Renting real estate in a frontier property market like Ulaanbaatar, Mongolia requires certain stages that one should be aware of. This ensures that the rental process is smooth, easy and painless for both the lessor and the lessee. In this article we look at the different stages and how to go about them.
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Find an Experienced Real Estate Agent - visit Mongolian Properties! |
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Your real estate agent is your window into the property market in Mongolia. A knowledgeable and experienced real estate agent should be able to find multiple solutions to your needs in a timely manner and negotiate the best price on your behalf.
Also, using a professional real estate agency would save you from being scammed.For instance, the person you are speaking to might not have the authority and full right to rent the apartment, so always make sure you work with a trusted advisor.
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Think About What You’re Looking For |
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Be sure to speak with your agent about your individual property needs.Will it be for an investment, or do you plan to live in the property? What is your budget? Will you be living alone, or with your family?All of these questions are important to consider before looking for a property.
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See the Property |
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It is important to check whether the building is connected to the central heating, water and sewage system.If it is not connected, think about how much it will cost you in long term, i.e. :your electricity fee will skyrocket to heat your apartment in winter.
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Check the Certificate |
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Every apartment owner has an “Immoveable Property Ownership Certificate”, which serves as a proof of ownership. Your real estate agent can check the certificate to ensure that it is genuine and that the owner is credible. This process should take no more than one or two days.
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Sign the Rental Agreement |
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Rents are quoted in MNT, as US$ quoted contracts are illegal in Mongolia and are payable monthly in advance and the typical rent deposit is one month gross rent payable by the tenant together with the first month rent, before moving in.The responsibility for utility fees is open to negotiation.
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Paying the Agency Fee |
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Most Real Estate agencies do not charge buyers or tenants. In most transactions,the lessor or the seller pays commissions and/or fees.
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Moving In |
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Once you signed the contract, make sure you check whether all the furnitures and the property itself is in good condition,as later it might cause a problem later on.If you find anything wrong with the apartment, please make sure to document it on the contract and take a picture of it as evidence.
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Disposal of leases |
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Early termination by the tenant is subject to landlord’s approval, with one month written notice and subject to penalty payment. Damage cost will be deducted from the deposit.
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We hope you found this information useful. To learn more about real estate in Mongolia and other aspects of Mongolia you can click here. |
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