A rent agreement can be defined as a contract between two parties for a hire of specific property or asset where the person giving the property on rent have the ownership of the property while the person taking the property on rent have possession of such asset upon payments of specific rentals over a period of time.
As the rental agreement is of social nature there are chances of negotiation which can be done with the owner of such property. Such negotiation can provide lots of benefits. So, if you are planning to take any property on rent then these are some important terms on which you can negotiate with the owner.
- Monthly rentals- It will be the most difficult term of negotiation as every landlord will charge high monthly rentals for his own profit. They may set rentals according to the other landlords in their competition but there are other factors to be considered in deciding rentals. You must negotiate after considering and well analysing all the factors. Don’t be so greedy in such negotiations as it may cause disadvantages.
- Non-Monetised Benefits- Other than monetary benefits there are other non-monetary benefits which can be negotiated. For example, there will be different terms in the contract of lease liked guest policies, pet policies and many other policies connected to it. So, you can negotiate on it. In such negotiation the main focus is toward the manner in which you can use such property which is rented to you.
- Security deposit- It is very common problem that land lords charge very high security deposit. So, to negotiate in this matter you must check the on-going security deposit rate in market before depositing the security money.
- Look for long term inputs- In such kind of agreement longer the agreement goes better will be relation between the parties. So, the negotiation must be done with long term prospective by considering the balance between legal formalities so that mental peace can be created and relation will be better.
- Maintenance Clause- In rent agreement problems arises in matter of question that who is going to take the responsibility of maintenance. This question must be clear at very starting of the agreement. You can negotiate on this point also if landlord wants to put the liability of maintenance on you.
Apart from this there are many other terms on which you can negotiate in a rent agreement. You can negotiate according to your comfort and condition.
Negotiation in terms of rental agreement can be understood through given example-
Suppose that you want a car on rent for some purpose. Firstly, you have to find a company who is ready to give a car on rent. After that you will contact to that company and check the terms and conditions of leasing agreement.
The negotiation will be done on such terms and conditions as explained above then a formal contract will be made which confirm the rent agreement. So, in this way negotiation can be done in terms of rent agreement.
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