5 Things You Should Know Before Renewing Rental Agreement For Shops

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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5 Things To Know Before Signing Rental Agreement In Delhi NCR

Food, clothes, and shelter are the most important things in a person’s life. In this decade the cost of building homes has risen such that almost all the savings of people get exhausted, sometimes while in the middle of the construction. To avoid this, people use to rent a flat or apartment in the majority of the metropolitan cities, be it Mumbai or Delhi. For acquiring a house on rent, people have to sign a Rental Agreement. 

The majority of the people are unaware of this fact and avoid this, this leads to awful consequences. People are unaware of the rental agreement and How to Make Rent Agreement and sometimes the landlords also skip this for their gains but eventually face problems.  People from experienced organizations such as Rentalagreement.in will guide you about all the procedures and information regarding the Rental Agreement even you can get Online Rent Agreement in Delhi from Rentalagreement.in. You must lookout for the following terms before signing a Rental Agreement:

Hidden Clauses or Conditions: 

Sometimes below the dotted lines, there are some clauses written which prove to be devastating in the upcoming months. Some cases have been observed in which the tenants have to face a 10% or more hike in rent every five or six months. With Rentalagreement.in, you will not face any such problems.

Additional Charges: 

Some cases have been observed in which tenant have to pay the additional money after certain months. These little sentences go un-noticed and thus due to little irresponsibility the tenants have to pay a large price. Rental Agreement can be a little perplexed, but Rentalagreement.in provides an Online Rental Agreement in Delhi which eases out the problems.

Inclusion of Bills: 

Another important clause that goes unnoticed that people just ignore the terms and conditions. These may include any other expenses such as the water bill, electricity bill or even maintenance charges. The term “Maintenance Charges” has often been misused and the tenants take its toll.

Check-out and Notice Period: 

The rental agreement also incorporates the penalty and check-out charges if any. These are most important as in some cases there would be a notice period for leaving. If a tenant leaves before the notice period, then to he/she has to pay for the remaining period. In some cases, the rental agreement includes a clause that the tenant has to live/pay for a minimum duration of months that usually go unnoticed. Also, a heavy penalty would have been mentioned in that agreement for breaking that clause.

Damage Charges: 

In some cases, the furniture or supplementary utility of any kind that has been provided while moving-in gets damaged. The tenants have to pay heavy penalties in that case, if not taken care of. These penalties exceed the price of the article in a few instances. This clause must be looked into very carefully.

Hence, the tenant pays heavily and the situation goes awful. The executives from  Rentalagreement.in soothes all your headaches starting from How to Make A Rent Agreement to drafting and explaining it properly. 

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5 Things You Should Know Before Renting Your House

A shop is a place where you are going to start your business and run the daily needs of your life. As for some people, it's not possible to get their own property and start a business but what they can do is rent for the property and run their business. For that, the tenant will need to sign a rental agreement which is a contract.

It is a contract between a tenant and an owner who is going to have temporary possession of the property. The registered rent agreement should have a proper format and all the necessary information in order to avoid any legal implications in the future. There are several things that have to be there in Rent Agreement Format For Shops for better convenience of both parties. 

Given below are the Things You Should Know Before Signing Rental Agreement For Shops.

Length of lease period should be considered

This is a very important step that needs to be taken care of before signing a Rent Agreement For a Shop. Considering a short lease period is much more feasible and safer. Because you can never predict the future of the business you have started. so getting stuck in a long term commitment might hurt your finances.

Who is responsible for what?

Make sure that the rent agreement clearly mentions the maintenance and repair related things in it. Ensure that the rental agreement clearly mentions the party names who will pay for what kind of repairs and maintenance.

Lease termination policies

Some of the Registered Rent Agreement has proper rent agreement format for shops which tends to automatically renew before its termination. While some rental agreements can only be renewed after contacting the owner. You should also consider the termination policies and charges before signing the agreement.

