What Are The Things To Consider While Signing A Rental Agreement?

Posted By:
Subscribe to GoodReturns

Are you signing a new rental lease agreement? You should at least know what you're signing up for before you sign on the dotted line in a rental agreement. Avoiding all future problematic situations starts with signing effective lease agreements. An effective agreement will maintain a good harmony between tenants and landlords.

Before committing to an apartment lease, look out for these things in the contract:

Fees

Before signing the lease, make sure that there are no additional fees associated with it such as an application fee, an amenity fee, the security deposit, etc. If yes, then ask the lessor what each fee is needed for. Know how you'll need to pay it. If you're not sure about a fee, ask before you sign.

Rent

Some flats and housed include utility bills such as electricity bills and water bill in your rent. Go through the lease agreement and have a look at the utility bills that are included in your rent.

Pets

Some people loves pets most, when you have a pet, you need to be certain that your apartment lease allows pets. Understand what the pet policy for the apartment is. There may be restrictions on the kind of pets, their breed, weight, etc. Read the lease print before committing to an apartment. Now, some apartments may ask for a pet deposit also.

Renewal Clauses

Check whether your lease has an option to renew for one or more years. Check to see if there is an escalation clause; some house owners may raise the rent in subsequent years. Renewal policies vary by buildings. That are typically more lenient in smaller buildings. Tenants should be very much aware of the date by which leases have to be renewed,

Penalties

Some times you can not pay the rent on time. Make sure the landlord acknowledges grace periods for late payments so that you won't be stuck with fees in a bad situation. Late fees or penalties will be levied for this. Check is there any clauses regarding the penalty.

Damages

In your apartment lease, it may state that you are responsible for the damages are present at the end of your lease term.Take a note of the things that are present in the new apartment. Make sure that the current condition of the apartment is clear in the lease. Otherwise, they will deduct it from your security deposit.

Goodreturns.in

Read more about: real estate, rental agreement
Story first published: Thursday, June 1, 2017, 15:50 [IST]
Please Wait while comments are loading...
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

Find IFSC