What to know before signing a rent agreement

A lot of youngsters are seen moving cities in search of a better career and future, sometimes with their partners. And since it is very impractical for a couple to live in a hostel or PG accommodation, they opt to rent the house. Renting is a two-way process, i.e the tenant and the landlord both must agree on the similar points for the transaction to go ahead. As a prospective tenant, finding the property matching your requirements is no longer a cumbersome task. This is a digital era, and everything you need is just a click away, including the property. While most of the tenants make the required physical check of the property and amenities available, there are certain aspects that they tend to miss out, like raise in the rent.

Similarly, for landlords too, it is imperative to not only run background checks on the tenants but have every detail on the agreement, like upkeep and repair to avoid future tussle. In case of NRI landlords, who are susceptible to frauds, the rent agreement is a vital document that establishes their title over the property in case of any dispute. As legal professionals, we would advise that both the parties have a detailed discussion on the various points they consider necessary and get those written in the agreement for the future purposes. Moreover, it is advisable to take the advice of a legal professional, if you are unable to properly gauge the terms mentioned in the agreement. Below are some of the important points that both the parties must consider before signing the rental agreement.

  1. Know about the payment – Renting is more than just the cheque at the end of the month. In most of the cases, the landlords keep a security deposit to cover the damages, if any. In case the house is in a society, the tenant would need to pay the amenities fee. In addition, it is important to reach at a consensus as is who is responsible for the maintenance of the property; whether it is the tenant’s job or the maintenance fee has been included in the rent by the landlord.
  2. Document the present condition of the house – It is important that both tenant and landlord document the present condition of the house so that a check can be kept on any damage to the property in future. A tenant should have it done to not be burdened with unnecessary charges for any damage property suffered before he/she moved in. Similarly, in the case of the landlord, it is imperative to make the tenant pay for damages done by him/her.
  3. Hike in rent – It is helpful to have a clarity on the hike of the rent in writing. Any misunderstanding can lead to disgruntled parties and disputes. A clear chart should be notified on when and how can a landlord raise the rent. It will make a tenant mentally ready to part with more money in the future and save the landlord from any financial loss.

A regular check by the landlord is imperative to make sure the status quo of the property and its occupant, but it should not become a trouble for the tenants either. A NRI should try to have a regular check by granting trusted aid Special PoA. As there are cases of Illegal possession and cheating against NRI, they ought to be more careful while renting. In our opinion, a NRI landlord should definitely hire the services of a legal professional to safeguard his interests.