A lease is a legally binding contract between the property owner, the landlord, and the tenant. You will find yourself looking at a lease probably at least once in your life if you plan on renting a property. The lease contains the conditions of the agreement between the parties that will allow the tenants to use, occupy and possess the property. A lease can be confusing and complicated; hence, instead of properly reading it, maybe people may jump toward signing it. However, since the lease is a legally enforceable agreement, you must understand every lease phase. This is essential in ensuring that you do not agree with something against your better interests and protect you from facing legal charges. We have mentioned some vital points that you should look for while reading a lease. Know about the payment plan of Blue World City.
Property details
The lease should have all the basic information about the property, including its official address, the owner’s name, and their contact number or email. Along with all the basic information, it should have the accurate date of when the agreement was signed along with the starting and ending period of the agreement. Options for lease renewal and policies for rent increase should also be mentioned clearly in the document. The lease will include all the appliances installed on the property and all the furniture that the landlord has placed.
Deposit, rent, and fee amount
The rent is undoubtedly the biggest cost involved in renting a property; however, many people ignore several other costs, such as the deposit and the fee. The lease should clearly state any deposit that the tenant is expected to make, such as the security deposit or the parking fee. It should also mention how the tenant can get their money back and the special circumstances. In summary, the lease should include the amount of rent due, the due date, the required method of payment, the penalty of late fees, and the grace period provided by the landlords, if any.
Utility
Every landlord has a different policy for the provision of utilities. Hence, policies regarding the provision of utilities and their charges should be mentioned in the lease. As a tenant, you should find out which utilities are included in the monthly rent and which utilities you will have to pay for yourself. For example, generally, the landlords cover the cost of gas, water, electricity, and sewer services while the tenant pays for internet and cable services. You should also buy plots in Kingdom Valley Islamabad.
Repairs and Maintenance
Repair and maintenance are inevitable topics and should be paid close attention to while drafting a lease to avoid future problems and headaches. In most rental agreements, the landlord is responsible for covering the costs of the repairs, whether it be fixing a broken pipe or replacing an appliance. However, in some situations, the landlord may only cover the costs of the major repairs while everything else will be the tenants’ responsibility. In some agreements, the tenant is responsible for the maintenance of the property, and the landlord plays no role. Since the conditions differ so widely, it is important that you thoroughly read your lease agreement to see if the conditions suit you or not. Before you sign the tenant, you must clear out who will pay for which repairs, who will arrange the services and how much time the landlord will have to get the repairs done.
Conclusion
The responsibilities of the property are divided between the tenants and the landlords. However, the way they are divided often results in arguments and fights as both parties want limited responsibilities. A leasehold has immense value as it clearly states the terms of the agreement preventing any party from backing out from their word. Invest in Lahore Smart City.
Author Bio
Ramza Zahra is a Karachi-based freelance content writer who uses her life experiences and curious nature to research and pen it down and make a living. Currently, she is working with Sigma Properties as an Snr. Content Writer.
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