Other Terms And Conditions

Cross-check the rental agreement for other terms and conditions which you might miss. These kinds of things can lead to legal complications if not taken care of on time.

The Bottom Line

Consider hiring a professional for helping you with the proper rent agreement format for shops. He can help you with the negotiations and make you understand all the terms you might not be aware of.

Conclusion

It is very much important that you understand each and every detail mentioned in the Online Lease agreement before renting a shop for your business. As seen, most of the rental agreement runs fine most of the time. Though, you can ensure peaceful cooperation between both parties before signing the rent agreement.

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5 Things You Should Know Before Renting Your House

Renting houses has been very common these days. If you have a house which is vacant and you want to make some money from it, renting it out is the only option you have. As it looks very easy but it's not that easy to rent a room in your house. You will have to work hard to get the right tenant. 

You will have to be cautious while choosing a tenant otherwise you can be fooled easily. It requires you to be smart and clever to do this task effectively. Renting a room can get you some easy bucks but there are certain things that should be kept in mind before signing a rental agreement.

Choosing The Right Tenant

Deep background research about the tenant is the most important factor before renting the house. You can conduct the police verification of the tenant in order to have complete knowledge about him. Gather information about the professional background as well as family background. This will help you to prepare an apt Rental agreement in Bangalore.

Decide The Rent Price

Fixing the rent price is a very important part that should be given much Importance. You should research properly in your area and city before fixing a reasonable rent price. This rent should be mentioned in the Online Rental Agreement. If you are confused about finalizing the rent then contact the property dealer of your area and neighborhood they will help you.

Visit The House At Regular Intervals

It is very important to have interaction with the tenants while they are residing in your house. You should be aware of the condition of the house and also have some feedback about the renter from your neighbors. This will help you to take action if anything is wrong with them.

Discussion With Tenants

Discuss everything related to your house with the renter before giving a nod to them. They should be aware of everything like water supply, electricity, maintenance, and other such necessities. You should also have information about them and the family members going to live in your house.

Register The Rental Agreement

Under section 17 of the Indian registration act, it has been stated that all the rental agreement up to 11 months should be registered. However, the rental agreement should be registered with proper stamp and registration charges.

The rental agreement should cover all necessary information such as rent, maintenance charges, renovation rules, security deposit, and other such important information. It should also have the name of both parties. Online rent agreements are best in this matter as it eases the work of both the parties.

Conclusion

Your house is an important asset for you. So you should maintain it and evaluate its worth from time to time. At the same time before renting your house look for all the information related to a Rental Agreement in Delhi, Bangalore then only decide to rent your property.

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Office Sharing Agreement In Corporate World

Many times finding and renting an office space can be big and costly affairs in cities, especially in metro cities. Office sharing arrangement can be a savior between a group of like-minded people who can come together to share an office space with a primary goal to save costs and make the best utilization of resources (space, workstations, etc.)

This arrangement allows to further sublet a spare space and other resources to others, which brings down the rental and other miscellaneous costs. So the agreement for such arrangements require to have the key clauses with rules for usage of utilities and all resources being sublet

Key points

Purpose of an office sharing agreement

1. To use shared office space and other resources among like-minded business or entrepreneur
2. To cut down rent, other maintenance cost and operating cost of small business enterprises and startups

What does an office sharing agreement cover?

1. Details of all members involved in the agreement
2. Contract terms including executable, term period, expiry and notice period
3. Explicit important clauses that cover sharing of all resources and utility bills
4. Clause for amicable resolution in case of dispute/disagreement
5. Rent sharing and mutual consensus for common space

Before executing the agreement

There may be a clause in the master lease agreement that might prevent you to further sublet so please check and always keep your landowner in the loop before executing the agreement.

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6 Mistakes to Avoid in Rental Agreements To-Let your Apartments Safe and Sound.

How often do gullible people get duped due to faulty contracts or due to those clauses written in words smaller than the size of ants?  

Buyers have to become smart as they cannot let themselves get swayed by fraudulent schemes and practices. However, legitimate sellers need to caution themselves to certain business ploys themselves. 

