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  • grace264
    • Aug 5
    • 2 min read

Important Points to Check When Drafting a Lease Agreement



 

When drafting a lease agreement, it’s essential to carefully review several elements. Here are the key points to check:

 

1.     Information of Lessor and Lessee

• Accurate Information: Verify that the personal details of the lessor and lessee, including names, addresses, and contact information, are correctly entered.

2. Lease Term

• Start and End Dates: Confirm the exact start and end dates of the lease.

• Extension Conditions: Check the conditions and possibility for contract extension.

3.     Rent and Deposit

• Monthly Rent: Verify the amount of rent to be paid monthly.

• Payment Deadline and Method: Confirm the rent payment deadline and method (cash, bank transfer, etc.).

• Deposit: Check the deposit amount, payment schedule, and return conditions.

                  • Late Fees: Verify the late fee amount and conditions if rent is paid late.

4.     Additional Costs

• Maintenance Fees: Confirm whether maintenance fees are charged separately or included.

• Utilities: Verify the responsibility and payment methods for utilities such as electricity, water, gas, and internet.

• Other Costs: Check for additional costs such as parking fees and maintenance fees.

5.     Facilities and Condition

• Condition of the Property: Inspect the property’s condition before moving in and document any defects or damages with photos to include in the agreement.

• Appliances and Furniture: Verify the list and condition of provided appliances and furniture.

6.     Repairs and Maintenance

• Responsibility for Repairs: Clearly define who is responsible for repairs and maintenance between the lessor and lessee.

• Emergency Repairs: Confirm the procedure and cost responsibility for emergency repairs.

7.     Termination of Contract

• Termination Conditions: Verify the conditions, procedures, and penalties for terminating the lease.

• Notice Period: Confirm the notice period required for termination (e.g., 30 days notice).

8.     Special Agreements

• Additional Agreements: Include any additional terms agreed upon by both parties in the lease agreement.

• Signatures and Stamps: Ensure that the signatures and stamps of both the lessor and lessee are properly included.

9.     Legal Compliance

• Local Law Compliance: Ensure the lease agreement complies with local rental laws.

• Conditions for Returning Property: Clearly define the conditions for the lessee to return the property after the lease term ends.

10.  Insurance

• Lessee Insurance: Confirm whether the lessee needs to obtain insurance and its conditions.

 

Conclusion

 

When drafting a lease agreement, it’s crucial to read all the clauses carefully and ensure no necessary items are omitted. If there are any unclear or confusing parts in the agreement, discuss them thoroughly with the lessor, and seek professional advice if needed.



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