Security Deposit Clause In Service Agreement

The agreement should also describe the house you can rent as the floor or apartment number, the area of the house, the number of bedrooms, bathroom, living room, kitchen and so on. If it is a furnished house, make sure there is a list of all fittings and faucets such as beds, sofas, tables, chairs, closets, number of fans, air conditioners, lights and so on. Also clarify the prohibition period during which neither the tenant nor the landlord can terminate the contract and make sure it is also mentioned in the contract. “The agreement should clearly mention the consequences of the termination by one of the parties before the end of the lockout period,” said Rajat Malhotra, a partner at Laware Associates, a Delhi-based law firm. As a general rule, if the tenant has to evacuate the house before the end of the prohibition period, the deposit is cancelled by the landlord. If the landlord wishes to evacuate the house before the expiration of the prohibition period, he must compensate the tenant in addition to the actual repayment of the deposit by paying an amount equal to the deposit. It is worth mentioning when and how the contract can be renewed, what the rent will be at the time of renewal, whether there are provisions for renegotiated rents and so on. Even in cities like Mumbai, in the initial agreement, real estate agents put in clauses regarding the payment of brokers at the time of renewal. Discuss this clause and find out in advance how much of the brokerage will be for the extension and who will pay for it. Many homeowners will include an appendix to the bail clause, known as the surety confirmation. This confirmation is a receipt that the landlord has received the tenant`s deposit and the amount received. As a general rule, leases are executed for a period of 11 months.

However, they can also reach an agreement for a longer period of time. Make sure the warrant is clearly mentioned. Also make sure the agreement clearly states what you need to pay, such as electricity, water, PNG, maintenance, etc. In addition, it should be made clear whether there is a separate meter for supply connections on which you must pay bills or if they have to pay a fixed amount each month. A rental agreement guarantees you that you later have a reference in case of a problem between you and your landlord, which is why it is important to be careful with the clauses contained in the agreement. Here are some clauses to make for the lease. If you want to move in with someone else, a roommate agreement is another document that can protect you. The deposit. On the effective date, [PARTY B] [PARTY A] pays a bond of . [SECURITY DEPOSIT AMOUNT] (security deposit). No more responsibility. If [PARTY A] transfers the security deposit under this paragraph [TRANSFER OF PREMISE], in the event of a dispute, unregistered leases are not considered by the court to be the main evidence to register a lease, you should pay taxes such as stamp duty and registration fees.