What Should I be Looking for in a Rental Lease?
As with anything, before ever signing your name to a document, it is important that you are fully aware of what you are signing and completely understand everything. Signing a rental lease is not different. Far too often, potential tenants skim over their rental document as opposed to actually reading it thoroughly. Which ends up causing them problems down the line.
When you take the time to read your lease, you will be able to find out the critical information that you really ought to know before agreeing and moving in ( which unfortunately many go in blind to). Here are some of the essential terms that should be in every lease agreement:
- Parties to the lease: the lease agreement should name the landlords and tenants who are bound by the agreement.
- Description of the property: the lease agreement should have a description of the property controlled by the lease agreement. It may be as simple as the address and apartment number but it must be identified or the agreement cannot be enforced.
- Terms of rent : the dollar amount should be in the agreement as well as the day of the month rent is due, where the rent is to be sent, and how it will be accepted (by check, by automatic draft, etc.). The terms for late rent should also be in this portion of the agreement.
- Lease dates and termination: the start and end of the lease should be in the agreement as well as the description of how and when the landlord and tenant can end the lease. For example, an apartment lease may be terminated with one month’s notice and a final month’s rent.
- Security deposit details: the amount of the security deposit, how it is to be paid, and the terms of its future release should be specified in the lease agreement.
- Occupants of the property: the lease agreement should list the names of every person who will regularly occupy the property and what happens if a person stays for more than a certain length of time.
- Pet details: the lease agreement should specify whether or not a tenant is allowed to have a pet. The limitations on number, size, and species should be listed as well. If there is an additional deposit required for a pet, that amount should be included in the lease agreement.
- Repairs and damages: the condition of the property should be noted as well as the tenant’s and landlord’s responsibilities for repairs and problems with the property. The lease agreement should also describe whether the landlord or tenant is responsible for damages to the property.
- Alterations to the property: the lease agreement should describe what, if any, alterations the tenant may make to the property.
- The right of entry: the lease should include a clause that allows the landlord to enter and inspect the property with reasonable notice. The terms should define reasonable notice and explain the rights of the tenant.
While some of these might seem like obvious questions to ask and information to find out, often, in the heat and excitement of finding a potential new place, renters forget to read the fine print. Always do your due-diligence before signing anything.