A lot of people are ignorant of the fact that there’s a thing called Rent Agreement, this is because most people make the mistake of not reading the document given to them when they are about to rent a property, before signing. Perhaps, you think this document is the same as the terms and condition you don’t read through but just agree to so you can leave the page and get on with life… yeah! you know you do it too, but this is nothing like that.
This document is a binding contract between you and your landlord. It states the owner and the tenant agree to follow the rental rules and conditions. Usually, a rent agreement is prepared by the real estate agent hired by the landlord and the tenant. To validate the agreement, both the landlord and the tenant ought to sign the agreement.
Sometimes, we are in such a hurry to move in that we do not take out time to read and fully understand the terms and conditions contained therein or even insist long enough to have clauses that will favour us inserted into the agreement for fear of losing to other ‘faster’ bidders.
For instance, Desmond who had come from Ibadan to Lagos for work was glad he could get rental accommodation which was in a reasonably good condition and very close to his office. He decided to stay there for four to five years until he is able to get his own house. So, he immediately signed the agreement with the landlord. He agreed to pay a monthly rent of N400,000.
However, six months later, the landlord increased the rent by 10%as the rent charges in the area had gone up. Now Desmond had two options either to pay a monthly rent of N440,000 or find another low-cost accommodation. Since nothing was mentioned in the rent agreement, Desmond had little option but to pay the additional rent charges.
Desmond would have avoided this situation if he would have read his agreement properly and made changes that could have served his interests better. There is a huge demand for homes on rent. Here are a few essential things that tenants should be aware of before signing on the dotted line.
The negligence on the part of a renter can often end up leaving room for regret. So, before you sign that rental document, Here are things to look out for;
Unique clauses
To reduce the chances of issues arising later, verify whether the landlord has included a “rent escalation clause” your rent agreement may contain the date after which rent charges would increase and the percentage of increase. So, its a fresh smart move to closely scrutinize your rent agreement before you decide to sign it, to be sure to know accurately what your own obligations are and exactly what rules and conditions a person must adhere to.
You should also look out for if your landlord, possess specific rules around animals or smoking, are there obligations when it comes to cleaning? How does your landlord prefer to be paid? These are the questions a thorough rental agreement will answer.
Bills and rent payments
Some landlords will include the bills you’ll be responsible for in the rent agreement, sometimes bills will be included as part of the rent, sometimes not.
A rent agreement will certainly and explicitly state the cost of your rent and method of payment, it should also contain information on how and when the rent will be received, as well as the start and end date of the tenancy.
Repairs and Renovations
In addition, a clause clearly stating who will be accountable for minor repairs of the property should be incorporated in your agreement. Usually, minor repairs of the property are taken care of by the tenant.
In some instances, the landlord may leave some of the repairs or task to the tenants, in other cases he may to do this himself.
It’ll additionally be made clear whether you’re able to redesign or restructure the apartment or whether you require permission for this.
Deposits
A tenancy agreement will also state out the required deposit amount and how it’ll be protected.
What’s more, the tenancy agreement will outline the scenarios in which a deposit can be partly or fully withheld, for instance, to repair the damage you’ve caused during the tenancy.
Subletting
It should be made clear within your rent agreement whether you are allowed to sublet the apartment. This decision varies with each landlord having different rules for their tenants. If you do this without the landlord’s permission, you may end up having serious issues.
Other terms
You should verify if the property owner has added a “clause on the sale of the house”. If the landlord decides to sell the house during the term of the rental agreement, you need to know how many months you will get to look for a new accommodation for yourself.
Making changes
If you’re unsure about any of the terms of your rental agreement, ask your agent or landlord for clarification. If you feel that you need to seek legal advice, consult a lawyer
Also, if you want to change your tenancy agreement for any reason in the future, you must agree with your landlord on the terms of the particular changes. You must also be conscious that it’s against the particular law for the landlord in order to discriminate against you depending on your age, sex, race, religion or sexual orientation.
Obtain a copy of that rent agreement and make sure you go through every detail before you append your signature on any document.
