Vital Things to Know About 'Rental Agreement' - Page 2

Vital Things to Know About 'Rental Agreement'

By siliconindia   |   Wednesday, August 8, 2012   |    2 Comments

Rent payment date

Rental payment is another important thing to incorporate in the rental agreement. Ensure that the date for rental payment is clearly mentioned in the rental agreement. However, in today’s date, post-dated cheques for the entire time period of the lease are commonly accepted all over, but the thing to notice here is that the clear mention of the cheque numbers handed over to you during the process must be included in the agreement along with the mention of consequences if the cheque bounces.

Regular repairs

The rental agreement should mention a clause for regular maintenance of the property. Usually, tenants take cares for the minor repairs of the property, but it is important for you to look whether the property is in good shape while taking for possession. Also, you need to check if electrical and water connections are working properly along with the electric meter and water motor is in working condition.

Previous bill clearance

Since, utility bills including water, electricity and others are taken care of by the tenant in order to avoid confusion, it is necessary to clear all the pending bills that have generated before your new tenant moves in. Often, the time period of the bill generation may not go with the tenancy period of your new tenant, therefore a clear understanding of the bill clearance for the short duration has to be there. It is better to draft out an agreement as per your needs.

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