Finding a suitable house to rent can be an intimidating and tedious task for most of us. It is common to engage the services of professionals to help us find our perfect home. Having found a house, there are a few essential criteria to be checked when signing the agreement.
Agreement Document – Study the rental or lease agreement document thoroughly before signing it. This document should mention every detail, including the rent amount payable and the increase in rent applicable after 11 months.
Escalation of Rent - It is essential to ascertain that the rental agreement specifies the amount of rent escalation that will occur upon renewal. The overall percentage increase in value should be detailed within the document.
Security Deposit, Rent, and Renewal – There is a renewal of a rental agreement that should take place upon the completion of 11 months. This is an essential document to review. Also, ensure you are aware of the security deposit and how much will be returned once you vacate the property.
Termination – Every rental document should mention a provision for termination of rent. This will include the duration of stay and notice period. It is important to ensure that these details are included in your rental agreement.
Payment – You should be aware of the mode of payment of monthly rent and the due date for payment. Also, check if there is a clause for a penalty on late payments made in the rental agreement.
Taxes and Payments – Before you sign a rental agreement on your home, do ensure that the landlord has paid all requisite taxes. These will include property tax, utility charges, bills, and maintenance charges where applicable.
Additional Charges – The rental agreement must specify all other additional charges that will be due. These will include the electricity bill, water bill, maintenance charges, and charges levied on amenities provided if any.
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