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6 things you should look for before signing a rental agreement in India
Tenants and Landlords have had strained relationships in the past, due to ambiguity in rental agreements. For the landlord and the tenant it's best that the rental agreement comes under greater scrutiny. Here are a few things the tenant should note in a rental agreement and please remember you could change the agreement as you so wish.
Notice period in rent agreement
Please make sure that the contract mentions the notice period. In some cases the agreement is terminated with a notice period of one month or else it could be two months. If you have stayed for less than 11 months, possibly the notice period is sometimes as high as three months.
When would the rent hike be?
There have been cases where the rents have been hiked suddenly after a few months. Do make sure that the rental agreement you sign clearly specifies the hike would be after every 11 months or on renewal of the contract.
Deposit amount
Make sure that the deposit amount is mentioned in the rental agreement. Some agreements mention when the amount would be returned in the event of the tenant vacating the flat. In certain cases the landlord returns the amount after a period of one month, after satisfying himself over the condition of his flat. The Deposit amount generally totals 10 months of rental deposits.
Correct rent amount
Make sure that the rent amount is correctly mentioned in the contract.
Furnishings and Fittings
Some rental agreements mention the furnishing and fittings in the premises. These include fittings that could easily be taken away.
How long the agreement is valid?
Generally, the rental agreement would be for a period of 11 months. It is renewed once again thereafter. Just check if the agreement is for this duration. There is no harm if the same is for a longer duration.
