5 Important Factors That Should be Included in Rental AgreementJune 8, 2018
A rental agreement should be a comprehensive document which should include all the terms and conditions in which the property is given on lease. A fool-proof agreement eliminates any chance of a future dispute between the landlord and tenant.
Following are the 5 important components that should be clearly addressed in a rental agreement.
The agreement should specify the amount of security deposit, the conditions on which the amount will be returned after the end of lease period and also the mode of refund. Additionally, it should also be stated what is accounted as damage if the landlord is to use the deposit against any damage caused by the tenant.
The rent amount and the date by which the payment should be made constitutes the fundamental part of the rental agreement. To avoid misunderstandings, the details regarding the payment of utility bills should also be mentioned.
The annual hike in rent can be specified in the agreement to ensure that the tenant is aware of such increase. If this information is not available during the renewal of the lease, the landlord and the tenant will have to discuss and come to an agreement.
It is recommended that the agreement includes the details of responsibilities of both landlord and tenant regarding maintenance activities and repairs. This would be beneficial for avoiding unwanted confusions and arguments.
This is one another major detail that should be included in the agreement. It should contain the notice period that either party has to give the other when vacating the property or during the premature termination of agreement.
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