If you’re looking for flats for rent in Bangalore, then you must know these rental lease agreement terms.
A rental lease agreement is made between the tenant and the landlord to bind both parties with the conditions for tenancy. Since it is a vital document, tenants must understand it completely and profoundly before signing it. Hence, we are listing some common yet significant lease terms and conditions that tenants must keep note of. Jump to the following section to know
Important Rental Lease Agreement Terms
Due Date & Grace Period Of Rent
The rent due date is the date on which you have to pay the rent. Whereas the grace period includes the extra days given to the tenant to pay the rent. The landlord cannot charge a late fee during the grace period but can accept late rent if paid after the due date. However, this will affect your prospective landlord’s reference.
Prolonged Absence
Check for any terms related to notifying the landlord while you travel for an extended period, generally more than 3 days. This is because, in the absence of tenants, landlords have the right to access the flats.
Regular Inspections
While going through the lease agreement for flats for rent in Bangalore, also look for information regarding any seasonal or annual inspection. This is in order to know in prior about landlord’s visits. The inspection visits may also include service and maintenance visits and are usually done quarterly or annually.
Tenant Insurance
Some landlords may require tenants to acquire tenant insurance, which if the tenant fails to provide can be regarded as a violation.
Guest Stay
Look for information regarding the overnight staying of guests at your flat. Some landlords do not at all allow guests to spend nights in the rented flats. Violating this rule may result in serious consequences.
Property Makeover
Experts at the top real estate websites in India suggest not redecorating rented apartments. However, tenants must check the lease agreement for clearer instructions. Basically, any change that can damage the property should not take place.
Terms Of Parking
Tenants must also check the parking terms in the agreement. These include the additional parking fee, guest parking conditions, number of vehicles to be parked, exact location of parking, etc. Also make sure that no broken/non-working vehicles are parked by you in the designated parking space, as this will be a violation of the term.
Rent Increment
You won’t want to end up getting shaken by a sudden increase in rent. Hence, make sure to check for information regarding annual or periodic rent increment before signing the lease.
Interest On Security Deposit
In some states, tenants can collect interest on security deposits. Hence check for this information in the agreement before signing it.
Pet’s Entry
Lastly, read the pet policy thoroughly and understand the consequences associated with its violation. Knowing if you can keep pets or your friends can bring pets to the rental flats is necessary to help keep your landlord happy.
Wrapping Up
So these were the most common and important terms that every tenant must understand before signing the lease agreement. In addition, there can be other terms based on the requirements of the landlord and the rules of the state. Make sure you understand each of them too. For more information, you can reach the experts at the top real estate websites in India.
