Understanding Lock in period in a rental agreement
If you are planning to purchase an office space, then it is suggested that you go for the rental office commercial spaces. There are lots of advantages that you can gain with this type of office space. There is a lock in period in a rental agreement. A lease deed which is not possible to terminate for a specific period of time has its own benefits. All commercial and residential rental properties have a lock-in period. This means that both the lessee and the owner cannot terminate the lease unilaterally before the time period expires. Yes, at times termination of the lock-in period is possible under certain circumstances, but only if it is mentioned in the agreement. Usually, the duration of this lease period varies from one year to five years and even more.
Understand the term lock in period in a rental agreement properly before taking an office
On the part of the lessor, he can get guaranteed income from the lessee for entire the lock-in period. The rental amount can either be determined on a monthly, yearly or quarterly basis. No matter whether the tenant uses the space or not, he is bound to pay the rental charges for that period of time. We at Find Space consultants help you find the best furnished plug n plans spaces at Bangalore within your given budget. In fact, today giving commercial or residential spaces on rent for a definite period of time has become one of the best ways of earning a stable income. On the part of the lessee, he can able to conduct his business or dwell peacefully without any hassle. The lessor cannot force him to leave the property unless the lock-in period gets over.
You may be wondering that what can be done in case you wish to terminate the agreement. Well, there are clauses for this. Generally, the lessee needs to pay the rent even if he terminates the contract. But this is always not possible when it comes to huge rental charges. There are numerous facts that should be taken into consideration while determining the amount of rent need to be paid by the lessee after terminating the lock-in period. We deal in furnished office spaces at Koramangala , Indirangar, Jayanagar, Whitefield, HSR layout etc.
In case any damage has been caused to the property by the lessee, then it will be taken into consideration while determining the rent amount to be paid after the termination of the legal agreement. In fact, the court will also find out whether the lessor has taken all the steps necessary to ensure that he suffers from the minimum possible losses. There are several other factors for determining whether the lessee is liable to pay the lessor even after the termination of the contract.
To know more about the lock in period in a rental agreement it is suggested that you browse the online websites. It is important to have an understanding about this term while leasing a residential or office space. Make sure that the legal agreement is drafted in such a way that it benefits both the parties. If you fail to understand this properly, then without hesitation simply go for hiring the service of a professional lawyer today.