Before finalizing the tenancyagreement, besides monthly rental amount, it should be borne in mind to furnish
the security deposit amount as advance which would be refunded without any interest, to the tenant, at the
time when the tenant vacate the premises and hand over the same, intact. This security deposit amount shall be
utilized, in case the tenant commits failure to pay the monthly rental by
appropriating the rental amount due from and out of the security deposit
amount, and such default in payment of rental would be viewed seriously,
resulting in getting the tenant evicted from the premises by the land lord.
Upon the termination of the
agreement and the tenant vacating the premises, the dues payable by the tenant
to the Land lord to be calculated and such amount need to be deducted from the
security deposit amount held by the Land lord, and the balance remaining amount
to be refunded to the tenant. This security deposit amount would not attract
any rate of interest, and it is totally interest free.
The tenancy agreement should clearly
specify as to who shall bear the expenses related to Government rent, property
tax, utility expenses, management fees, building maintenance expenses, electricity
gas and water charges, repairs and painting expenses, open area or common areamaintenance fees and the damages rectification expenses from fire or any other
cause on the usage of the property, etc.
The important features related to
the sewage/drainage maintenance, water tank maintenance, wooden partsmaintenance, garden maintenance etc.,
are to be taken care and it has to be specifically mentioned as to who
shall bear the expenses, to be clearly mentioned in the tenancy agreement.
If the tenant is permitted to do the
alterations within the structure, it should be so mentioned in the rental agreement, and the cost of the alterations as well as the maintenance of the
altered structures should be borne by the tenant only and this fact to be
mentioned in the agreement. Further, it should also mention, as to whether the
tenant shall remove the altered structures, or not, while vacating the premises
should need to be mentioned in the agreement.
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