When we come across a document that requires our signature, we barely get into the details and provisions of it. A lot of us, as a result, end up getting scammed. When it comes to putting a pen paper when the stakes are high, one must undoubtedly, read the terms of the documents before signing it. Therefore, documents like the lease agreement must be read thoroughly and carefully. It helps you get through the process quite smoothly.
We shall, thus, take a look at a few things to look for in a rental agreement.
- The termination policy
Make sure you go through the termination policy while entering into a rental agreement. Knowing the exact date when the agreement ends puts you in a position where you’re prepared for the future. But what happens when you have to move out before the agreement ends? In such cases, some lease agreements have the option of early termination that may be favorable for you. This is why reading the termination policy is quite important.
- Maintenance requirements and clauses
Perhaps the biggest advantage of renting is that the repairing charges are usually paid by the landlord. But when it comes to maintenance, it comes under the scope of the renter’s duty. Nevertheless, looking for the maintenance requirements in the lease is beneficial as you get to know what your responsibilities are and what aren’t. If you’re responsible for something else, it must be mentioned in the lease and so on.
Apart from the maintenance requirements, also look for the renter’s insurance. This insurance covers your belongings and some landlords require their tenants to buy it.
A lot of leases prohibit you from subletting the apartment in your absence without the landlord’s consent while several other leases allow you to do so. It is, thus, imperative that you obtain clarity on the subletting rules if you’re entering into a rent agreement.
- The security deposits
Many leases require you to pay a security deposit for a specified term. In usual cases, the amount equals one month’s rent. Since the amount is subject to variations, make sure you go through the lease agreement properly to get a gist of it.
One must stay sharp-witted and updated to avoid getting scammed. Further, such research also helps you find what is your house worth, which can help you fetch the right amount when you sell the property.