How To Set Up A Fool-Proof Lease AgreementApril 23, 2018
An agreement is mandatory for legalising the deal while giving a commercial or residential property on lease or rent. It is also essential for the document to be clear and comprehensive to avoid any future discrepancies between the landlord and tenant.
Below listed are some of the attributes that should be addressed in the rental or lease agreement.
The agreement should specify the amount of security deposit while also adding the terms on which the refund of amount is decided after the lease ends. The document should also mention at what conditions of damage caused by the tenant the refund amount should be reduced.
The agreement should include the rent amount and the due date by which it is to be paid monthly. Details about other payments such as utility bills which might be in the name of the landlord should be mentioned to avoid misunderstandings.
Yearly rent hikes
Specifying the increase of the rental amount in the agreement will ensure that the tenant is aware about the same and also that the landlord will is not entitled to increase the rent illegally in the term for which the agreement stands.
Repairs and maintenance
The document should clearly state the responsibilities of both parties regarding repairs and maintenance works. Generally, repairs are undertaken by the owner, while the tenant takes care of minor maintenance activities.
Breach of contact
The lease agreement should state the conditions that lead to the termination of the contract. These can include the completion of lease period, adequate notice period by the tenant and violation of house rules, etc.
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