Rent Agreement Rules: Being a landlord or entering into a rent agreement is not easy. While preparing the agreement, we have to keep certain things in mind. Some mistakes are such that we have to avoid them. You must treat your place like a business and organize everything. Because if anything goes wrong then the landlord will be responsible. Therefore, you should have a look at some important points.
Consider these things while making a rent agreement
Investigate a Potential Tenant
Always do a background check on a potential tenant and check their information. This is something that you essentially have to do for your own safety.
Consider the cost of repairs
It is important that you maintain the property and get anything damaged repaired. In that case, always be mindful of the potential cost.
it’s not a hobby
Letting out a property is never a hobby. It is a proper business and you have to approach it professionally.
Lease duration
Always specify the duration of the lease in the rental agreement and any mistake there can spell trouble for the landlord.
Termination and Notice
While preparing the rental agreement, always specify the termination clause and notice period. This will make the problems that come ahead a bit easier.
Lock-in clause
It is important to mention the lock-in clause in the rental agreement which states that the tenant cannot leave the property before a specific period. If the tenant moves out, the person must pay the rent during the lock-in period.
Payment
Get clear details about the amount of rent, subsequent increments, payment time and how to pay in the rent agreement.
Default clause
If the tenant fails to pay the rent on time, the penalty and other things should be clearly mentioned in the agreement.
