Understanding Your Lease Agreement: Key Terms and Clauses Explained Archives

Is it your first time seeing a lease agreement? If so, you might be facing problems understanding one due to a lack of prior information. Thus, to solve your problems regarding lease agreements. In this article, we have gone into an elaborate discussion covering everything related to lease agreement from its key terms to clauses. Keep in mind, understanding keys and clauses subjected to a lease agreement is important for safeguarding your rights and responsibilities. Not following a lease agreement from start to finish might bring trouble later on.

What is a lease agreement?

A lease agreement is an important document that defines the terms and conditions between a tenant and landlord. Both tenant and landlord need to be mindful when renting a property or giving one in rent to other parties. Otherwise, they could face problems after going into a lease agreement that is bounded legally. Going through some of the key terms and clauses would help you get a comprehensive overview of the lease agreement.

Key Terms Covered in a Lease Agreement

People looking for property for rent in Dehradun must have a thorough understanding of the terms talked about in this article. This would help you understand the basics of a lease agreement and tips for proceeding accordingly.

Lease Term

One of the first terms that you need to look out for before signing into a lease agreement would be the lease term. It defines the total duration for which the rental agreement will remain valid. Beyond this period, the tenant is not allowed to occupy the rental space and must vacate the space immediately. Ensure you check out the lease term properly to avoid confusion later on.

Rent amount

Yet another term that you must check from your rental agreement is the overall rent amount. This lease agreement that you would be signing should properly state the monthly rent to be paid before the due date. Moreover, it should also define the additional charges that the tenant could face for missing the rent amount.

Security deposit

A security deposit is the sum of money that the tenant must pay after signing their lease agreement. This security deposit is acquired by the landlord based on potential damages or non-payment of rent. However, if none of those conditions are met the tenants are subjected to receive the full security deposit amount after the end of their lease agreement.

Utilities and services

The utilities and services should be defined in clear terms within a lease agreement. It must specify which utilities are included in the rent and the ones that need to be paid separately. Within the utilities and services, there is water, electricity, gas, internet, and other services.

Termination and renewal

Your lease agreement must specify the procedures for terminations and renewals. Otherwise, it could create multiple problems for both tenant and landlord when any party decides not to renew their lease agreement. Henceforth, the lease agreement should be also specify any penalties for the tenant or landlord if the agreement is broken before the lease terms comes to an end.

Pet Policy

Tenants who are looking to get property for rent in Dehradun must check the pet policy in their lease agreement. Checking out the pet policy would help you find out about the restrictions that are in place for different types of pets. And, the additionally fees that must be paid for keeping the pets in your rented space. Wfecity helps you find the best pet policy lease agreement in Dehradun thereby avoiding potential conflicts between landlord and tenants.

Some Clauses Included in a Lease Agreement

Here are few clauses that you must look out for when drafting a lease agreement. Keep in mind, each clause mentioned in this article must be in your lease agreement.

Severability

Severability is the clause that protects a lease agreement when a part of the lease has been deemed non-applicable by the court. If the landlord somehow fails to include this clause in their lease agreement. The contract could immediately face invalidation from the honorable court of law. Contacting wfecity could help you learn the correct way to put a severability clause into the lease agreement.

Premise access

This clause of premise access will specify the number of people who are allowed to visit the rented space. It would also state the number of hours they are allowed to stay and use the rented space. Moreover, the permission of the landlord must be taken before allowing anyone else into the premises. Otherwise, certain penalties are required to be paid depending upon the clause written into the lease agreement.

Sublease conditions

When drafting the lease agreement, it should indicate that the landlord doesn’t want leaseholders to sublease the space. This would be a total violation of the agreement thereby leading to court cases or other penalties defining under property laws.

Conclusion

Overall, these are the key terms and clauses that must be present in your lease agreement to avoid confrontations between landlord and tenant. Doing so, effectively would help you lease out the property peacefully and the tenant enjoying their space at their convenience.