7 Common Mistakes You Commit While Giving a Flat on Rent

There are various things and pointers to keep in mind when you are setting up an agreement. Being a landlord is not easy; you not only have to take care of your own house but also the one you are renting. You own that too. There must be specific rules and regulations that are to be laid down before signing off in affirmative for the agreement.

The following topics should be kept in mind when you are renting your property. This not only eases your mind but also keeps the business transactions go smooth:

1. Know the duration for their stay: The most important thing that has to be mentioned while putting the flat up for a rent to the tenant is the duration of their stay and the duration till which you can put the place on rent.
2. Clause of Termination: The clause of termination specifies to you the method which will make your tenant bound to leave the property in accordance to you wish. This clause also upholds the fact that this agreement is two sided, so the tenant too can leave when he wishes, but a notice has to be supplied from the side that is breaking the agreement. A term of one or three months has to be given in each case.
3. Clause of lock-in: The clause of lock in mentions the fact that the tenant is not allowed to leave the flat which he has taken on rent before the term that has been specified. If he does so, then he needs to pay the rented amount that has to be delivered for the lock in period, as mentioned in the rent clause.
4. Clause of money deposit as security: The clause of security money should be mentioned to your tenant while committing your house for rent. This clause mentions the amount to be paid and the amount that can be refunded at the end of the course of stay. The rules when the money will be deducted from the input also have to be mentioned.
5. Clause of rent payment: The clause of rent payment specifies the method in which the payment has to be made, in terms of cash, online crediting or cheques. The total amount to be paid each month, with the extras should be mentioned too.
6. Clause of dispute management: The clause of dispute management writes down specific laws to follow if in future there is a disagreement between the tenant and landlord (you). It has to be mentioned that such acts will take place legally, if there is a problem.
7. Clause of tenant nuisance: The clause of tenant nuisance prohibits the usage of the flat for illegal purposes such as drug usage, mentions the factors that forbids creating excessive noise, disturbances to others around them etc. There has to be specific rules and regulations written down as to what will happen if such things occur.