The golden rule to avoid yourself from being caught in this vicious trap is to prevent yourselves from getting involved in shady deals, which requires due diligence and meticulousness to peruse through every clause of that legally binding contract and get it double checked from your business advisor or lawyer. 

Consequently, the relationship between landlords and tenants, our society has culminated is of mutual understanding and trust and just like that, the house rental agreements get broken or bent by the will of the landlords or tenants, as and when they please. Ergo, it becomes the need of the hour to make house rental agreement contracts airtight, deprived of loopholes and their formats being standardized.

The following are the primary six mistakes which should be avoided in house rent agreement formats. 

• The format of a rental agreement must always mention the security deposit explicitly. Numerous tenants have been ruled against in cases related to errors in the figures of the safety deposit. 

• The names as mentioned in the contract must be true and hence should be supported by credentials as issued by the government, i.e. Aadhaar cards, Voter ids or Passports.

• An important clause of subletting often gets skipped while drawing up the rental agreement format. The landlords are often extorted as the tenants sublet their property, making profits off their apartments eventually. 

• In order to make the agreement ironclad, make sure the responsibility of repairs is implicitly stated. Whether it is the landlord or the tenant, a house rent agreement format must consist of everything. 

• Also, the terms for eviction have its own significance. Generally, the law states that the tenant cannot be evicted without two months’ prior notice. However, the contract if signed carelessly can state, otherwise. Therefore, it becomes prudent to have clear lines drawn beforehand. 

• Tenants can be a mess and can leave your apartment within two months or never leave at all. Therefore, one needs a consistent rental agreement format to rely upon. Clarify the number of months or years a tenant has to necessarily occupy the apartment, in advance and also the term for his eviction to make the process painlessly easy and law-abiding. 

Do not let yourselves be fooled by something as trivial as rental agreements. Make them ironclad as it will ensure that your tenant is understandable and adherent to the rules. A cordial relationship among the two parties can lead to absolutely zero fraud but make sure you never stop being cautious again. 

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5 Main Key Differences between commercial and residential lease Agreement

Commercial Lease Agreement 

A commercial lease is signed between a business entity and the owner of the property which the entity is interested in for a lease. The terms and conditions are laid down in such a way where the owner agrees to let the entity occupy the property to carry out activities as per the business along with the permissible modification in the property.

 Residential Lease Agreement

The term “residential lease agreement” refers to the legally binding contract created between a landholder and his tenant and contains all the terms for dealings a house or flat as a residence. This document is additionally referred to as Associate in the Nursing flat rental agreement or a landlord-tenant lease. commonly it's signed at the beginning of a rental term and remains in impact till the tip date indicated within the agreement.

Now Let’s see the Main Difference between Commercial Lease Agreement Residential Lease Agreement. 

As the name suggests commercial lease is for business purpose and the residential lease is for living use

1. A commercial lease is a contract between a business tenant and owner while the residential lease is between the individual(s) tenant and landlord.
2. In a commercial lease, the property is used for business and profit-making purpose whereas the property is primarily used for residential purpose and no commercial activities are allowed in a residential lease.
3. In a commercial lease, the rent consideration is typically based upon the amount of square foot/meter occupied by the tenant whereas in a residential lease the rent consideration is based upon a set amount per month varying from a month-to-month lease to a term of years.
4. In a residential lease, tenants have a lot more protection than commercial lease tenant.
5. In a residential lease, there are certain obligations that the landlord need to provide like water, electricity and certain maintenance whereas there are no such obligations for the commercial owners unless explicitly defined in the contract.

Though each state has its own rules and regulations on commercial and residential leases, all states make general distinctions between the two types of leases between landlord and tenant. 

As per the premise type, uses, and contracts one can choose an appropriate type
of Commercial and Residential Lease Agreement. If you need one Rentalagreement.in helps you to choose the right one, draft it and send it to your doorstep!

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