{"id":157,"date":"2020-05-19T08:56:26","date_gmt":"2020-05-19T08:56:26","guid":{"rendered":"https:\/\/www.trustedstay.in\/blog\/?p=157"},"modified":"2020-06-10T03:41:51","modified_gmt":"2020-06-10T03:41:51","slug":"lease-agreement-contract","status":"publish","type":"post","link":"https:\/\/www.trustedstay.in\/blog\/serviced-apartments\/lease-agreement-contract\/","title":{"rendered":"Signing a rental agreement for your serviced apartment &#8211; Must check these 14 points"},"content":{"rendered":"<p>I know many businessmen dread going through the long rental agreement. You wished that someone could guide you to go through just a few critical ones. So here they are&#8230;<br \/>\n<!--more--><br \/>\n<div class='code-block code-block-2' style='margin: 8px 0; clear: both;'>\n<script type=\"text\/javascript\" language=\"javascript\">\n      var aax_size='728x90';\n      var aax_pubname = 'trustedstay-21';\n      var aax_src='302';\n    <\/script>\n    <script type=\"text\/javascript\" language=\"javascript\" src=\"https:\/\/c.amazon-adsystem.com\/aax2\/assoc.js\"><\/script><\/div>\n<\/p>\n<h2><strong>My Pain:<\/strong><\/h2>\n<p>During the pandemic when my <a href=\"https:\/\/www.alcove.co.in\" target=\"_blank\" rel=\"noopener noreferrer\">service apartment<\/a> business dropped to zero, I had to continue paying the monthly rent. I regret not having put Force Majeure clause in the contract agreement with my Landlord.<\/p>\n<h2><strong>My experience:<\/strong><\/h2>\n<p>I know it requires patience to look at a detailed agreement contract. But here are the important points that every <a href=\"https:\/\/www.trustedstay.in\/blog\/serviced-apartments\/how-to-work-out-break-even-cost\/\" target=\"_blank\" rel=\"noopener noreferrer\">business<\/a> owner must check before signing any agreement:<\/p>\n<ul>\n<li>Check Date of Stamp paper, it should not be later than the start date of the lease.<\/li>\n<li>Ensure Lease must be registered and cost equally divided between both the parties, the typical cost of registration is one month\u2019s rent.<\/li>\n<li><strong>Period of Lease<\/strong>: Time period of lease must be specified clearly (start and end dates)<\/li>\n<li><strong>Renewal<\/strong>: Rent revision percentage mentioned clearly on renewal of lease.<\/li>\n<li><strong>Termination<\/strong>: Notice period to vacate from either side should be clearly mentioned.<\/li>\n<li><strong>Repairs &amp; Maintenance<\/strong>: Major repairs &amp; painting of the property should be done by landlord or tenant, this should be negotiated and mentioned clearly.<\/li>\n<li><strong>Use of the Premises<\/strong>: Commercial use of property for the specific use as <a href=\"https:\/\/www.trustedstay.in\/blog\/serviced-apartments\/service-apartment-operation-management\/\" target=\"_blank\" rel=\"noopener noreferrer\">Serviced apartment<\/a>\/Guest house\/Furnished accommodation should be clearly mentioned. Means tenant is into subleasing for residential purpose should be acceptable to the landlord.<\/li>\n<li><strong>Common Area Maintenance (CAM)<\/strong>: Rent is inclusive\/exclusive of any maintenance charges of community or common Area Maintenance\u2026or not?<\/li>\n<li><strong>Security Deposit<\/strong>:\n<ol>\n<li>Security deposit payment details e.g. amount paid, mode &amp; date of payment.<\/li>\n<li>Security deposit refund terms &amp; conditions to be clearly mentioned.<\/li>\n<\/ol>\n<\/li>\n<li><strong>Rent<\/strong>:\n<ol>\n<li>Mode of payment of rent, date by which to be paid if any?<\/li>\n<li>penalty for delayed payment, rate of interest if any?<\/li>\n<li>TDS deduction applicable and agreed by landlord as per government specified rates at all times to be mentioned.<\/li>\n<\/ol>\n<\/li>\n<li><strong>Taxes &amp; Levies<\/strong>:\n<ol>\n<li>Any taxes to be paid to government authorities must be paid by landlord like property tax etc.<\/li>\n<li>Property to be declared as commercial use property by landlord to municipal corporation and taxes paid accordingly by Landlord.<\/li>\n<li>Electricity and water connections should be commercial usage and not residential.<\/li>\n<\/ol>\n<\/li>\n<li><strong>Force Majeure<\/strong>: Clauses like force majeure must be included.<\/li>\n<li><strong>Custody of the agreement<\/strong>: Make two original copies. One for each party.<\/li>\n<li><strong>Governing law &amp; Arbitration<\/strong>: Arbitration proceedings should be held in the city where the property is located. Like we have <a href=\"https:\/\/www.trustedstay.com\/service-apartments-in-chennai\" target=\"_blank\" rel=\"noopener noreferrer\">Serviced apartment in Chennai<\/a> &amp; <a href=\"https:\/\/www.trustedstay.com\/service-apartments-in-bangalore\" target=\"_blank\" rel=\"noopener noreferrer\">Bangalore <\/a>we have put city of jurisdiction as Chennai &amp; Bangalore respectively.<\/li>\n<\/ul>\n<h2><strong>My Conclusion:<\/strong><\/h2>\n<p>However, I would still advise you to spend a small amount and take a legal opinion on final draft of the lease agreement contract before signing.<\/p>\n<p>Do put your comments in case you found my blog useful.<\/p>\n<p>Also Checkout :<\/p>\n<ul>\n<li><a href=\"https:\/\/www.trustedstay.in\/blog\/serviced-apartments\/how-to-start-a-service-apartment-business\/\" target=\"_blank\" rel=\"noopener noreferrer\">Starting a service apartment business<\/a><\/li>\n<li><a href=\"https:\/\/www.trustedstay.in\/blog\/serviced-apartments\/setting-up-a-serviced-apartment\/\" target=\"_blank\" rel=\"noopener noreferrer\">Setting up a service apartment<\/a><\/li>\n<li><a href=\"https:\/\/www.trustedstay.in\/blog\/serviced-apartments\/manpower-recruitment-retention\/\" target=\"_blank\" rel=\"noopener noreferrer\">Manpower for service apartment<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>I know many businessmen dread going through the long rental agreement. You wished that someone could guide you to go through just a few critical ones. So here they are&#8230;<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-157","post","type-post","status-publish","format-standard","hentry","category-serviced-apartments"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Check these 14 points before Signing a lease agreement \/ rental agreement contract for your serviced apartment | Blog | TrustedStay<\/title>\n<meta name=\"description\" content=\"I know many businessmen dread going through the long rental agreement. You wished that someone could guide you to go through just a few critical ones. 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