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For a sound lease agreement………….

Here are some tips to help you make an agreement that is clear and specific

Leasing out a house may seem a simple process. But there are quite a few issues that one should be aware of. The lessor himself or his duly authorized power of attorney should singe the agreement. The lease agreement should be carefully drafted.

In particular the following points should be noted:

  • What is the rent escalation clause – when can the rent be increased and at what rates.
  • What facilities are to be included in the rent.
  • Who bears the maintenance changes to be paid to the Society. Is it included in the rent. To whom are the Society’s maintenance charges payable – to the owner or th society.
  • Who will bear the routine repair and maintenance expenses of the house – both for minor and major repairs.
  • Whether the lessor would provide the fixtures and fittings.
  • What are the grounds for termination of the agreement. How much notice needs to be given by either party.
  • In case the lease deed needs to be registered, who willl bear the registration expenses.
  • Can the lease be renewed.
  • What is the security deposit and advance rent.
  • Is the security deposit interast – bearing. Usually it’s not.
  • Is the parking space well demarcated.
  • Who has to pay for the Society entry changes (leviable by some Societies).
  • Who has access to the common terrace – are any terrace rights granted.
  • Who has access to the common area/ garden area, if any.
  • Who pays the municipal dues and property tax.

These issuses become all the more important in cities like Bangalore because the rents are pretty high as compared to other cities. Secondly, the security deposists to be paid are for the almost 10 to 15 months. Basically, the lessors take the entire rent for the lease period in advance.

These points will ensure the lease agreement is clear and to the satisfaction of both parties.

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