Rentals in kerala
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Keep these things in mind before taking a house on Rent:
If you are taking a flat or house for rent, then you also have to make a rent agreement. Before deciding on the house, you should read this rent agreement very carefully. Only after this, the agreement should be signed, so that you do not have to face further trouble. In this, it is necessary to write about the increase in rent, a charge of convenience and other payments.
Must read the condition of Rent:
First of all, decide how much rent you will pay every month. How much will the rent increase every year? Usually, the rent agreement is renewed after 11 months. Also, after 1 year the rent usually increases by 10 percent. However, sometimes the fare hike also depends on the consent of both parties.
Cannot be forcibly vacated:
Despite the provision of one month's notice in the rent agreement, no landlord can ask the tenant to vacate the house forcibly. If a landlord tries to do so, a stay order can be taken from the court.
Take home only from the real landlord:
Before taking the house, the tenant should know that from whom he is taking the house, he is the real owner of the house. If it is not so, then the center of the house should have the right of tenancy. If this is not kept in mind then the real owner can get the house vacated by giving notice.
Check the terms and conditions of paying the money as a security deposit in the rent agreement. Pay attention to how it will be accommodated when vacating the house. In this document, the condition of cancellation of the rent agreement is also written. The notice period is also mentioned in this. It would be better if you also write about the mode of payment of rent (cash, check, or NEFT / RTGS / IMPS) in it so that there is no dispute later.
What happens if the rent is late?
When you will pay the rent every month, make sure to inform it in the rent agreement. Check that there is no penalty for late payment of rent in the agreement. Apart from this, you should also check about electricity, water bills, house tax and facilities like gym, swimming pool, parking, club, etc. and payment in lieu thereof.
First, thoroughly inspect the house you are taking for rent to live in. Many people do not pay attention to small things, but it is necessary to see them. If something is bad or not right, then definitely tell the landlord about it. Get it installed or repaired before shifting.
Maintenance is an important issue:
It should be clear who will pay for regular home repairs and maintenance. Who will bear what kind of expenses? Failure to do so may lead to further trouble. Also check that if you will pay the cost of repairs, then it will be deducted from the rent or the landlord will reimburse it to you.
What is the difference between lease and Rent?
First of all, let us tell you about the lease. A lease is made when we are taking something for a longer period. That is, for more than 1 year and about 10 to 15 years. For example, when you rent an office for your business use, then a lease agreement is used there. Similar airlines take flights on lease which is for 10 to 15 years. Construction companies also take the goods of their machinery on lease. That is to say, if you rent an asset for a longer period, then there is a lease agreement which is also known as a lease deed.
Now let's talk about rent. A rent agreement is required only if you rent something for less than 12 months. For example, we hire ola or uber cabs for 1 day, 2 days, or 5 days. Or for work in the office, a computer is called from outside for 10 days, 20 days or 25 days or even a month. A rent agreement is always made for 11 months or less. Generally, if we get the rent agreement made for our house also, then that too is for 11 months only. Overall we can say that lease is always for long term whereas rent is for the short term.
Some more differences between Lease and Rent:
- If you take any goods on a lease, then it is your responsibility to maintain it, whereas the maintenance of the goods taken on rent is done by its owner.
- The rent of the goods taken on lease is fixed in one go, whereas the rent of the things taken on rent varies according to the month, day, or hour. For example, if you have taken an office on lease for 10 years, then you fix its rent at one go. But the rent of the house or vehicles taken on rent may be different this month and maybe different next month. It can also change in hours.
- In rent, the owner is always the owner, whereas, in the lease, the tenant can become the owner of that property later if he pays the value of that property at that time. At the end of the lease, the lessee has the option to purchase the asset at the residual value.
- Lease forms are prescribed as per Accounting Standards, whereas no specific norms have been issued for rent.
- There are two parties in a lease agreement, the lessee and the lessee, i.e. lessor and lessee. In contrast, the landlord and the tenant are parties to the rent.
- - The lessee pays the rent to the lessor while the tenant pays the rent to the landlord.
- The rental agreement gets renewed automatically, but it is not so in the case of lease.
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