At the point when the part of the bargain is not too far off, you have a choice to make. If you want to renew, negotiate or extend your rental agreement for the shop when your rental agreement is about to complete the written tenure. But in case you want to renew your Rental Agreement For The Shop you keep several things in mind and also aware of clauses written in the agreement. Given below are some important things that should be kept in mind before renewing The Rental Agreement For Shops.
Know whether you have a right to renew the property or not- While many residential houses usually have a term for renewal in the agreement which favors the resident. It may not be possible in case of commercial areas, many landlords do not favor to renew the rental agreement. You can usually check out this thing in earlier rental agreement under the right to renew section.
Hike in Rent
This is the most important thing that you should discuss with your landlord before renewing your rental agreement. As there are many landlords who tend to increase the rent even though your business is not doing great.
Updated notice period
Usually, the notice period for the renewed rental agreement is 6 to 9 months depending upon the business and landlord as well. So, you should always keep this tenure in mind before signing the renewed rental agreement. You can refer a Rent Agreement Format For Shops to see all the points mentioned and Register Rent Agreement Online to get a perfect rental agreement for your shop.
Be aware if you can increase or decrease your space in the property
There might be circumstances when you want to increase or decrease your rented space due to fluctuation in your business. So, you should be aware of this fact before renewing your agreement by going through a Rent Agreement Format For Shops that might be available online.
If you can renew your agreement when been in default for some time
It is an important factor that most of the tenants want to know. There might be some situations when you are not able to pay your rent and become a defaulter. In this case, some landlords might not renew your agreement while some agree to do this keeping in mind the past record of the tenant. But it is completely the choice landlord whether he wants to renew the agreement or not.
Conclusion
It is always advisable for both the landlord and the tenant to opt for rent renewal rather than going for finding a new tenant and new property respectively. But if they have faced any issues in the past relating to financial problems they can surely choose not to do so. Renewing a rental agreement needs to Register Rent Agreement Online for a better option at a feasible rate. You can choose to renew a rental agreement from a well-renowned company like the Rentalagreement.in who guides you properly in such matters.
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