Renting a home might seem easy some of the time, but a fact we can not ignore that renting a home comes with lots of complications. Paperwork like drafting rental agreements might be taken casually, the consequences can be far more severe if someone missed out drafting a rent agreement in Bangalore. In this article, we will discuss some critical points that your need to consider before signing a rent agreement.
RENT & ESCALATION CLAUSE
Every rental agreement contains a clause that specifies the rent to be paid and along with that details for increment are also mentioned in it. As a tenant, you should be clearly aware of this clause. If there is no increment is stated in the Online Rent Agreement and then also the homeowner tells to raise it beyond the basic limit then you can challenge the raised price. Typically, a rental agreement has to be renewed after 11 months, so keep that in mind and also remember to collect your security deposit.
TERMINATION & NOTICE PERIOD
One of the more clauses that should be considered carefully before signing the rental agreement is the termination clause. Every rental agreement contains a termination provision that implies the period of stay and notice period too (if any). Do not forget to check this provision otherwise it may lead to conflicts later on.
PAYMENT DATE & MODE OF PAYMENT
There should be a payment date mentioned in the agreement so that you can know in advance up to which date the owner is expecting rent from you. Also, check the amount of penalty in case of late rent payment. Along with this, you should be aware of the mode of payment that you use to transfer the rent.
MAINTENANCE & OTHER CHARGES
Be clear out from starting regarding things like utility bills, maintenance charges, property taxes. Discuss in advance who is going to pay routine maintenance charges and also check that the owner will charge anything in case of accidental damage. All these points should be clearly mentioned in your rental agreement so that no misunderstanding will take place in the future.
TERMS & CONDITIONS
Sometimes specific restrictions are imposed on the tenants like they are not allowed to have pets, no late entry is allowed, prohibiting loud music, no late-night celebrations, etc. These things should be precisely mentioned in the section of terms and conditions so that you can spend a hassle-free life there.
If you are going to shift in a society that has additional facilities like clubs, swimming pools, gyms, etc. Then in your rental agreement, one more provision should be mentioned that will specify that you have to pay the charges for all those facilities or not and if there are charges then how much charges you have to pay and when.
At last, we can conclude apart from checking outer and interior structure, as well as the provision of amenities, some legal check like Online Rent Agreement, is equally essential.