ADVANCE TOWARDS SECURITY DEPOSIT OTHER THAN RENT

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Before finalizing the tenancy agreement, besides monthly rental amount, it should be borne in mind to furnish the security deposit amount as advance which would be refunded  without any interest, to the tenant, at the time when the tenant vacate the premises and hand over the same, intact.This security deposit amount, shall be utilized, in case the tenant commits failure to pay the monthly rental by appropriating the rental amount due from and out of the security deposit amount, and such default in payment of rental would be viewed seriously, resulting in getting the tenant evicted from the premises by the land lord.

Upon the termination of the agreement and the tenant vacating the premises, the dues payable by the tenant to the Land lord to be calculated and such amount need to be deducted from the security deposit amount held by the Land lord, and the balance remaining amount to be refunded to the tenant. This security deposit amount would not attract any rate of interest, and it is totally interest free.

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The tenancy agreement should clearly specify as to who shall bear the expenses related to Government rent, property tax, utility expenses, management fees, building maintenance expenses, electricity gas and water charges, repairs and painting expenses, open area or common area maintenance fees and the damages rectification expenses from fire or any other cause on the usage of the property, etc.

The important features related to the sewage/drainage maintenance, water tank maintenance, wooden parts maintenance, garden maintenance etc.,  are to be taken care and it has to be specifically mentioned as to who shall bear the expenses, to be clearly mentioned in the tenancy agreement.

Alterations to the premises

If the tenant is permitted to do the alterations within the structure, it should be so mentioned in the rental agreement, and the cost of the alterations as well as the maintenance of the altered structures should be borne by the tenant only and this fact to be mentioned in the agreement.Further, it should also mention , as to whether the tenant shall remove the altered structures, or not, while vacating the premises should need to be mentioned in the agreement.

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BMRDA Approved Layouts

Anekal
Bannerghatta Road
Devanahalli Road
Electronic City
Hosur Road
Indira Nagar
Kanakapura Road
Koramangala
Sarjapur Road
Vijayanagar
Whitefield