Signing a rent Agreement of house is one of easiest ways to have home without taking loan or paying monthly rent. And if you are looking to sign agreement then you need to know 5 things before you sign the lease agreement.
5 things to know before you sign agreement
What about future sale
First thing to check is rent you will pay and future sale. If no hike is mentioned in documents and owner decides to increase it few months. There is 10% rental rise every year and you need to be clear that this is listed in document. If you are comfortable with it only then you can sign agreement. You must find out about security deposit and how this amount will adjusted when you vacate.
You need to check whether there is any penalty for delayed payment of rent point out in agreement. And agreement should also mention the day by which the rent is expected to be paid. It must clearly state by which rent is expected and you will incur charges if you do not pay by due date.
Fees and charges given in the agreement
Additional, monthly charges, which include society maintenance charges and club fees, should be clearly spelt out and who has to bear its cost has to be specified. Also, you can expect to pay for various facilities in society. Like gym, parking, club and swimming pool, whether you avail of these or not. CheckTop up Loan is better option for existing home loans
Throughout the process, you feel free to ask your landowner question, especially if a term is unclear. You make sure all charges you need to pay are listed in agreement. Also you find out previous maintenance charges, utility bills and property tax have been paid by owner before you go into house.
Go through terms and conditions
Before signing your rental agreement, talk to your landlord about everything that you expect to be in writing. This will make sure your landowner knows what you want reflected in agreement before they draft it. You through specific terms and conditions that owner may impose in rent agreement. For example, owner may claim on not permit pets or keeping late hours, keeping out loud music or late night parties etc.
All these things need to be state in agreement so that you decide whether property suits your needs or not. An important thing is whether house is being rented by owner or caretaker without owners’ knowledge. Verify documents like sale deed and share certificate and make sure that you get no-objection certificate from housing society.
You need to check property
You should visit the house that you are going to rent before moving in. However, most people do not see all these details in documents. You make sure that basic construction is in good conditions. Like water connection, plumbing fixtures in kitchen, wiring electrical appliances, flooring and walls and washrooms. Also read 5 steps woman must keep in mind when planning her finances
So if you find that house is not in proper condition, immediately bring it to owners notice and have it repaired before moving in. You will not be held liable for damage or pay for it after you have moved in. Once you have ready to sign of rental agreement, and then re-check all of important rental terms.
Is everything functioning correctly?
Any minor repair work is headache of tenant. However, find out if owner will pay for repard work in carse of any accidental damage to house or natural causes like flood or quake. See documents that prove all previous power, water and gas bills have been cleared. Ensure that agreement a list is clearly says who will pay for which kind of repair and maintenance.
Keep in mind that your landlord must be very helpful during this process. It is landlord responsibility to make documents accurate for your and own sake as well. Be sure to keep a digital copy of rental agreement once all parties have signed.