Points to be included in the renter's lease agreement
Points to be included in the renter's lease agreement
A lease agreement is nothing but a written document indicating the agreement made between the owner and the borrower of the property. Most of the rental lease documents consists the following elements in it in the basic form. No document is complete without including all the basic elements such as length or period of lease, payment mode, and description of the property.
Period of lease: Many owners make a lease document for one year and can further extend the lease if he wishes. The length or period of time the property is set out for lease is one of the essential elements in rental lease document. Sometimes the renter may require the property for just one or two months for enjoying some season.
Amount of lease: The lease agreement will contain the amount for which the property is taken for lease. The deed should also include the date of payment and mode of payment. Some landlords can ask for security deposit for preventing loss to this property which would be refunded after the lease period. In this clause, specific mention will be made if the renter is to bear the expenses of utilities or not.
Condition of the asset: Usually the owner asks the borrower to confirm that the property is in good condition. In case if the apartment is furnished, then the agreement contains the list of furniture and other amenities provided to the renter. It will also say that the tenant is solely responsible for keeping the property in the original condition while vacating the premises.
Other conditions: This may include about the number of persons who will be occupying the premises, and other important conditions with regard to the property. The owner may include a clause to specify that the borrower shall not make any alterations to the property. Indication is also made about the restriction of use of pets inside the house.
Conditions regarding termination: The lease agreement is valid only till the period which is mentioned in it. The owner may include certain conditions like if the renter wishes to vacate the premises before the maturity of the rental period then he or she may forfeit the amount made as security deposit.