Before
finalizing the tenancy agreement, besides monthly rental amount, it should be
borne in mind to furnish the security deposit amount as advance which would be
refunded without any interest, to the
tenant, at the time when the tenant vacate the premises and hand over the same,
intact. This security deposit amount
shall be utilized, in case the tenant commits failure to pay the monthly rental
by appropriating the rental amount due from and out of the security deposit
amount, and such default in payment of rental would be viewed seriously,
resulting in getting the tenant evicted from the premises by the land lord.
Upon the termination of the agreement and the tenant vacating the premises, the dues
payable by the tenant to the Land lord to be calculated and such amount need to
be deducted from the security deposit amount held by the Land lord, and the
balance remaining amount to be refunded to the tenant. This security deposit
amount would not attract any rate of interest, and it is totally interest free.
The tenancy
agreement should clearly specify as to who shall bear the expenses related to
Government rent, property tax, utility expenses, management fees, building
maintenance expenses, electricity gas and water charges, repairs and painting
expenses, open area or common area maintenance fees and the damages
rectification expenses from fire or any other cause on the usage of the property,
etc.
The
important features related to the sewage/drainage maintenance, water tank
maintenance, wooden parts maintenance, garden maintenance etc., are to be taken care and it has to be
specifically mentioned as to who shall bear the expenses, to be clearly mentioned
in the tenancy agreement.
Alterations to the premises
If the
tenant is permitted to do the alterations within the structure, it should be so
mentioned in the rental agreement, and the cost of the alterations as well as
the maintenance of the altered structures should be borne by the tenant only
and this fact to be mentioned in the agreement. Further, it should also mention,
as to whether the tenant shall remove the altered structures, or not, while
vacating the premises should need to be mentioned in the agreement.
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