4 Points to note before signing a lease

Before signing the lease, the landlord and the tenant must be fully aware of the contractual information to ensure their rights and avoid future disputes.

Drafting the lease terms is one of the most important steps in the tenancy process. Renters will often have a hard time understanding all the terms of the contract. Therefore, I made this article to help tenants know the 4 absolute notes to remember before putting a pen to the lease contract.

Note 1: Take precautions and protection against fake landlords

When considering a lease, make sure that you understand all the information of the landlord (Usually Party A). If you have more time, check the landlord’s legal documents carefully to prove the home is their ownership. In this case, you should ask the landlord in a courteous and tactful way, make sure they will be happy to give you all the information as well as their ownership papers about the house.

In addition, when considering a contract, you should understand the terms relating to the rental as follows:

Tenancy period (by year or by month)

Start date and end date of the tenancy

Points to note before the contract end date

The Landlord intends to continue renting the house at the end of the contract

Is there a “contract break clause” that allows the parties to terminate the contract after a certain period of time due to incidents.

What is the deposit and fill in the package to get back the deposit after liquidating the contract.

Note 2: Watch out for currency devaluation

Due to the abnormal fluctuations of the Vietnamese Dong (VND), most landlords prefer to sign a house lease with tenants in US dollars (USD) so that they are not affected by the fluctuations of the dong. VND.

However, the advice for any tenant (including foreigners who want to rent a house in Vietnam) is that before entering the lease process, there should be a clear mention of the terms of the lease. Currency price used for the payment. If the rent is in Vietnam Dong, then the tenant has nothing to worry about. However, if the contract is specified in USD, the tenant should check the current conversion rate of USD to Vietnamese currency published at the State Bank of Vietnam (can refer to at website of Vietcombank) and must have a fixed amount in the contract.

Note 3: Need to know whether the house is under mortgage or in dispute

In addition to checking the information of the lessor and the payment rules, tenants should also check if the house they want to rent is being mortgaged at a bank. If so, it is necessary to ask the landlord clearly whether the bank allows the rental. Usually, in a mortgage agreement it is often stated that without the approval of the bank the house cannot be used for rental purposes. If the rental is not approved by the bank and the landlord stops paying the mortgage, the tenant will lose the right to rent it when the bank revokes the ownership of the house, otherwise it is very likely that the tenant The initial deposit will be lost.

Note 4: Pay close attention to the terms related to the deposit and contract termination procedures

Terms of contract termination are one of the problems that many tenants ignore and don’t pay close attention to. Survey from Rever experts shows that on the market today, landlords only accept tenants for long-term period of over 1 year. To rent a home, the tenant must deposit a rent (usually 1 to 2 months of rent) to the owner for the long-term lease.

Sometimes landlords will make it difficult and give every reason not to pay rent to tenants. But don’t worry, there are many ways you can get your deposit back before the deadline. Rever will give you some suggestions below (Make sure you do not damage or lose any interior furniture because this can be deducted from your deposit):

Notify the landlord on the prescribed time when you want to move

Usually, before a tenant needs to move, landlords usually require 15 to 30 days notice (this depends on the landlord, which has different time rules). Please make sure you comply with this request. Do not wait a few more days as the landlord may take more of your money or that excuse to deduct from your deposit.

Returns the property to its original location

If you hang pictures, clothes hangers or televisions… on the wall, there will definitely be holes, so you need to plaster these holes and repaint the original paint. In addition, all furniture in the room owned by the owner such as beds, wardrobes, air conditioners, tables and chairs … need to be put back in the original position. If you do not remember their location, please review the images you took on the first day of transfer.

Make the house clean

Before returning home, you need to take all your damaged furniture or discarded materials out of the room, put them in the trash. Do not leave any property owned by you there. This is essential because some places the landlord does not count you have moved if you still have furniture in the room. Not only will you not get a deposit, but your landlord may use the excuse to make you pay extra rent while you are not moving it.