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Tips for Tenants on To let Hunt - Properties Wanted
Comments Forward this Blog
11/3/2008 1:27:30 AM
1. Undertake legal due diligence of proposed premises to minimize interference from municipal or local administrative bodies with in the lease period.

2. Check for possible dues/registrations of previous tenant.

3. Ensure no right of termination for convenience with landlord. If multiple owners, then termination to be valid when notice signed by all owners.

4. Have a protection clause in the lease and ensure that new owner adhere to existing lease terms, where sales of property is by the landlord.

5. Where multiple owner, ensure lease rent is paid in to one bank account which disburses the rent to each owners in proportion of their share in the lease premises.

6. If the lease has a lock-in provision, provide exit mechanisms for landlords breach to counter such provisions.

7. Negotiate for suspension of rent payment obligation on occurrence of certain events e.g., inability to use lease premises for specified number of days in case of rains/riots etc.

8. Where the developer is not the owner of the land, make the owner of land a confirming party to the lease.

9. Have easy refund for security deposit and retain the ability to adjust against notice period rent.

10. Clarify scope for execute separate maintenance services agreement. Do not provide for maintenance charge in lease as revenue authorities add lease rent and maintenance service charges to calculate stamp duty for lease term.

Posted By :  Sanjay

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Posted Comments
good work

Comment by : tarun     12/1/2008 4:58:37 AM
 
 
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