which generally lasts one or 2 months. If the notice period is 2 months, you’ll need to provides a two-month notice to your property owner just in case you intend to vacate the house. However, the notice period is usually not valid throughout the lock-in period for either party.
When and how the agreement will be renewed, by how much can the rent go up at the time of renewal, whether or not or not there are provisions for re-negotiation of rent so on should be mentioned. Also, in cities like Bombay, within the initial agreement, property agents put in clauses associated with payment of brokerage at the time of renewal. Discuss this clause, and get to understand in advance what the amount of brokerage for renewal are going to be and who pays it.
List of Articles , Furniture and fixtures
The agreement ought to even have information of the house you’re taking up on rent like the ground or housing variety, space of the house, range of rooms, bathrooms, living area, kitchen so on. If it’s a furnished with house, confirm there’s a listing of all the fixtures and fittings like beds, sofas, tables, chairs, wardrobes, number of fans, air conditioners, lights so on.
Many landlords don’t enable tenants to keep pets. If you have got a pet, discuss the problem before finalising a house on rent. a number of house owner even have problems with non-vegetarian tenants. different problems to clarify include whether or not you’ll be able to use the terrace, parking zone, garden or the other amenities within the society.
Landlords usually keeps the original copy of the rent agreement in offline registration, however if you will opt for online rent agreement registration both parties could keep original online registration file in their respective systems as original.