Just like any key to a healthy and happy relationship, communication is king. Set your expectations. Discuss what you are and are not willing to compromise on. And most importantly, know what you’re getting yourself into. Signing on to a new rental agreement should be no exception.
So here are some tenancy agreement 101 (if you don’t already know them, of course.):
- A tenancy agreement is a lawful contract between you and your landlord. It should contain outlines and obligations for both parties when it comes to the rented space, which includes the exact monthly rent, how much deposit you’ve paid as well as the duration of your tenancy.
- Be clear on whether you’re renting the entire unit, or just a room. As long as it’s within your ‘rented space’, you might be held liable in case anything happens. You’d also want to make sure the contract allows any general wear and tear.
- Check with your landlord on subletting conditions. Whether you’re looking to rent out a room, or eventually turn the space into an Airbnb, it’d be best to check with your landlord on the terms and conditions. While it’s still their property, it’s your job to respect it as such.
- Expect unwanted hazards or natural disasters. It may or may not happen. But if you’re generally the type to cover your grounds, have a conversation about who will be held liable in the event of natural disasters or even hazards such as floods, fires, or construction problems within the unit.
- List out everything that comes with the rented space. How many lightbulbs in every room, every stool, every pail, even the condition of the countertops if need be. We mean everything. The space should be in mint condition when you move in. It should remain the same when you move out.
- Stamping fees are normal and necessary! Every tenancy agreement needs to be stamped by the Malaysia Inland Revenue Authority (LHDN) for it to be a legally binding document or admissible in court. Once you’ve set the terms of your agreement, it’s crucial that you do have it stamped for it to be legitimized. The Stamp Duty for Tenancy Agreements usually amounts to RM1 for every RM250 of the annual rent in excess. But it’s always advisable to ask the staff at LHDN or your property agents to be sure.
Tenancy agreements would typically have all these down on paper already. But if you spot anything you might not agree with, it’s always good to talk it out with your landlord in the presence of an agent you trust, which you can find with the PLOT app.
Designed to ease the property-hunting process by maximising your search and matching you directly to the home of your dreams. The app also ensures 100% genuine search results based on trusted user ratings. This way you can set the perimeters on how both parties can have a pleasant stay.
Download PLOT today on Google Play or Appstore.