Rental lease agreement is a legal commitment between the owner of the property and tenant who wants to live in that property on a temporary basis. The agreement classifies the parties, the time duration of rental, the property, rent for that specific term. There is normally a written contract between the owner and renter which tells about the terms and conditions on which a rental is allowed to live in that specific property. Those terms are the must rules to be followed by a renter.
Lease agreement is a contract between the owner and a renter that indicates how much a tenant will pay for the rent and what will be the duration. Lease agreement helps the Landlord and tenant to avoid useless arguments, disagreements or expenditures during the lease or after it is over. The contract is mutually signed by both parties and amendment can be done in the contract when it is being written. Once it is written and signed by both parties they have to follow it for the duration which is mentioned in the lease agreement. It gives the opportunity to landlord and renter both to discuss and understand and agree on mutual areas before the contract is being signed.
- The landlord should be paid on time.
- There should be no harm to his property.
- Landlord has the right to terminate the contract if terms and conditions are not followed by the renter.
Property Tax Responsibility
According to the property Laws of Pakistan it is the responsibility of the owner to pay the property tax of that area because the renter is not living permanently in his property as well as he earns from his property. So, the property tax is the responsibility of the owner of the property.
How Rent is Fixed
It depends on owner how much rent he want to take but certain terms are considered:
- The area in which the property is located
- Condition of the property which is given on rent
- The rent price which is generally followed by that area
- The area building or apartment have consumed
- Facilities in the surroundings
These are some points which increase and decrease the worth of property as well as rent.
Property Damage and Repairs if Needed
No one wants to live in an area or place which is damaged. If any damage occurs to the property the landlord is responsible for the repair of damage if it is damaged externally. Like any leakage. If the damage is done by the renter inside the building, they are responsible because they have damaged someone else property.
Rights of the Renter
Not only owner but renter also have some rights which are:
- The house should be in usable condition
- All the basic utilities should be available in the house
- There should be no leakage or anything which can harm the renter
At the end of all the process, one final step before signing your tenant agreement is to tour the apartment with your property manager. You have to check for any current damage or conditions that could impact the return of your security deposit. These items should get added to the lease as pre-existing conditions. Sign you document before reading it carefully that it should include all the terms and conditions, on which both the parties are agreed upon, along with your lease to validate the information. Your property manager will sign it, as well.