Have Proper Documents in Place

Once the tenant is confirmed prepare a lease agreement. There are numerous aspects in the lease agreement that need to be taken care of, however the three most significant aspects which gain precedence over others are the license period, the license fee and the clarity on costs associated with the property such as municipal taxes, water taxes, society fees, maintenance fee, etc. The agreement should also have definitive clauses defining:

•  the initial deposit amount and the refund process when the lease is terminated. 
•  the liabilities of all stakeholders in case of any damage, because of expected or unexpected situations. 
•  if the tenant can or cannot sublease the property to another tenant (and associated liabilities).
• the notice period before vacating or asking to vacate the property.

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