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How to be Safe while Renting a Home?

29/08/2017

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The real estate sector is neither transparent nor safe especially, for any amateur investor but we all need to take precautions to avoid being the target of a scam. Not just the sale and purchase of a property involves fraudulent people but you can face such situation while renting out a home. Therefore, experts suggest doing your research to overcome any doubt you have before initiating the final step of signing the rental contract.

When it comes to renting a home, the signing of a contract between the two parties (landlord & tenant) is the most important step while renting. Signing this agreement is crucial from legal perspective before renting a home. The agreement includes all terms and conditions that are essential for both parties, covering their legal rights.

You can get the document from a lawyer and also download the document from an official website. It needs to fill in all the details related to tenant, landlord and the property being rented out along with all terms and conditions on which both parties get agreed. The rental amount, the payout process and the duration are to be disclosed in the agreement. Listing down the personal information of both parties along with attaching all necessary documents is an essential step to be completed.

Moreover, tenants need to know the landlord' s conditions and requirements for the stay in the house and must document them to save yourself from chaos in future or while leaving the rental home. Also the fees and fines for breaking the contract by any party must also be noted down.

Problems You may Face while Renting a Property

Not just the regular delayed payments is the problem that you will face while renting a home but there are several other consequences that you can encounter with bad tenants – such as:
  • Non-payment of rent despite having structured rental agreement.
  • Damaging the assets of the property.
  • Unusual neighborhood disruptions.
On the other hand, tenants can also face inconvenience due to their landlords including:
  • Not maintaining the property properly.
  • Providing broken or damaged home appliances.
  • Non-payment or delay in dues even after vacating the property.
In order to be safe, one might go to extreme length. An owner can ask the tenant to vacate the property and the tenant can confront the landlord for not providing enough information. Therefore, both parties must read the contract carefully before signing it in addition to have communication with each other.