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Getting Into a Lease Purchase or Rental Agreement? Things to Keep In Mind

March 16, 2012 | Comments: 0 | Views: 164

Are you entering into a rental agreement for any residential or commercial property? The purpose of the agreement is to ensure that your interests as well as that of your landlord are met and that all the points that have been mutually agreed upon have been set down clearly. You therefore have to be very careful whilst getting the agreement done so that there is no question of there being a miscommunication at a later date. You do have to realize that once you have signed on the rental or the lease purchase agreement there is no going back without incurring some sort of penalty or the other.

One of the first things that you have to do is inspect the house before signing the rental agreement. Make a note of all the fixtures and fittings in the house as well as any damage that it already has and then check whether they are listed as such in the agreement. If you are not careful and have to deal with an unscrupulous landlord, you might end up paying for damage that you have not caused. You should also be careful about the subject of customization. If you plan to paint the house to make structural or cosmetic changes in it you ought to specify it in your contract. This will help you avoid paying penalties for damaging the property.

You should also pay close attention to the termination clauses in the rental or lease purchase agreement. It is good to have an automatic renewal clause in your contract so that your landlord cannot just force you out after the expiry of the contract period. If you know that you will want to continue occupying the property then the contract ought to allow you first refusal.

You should go through the entire contract very carefully in order to check for any discrepancies with what the landlord has committed to give you. If your landlord has offered you certain facilities, cable TV or internet for example, then they should be clearly listed out so that you do not have to pay extra for them at a later date.

The most important thing about getting into a rental agreement with a great deal of care is that it ensures that you have a good relationship with your landlord. This is really very important because the two of you are mutually dependent on each other and a good relationship will ease many problems.

Read about the things you have to consider when entering into a rental agreement. You have to be very careful when signing a rental or lease purchase agreement so that your interests are protected.

Source: EzineArticles
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