"Deeds Clear" Do not fall into the trap!!!

The paperwork stage can be a killer and an eventual deal-breaker. So many factors into play but the important of them all is the bunch of ownership papers.

We often see clear title or clear deeds on ads, trust me - It's not so clear when that is said. You have to get a proper lawyer to check on this. All lawyers are not equally smart and its best that you go with a reputed lawyer - (Yeah I know what you are thinking - THEY are expensive) but then you don't want to end up going to courts and fighting cases for years.

There are stories that directly relate to the above. The information is so sensitive that a blog post cannot be made on such stories although it's quite tempting to do so.

One good way to buy properties is to go through a bank loan, they check everything thoroughly before approving the loan. If the bank agrees to give you the loan, then the property looks okay in terms of paperwork but otherwise you can be in a spot of bother. Very Important!

RENEW or NOT RENEW?

So you have rented out your place to someone and they want to renew the contract, what should you do? What's normally done? How does it work?

OR

You have been on rent and the term is coming to an end and you are wondering what to do. What's best and how to go about the situation etc.

If you are not aware of the answers to the above, then this blog post is definitely for you.

First things first on the topic of renewal - Read the agreement and see what it says if you didn't get it in your favour at the outset. Some owners are smart and generally demand a 10% increment on the second year's rent whereas some tenants on the other hand sign up flat for 2 years for the same rent and thereby eliminate the increment aspect. 

If either of you is thinking about calling it off:

Do your research on this properly, if you are getting a really good deal, then just let the status quo remain. It could be that the prices have gone / down, check out the market rate, talk to a proper property professional who can actually advise on what best could be done. 

It's rare to find many people in Sri Lanka staying on rent for long periods of time unless the place is exceptionally exquisite. The locals generally like to stay for long periods of time but the owners here are not too pleased with the not-so-great lifestyles. A lot depends on the type of person you are dealing with and also the type of client you are turning out to be. 

Cutlery - Crockery - Inventory Checking - Do you know how it works?

Checking in can be a challenge to a certain degree if the owner is not too friendly. Below is a list for you to peruse just before you head into the lawyer's office to sign up:

Furnished Apartment/ House- Serviced 

There is very little to worry about as this is a short term stay and most of it will be there and is recorded without any items being missed unless you bump into an owner who is doing it for the first time and does not know what and how to do it properly. Generally, from the cutlery, crockery to the bills and changing of linen, everything is included in the price as it's a SHORT term stay. 

Furnished Apartment/ House-Long Term Rental 

This is where it gets tricky which is why it has been reiterated on many of the Blog Posts in this BLOG that maintaining a good relationship with the owner is of paramount importance.

Plan it your way - Always be very particular about the inventory and somehow get the typed inventory emailed to you. Regardless of where the signing the takes place, it's a must to cross-check the inventory with the owner or the owner's property manager and as soon as you find any discrepancy, send in writing (via e-mail) copying the lawyers notifying what is missing or what is extra or what is broken etc. 

There are certain property owners in town who cannot stomach basic wear and tear and they try very hard to cut as much as possible for the security refundable deposit which is why clients are encourage to maintain a good rapport with the owners and ensure that there is an honourable ending to the deal when the time comes.

Generally for long term rentals, it's a bonus if the owner is throwing in the cutlery, crockery and linen as they are usually not provided mainly because the client would have a certain taste or may be in love with certain brands which fit their lifestyles and hence, the owners leave it to the prospective tenant when it comes to the above. 

Unfurnished Properties 

There is not much to say when it comes to an unfurnished property, if it is a property with a structure, then it's still best to capture the fittings and other built-in furniture or items which may or may not be that important to the owner. The key with such properties is to look for construction flaws / damages etc. 

Accommodation has become a very hot topic in Sri Lanka and there are new developments in almost all the parts of the country not only boosting the real estate in the country but also making it look inviting and pretty. The gap is slowly being filled especially when considering the tourist arrival statistics.