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Tuesday, March 12, 2013

Things to check before sign the rent agreement


Sometime one doesn't care for checking the rent agreement properly and sign it in hurry for getting a home as soon as possible. This is normal practice now a day. But it can increase cost as well as headache if one doesn't check it properly. In the recent case of my known, the landlord increase rent from the fourth month itself, when inquiring the landlord gives reason of increasing the rentals in this area.

He already deposited Rs. 20000 as security and agrees to 5000 per month rent. This leave him in a confusing position as to change the flat or admit the landlord increase. Landlord say that this is the norm in the rent agreement as if the rentals of the area go up, the rent will increase. 

 One can avoid these hurdles by checking the rent agreement firstly before signing it. These are the points which must check on the rent agreement before signing it.

- One should check that that the actual owner of that property is. Sometimes people give the property keys to caretaker mostly in the case of NRI, and they let it out. This may create trouble as you can be thrown out anytime. 
- One should get the non-objection certificate from the housing society where you are getting premises for rent.
- One should check the papers like electricity bill or phone bill for getting knowledge who is actual owner.
- NOC should be obtained from the bank if the property is mortgaged with the bank.
- Increase in the rent clause
- Rent payment date
- Any penal charges if rent is late.
- Time frame etc.

What is in the rent agreement?
Rent agreement is the rental proof of landlord and tenant. It includes the following
- Rent tenure
- Rent amount
- Increase the rent condition
- Security amount
- Conditions
- Rent payment date
- Any panel payment if rent is late
- Facilities for tenant etc.
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