Weak points of your tenancy contract
It is important to draft legally correct tenancy contract before renting your unit to a tenant.
Here is what you need to pay attention to besides tenant screening:
- Repainted unit on return
Most landlords only sign tenancy contracts being confident that at the end of the lease their property will be returned in good conditions. Obviously, those landlords will not get the property returned matching their expectations. Even if there is an agreement between the landlord and the tenant on returning the property in good conditions, there is no such a legal term “good conditions”, so it causes future dispute between the landlord and the tenant. To define property conditions without recording it in the beginning of lease, you should use proper inventory checklist and protocol so it will remove any doubts and your tenant will know from the start that he has to return repainted unit with all premises as recorder earlier.
- Early termination scenarios
Have you defined correct period of notice and reasonable penalty in case of your tenant terminating earlier than expected? Make sure it is according to RERA rules & regulations.
- Major and minor maintenance
To avoid time-consuming arguments with your tenant you should define a difference in cost of major and minor maintenance in your tenancy contract.
- Access to premises
When it comes to selling or financing of your property unit, access to premises is urgently required. Do you have a clause allowing you an access to property when you may need it?