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Guideline for Property rental

Property Rental or real estate rental is an agreement between a landlord and a tenant that allows the tenant the right to use and occupy rental property for a fixed period of time, which can be extended later. It also specifies who will pay for the repairs before entering into any rental agreement. A property rental or lease generally covers any renovation or repairs to the physical structure, including carpeting and other flooring, insulation, electrical wiring, plumbing, bathroom installations, lighting, wall partitions, windows, ceiling tiles, painting, a sprinkler system, security systems, some elements of interior design, and sometimes heating and/or air conditioning systems.

Property rental can also be negotiated giving you a chance to get a better deal. Also since a lease is a binding legal document, you must seek experienced and skilled legal counsel before signing any agreement. Some of the important things to look for when entering into a residential property rental is to check whether your landlord owns the property, because in case the property is mortgaged, you may be at risk of sudden eviction if your landlord defaults on his mortgage payments, whether you are entitled to receipts for any money paid as a deposit or rent, Whether your rent can be paid at any time or at fixed dates. It is also useful to seek written agreement about the period of notice to quit, arrangements for bills and any ‘house rules’ in case of any dispute once you have moved in. Other things that you must look for when opting for a residential property rental/lease is check how much rent is payable and how often, whether you will have exclusive use of the accommodation, are fuel bills, water bills included.

There are two types of property rentals, commercial and residential. In case of the latter, rentals tend to be much longer , say upto 20 years and are most probably secured by bank guarantees, which makes them a secure investment. This is not the case with residential rentals wherein the rental is maximum for a year and needs to be renewed every year. However, deposit in case of commercial rental is higher than that of residential rental and require a deposit of at least 30% of the purchase price of the property. Rental rates are also lower in case of residential property.

An inventory or schedule of condition comprises an important part of the contract between you and your landlord before the start of your tenancy because it indicates the state of items in the leased property including, the furniture, fixtures and fittings in the property. It helps you to escape any charges for missing items and damage for which you may not be responsible.

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