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4 Things To Keep In Mind Before Signing A Rent Agreement

Posted by Truptikanta Swain on October 8, 2020
Let us first understand what does a rent agreement means:

A rent agreement is a piece of paper that clearly states rules that both the landlord and the tenant agree to abide by. This agreement is usually prepared by a real estate agent hired by the landlord and the tenant. The agreement must also be signed by two people who are non-beneficiaries of the agreement and they sign as the witness of the agreement being signed. You would require such an agreement when you want a house on rent.

Now let us look at some of the keys to have a good look at when such a case is presented to you.

  1. Rent and increment clause: Usually, every rent agreement has an increment clause which refers to the percentage at which the monthly rent would rise with time. For example: if your rent per month is 7000 and it is mentioned to have a raise of 10% then the raised rent would be 7700.

The duration however is where you need to pay keen attention to. The rules and the rent at which the landlord would agree to lease their property should stay that way for about 6-8 months and the changes may apply henceforth.

  1. Fees of the facilities: So other than the rent, there are a lot of other things that you might be charged for when you live in a locality. These may include a community gym membership or the maintenance of the community pool or a clubhouse membership. Look if you are going to be charged whether or not you avail of these facilities.

Also, look at whether there is any penalty for delayed rent payment. Most importantly, the agreement should include if you are going to be charged for the property taxes that are levied on the property that you are going to stay in.

Repair and damage: Make sure that the agreement clearly states who will pay for the repair and whitewashing that the house should undergo for you to move in and also make sure to clearly talk through about that pays the maintenance and property taxes. Also find out if the owner will pay for repair work in case of any accidental damage to the house, or the event of destruction due to natural causes or calamities like flood or an earthquake.

  1.  If the owner pays, look at whether the agreement clearly states it is going to pay directly or you are going to look after the matter and be reimbursed.
  2. Other things to look for: In the agreement, look for some extra guidelines that they might want you to follow. Like, not playing loud music, and not bringing in pets and late-night parties. These need to be clearly stated in the agreement. Sometimes the owners might ask for NOC or No Objection Certificate for any pets that you might have. Also something rare but you might consider crosschecking is whether the property is directly being provided by the owner or by a sublet or a tenant re-leasing the property with or without the prior knowledge of the owner.

These were some points to keep in mind before signing a rent agreement. But how do you go about finding a house to rent? Let us help you out with that and of course, you guys deserve a little bonus for sticking with us till the very end.

  1. Check the picture of the property: Make sure you look at the World Wide Web aka the internet if the house you are looking at has been listed on any of the property websites.

There are a lot of houses online, and that puts each of them under some form of competition which might have urged the landlords to have some kind of offer or extra facilities, but most offers and facilities can only be availed when the landlords are approached or when the deal is finalized, through the website so make sure you do not miss out.

  1. Deal with a professional broker: Deal with a professional broker, because once the deal is locked, their behavior can cost you a lot more that you would imagine. Dealing with a professional is not only going to save you some headache but will also give you the security to trust in their commitments. If you cannot independently investigate the dealer’s credentials by consulting people nearby, ask for references of previous clients handled or your neighbors or relatives who have been through this process.
  2. Consider the “ease of accessibility”: The term “ease of accessibility” basically refers to the accessibility of the location to the other major places in the city, which determines the travel expenses and the time you would have to spend traveling.
  3. Security: If the locality is too far away from the main city, it might become not so safe and be prone to burglary and theft. Ask about it to you to be neighbors about the safety measure around there and the frequency of any kind of loot or theft around in that area.
  4. Get to know your surroundings: Finally, if you have decided on where you want to spend a significant amount of time of your life, find out what the place has to offer. This is not an essential step, but just a personal recommendation to check out if they’re a cute café around the corner or maybe farmland or maybe a hill nearby or if you are really lucky a vineyard nearby.

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