If you`re planning to rent a shoplot, it`s important to have a tenancy agreement in place to protect both parties involved. Here are some important things to consider when drafting up a tenancy agreement for a shoplot:
1. Rent payment: The tenancy agreement should clearly outline the amount of rent to be paid, how often it will be due, and the consequences of late payment.
2. Duration of lease: The agreement should specify the length of the lease and when it will end. Additionally, it should include a provision for renewing the lease if both parties wish to do so.
3. Restrictions on use: The tenant should be informed of any restrictions on how they can use the shoplot, such as noise limitations or restrictions on certain types of business activities.
4. Maintenance responsibilities: The agreement should clearly outline who is responsible for maintaining the property, including repairs and upkeep of the interior and exterior.
5. Security deposits: The agreement should specify the amount of the security deposit required and the conditions under which it will be returned.
6. Termination: The agreement should include provisions for terminating the lease early, such as a notice period or penalty for breaking the lease.
7. Subletting: The agreement should state whether subletting is allowed and under what conditions.
8. Insurance: The agreement should specify who is responsible for insuring the property, including liability insurance and property insurance.
9. Alterations and modifications: The agreement should specify whether the tenant is allowed to make alterations or modifications to the property and under what conditions.
10. Dispute resolution: The agreement should include a provision for resolving disputes between the landlord and tenant, such as mediation or arbitration.
In summary, having a clear and comprehensive tenancy agreement is essential when renting a shoplot. By taking the time to address these key factors, both parties can rest assured that their interests are protected throughout the lease.