Landlord Tenant Act: Must Understand For A Good Relationship
Landlord tenant act has been created to save the rights and authority of landlord and tenant
. Government has noticed number of disputes between both parties due to minor issues. Generally, disputes occur due to ego problem. Landlord does not accept the offer of tenant because he is a homeowner and tenant refuses to obey landlord because he/she pays for it. Lack of understanding can create a big issue between landlord and tenant. It is next to impossible to eliminate the disputes by applying some scientific formula, but yes government tried to minimize the risk of such situations.
Landlord tenant act defines what rules and regulations should be followed by landlord and tenant. Here, are few points of this act:
Rent It is important for both parties to read the agreement carefully before signing the agreement. Rent amount, due date of rent, percentage of hike etc. should be mention in the agreement. It is responsibility of both parties to mention these things in agreement after deciding them mutually.
Security deposit Security deposit is an amount given by tenant to landlord before entering in the property. It is refundable amount but work as a security against the property. With the help of this deposit, landlord makes sure that tenant is going to take special care of rented area. Security deposit includes the rent amount 2-3 months.
Number of people or pet According to landlord tenant act, number of people or pet should be decided by both parties initially. If landlord or tenant has any problem, they can discuss on the matter before signing the agreement and can edit the document accordingly.
The basic aim of tenancy agreement is to minimize the risk of problems or disputes.