About Rental Property Leases
Rental property leases set the terms and conditions you will follow as a tenant. It is important to carefully read a lease before you sign it and make sure that the terms are acceptable to you. Lease provisions can vary from landlord to landlord, but there are several that are standard and you should check that your lease includes these provisions.
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Function
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A lease is a written agreement giving a tenant the right to use rental property for a specific period of time. The lease includes information on security deposits and the cost of monthly rent and spells out what you can and cannot do as a tenant.
Time Frame
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Leases can be as short as 30 days or as long as several years. Landlords sometimes give discounts as an incentive for signing a multi-year lease. If you have a month-to-month lease, you will have the option to move at the end of every month and your landlord will have the option to ask you to vacate the rental at the end of every month.
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Features
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Your rental property lease will list the names of all tenants in the rental. If you are sharing the apartment with another adult, you will be responsible for all costs of the rental should your roommate fail to cover his costs. The lease will limit how many people may live in the rental property and you can be evicted if you let additional people move into the rental without the landlord's permission.
Information about paying the rent will be included in the lease. The lease will explain when the rent is due, late fees and grace fees, where the rent can be paid and what methods of payment are accepted. This section should also cover if you will be required to pay a penalty if a check bounces.
The lease will describe what repairs are considered your responsibility and explain that you will be required to pay for any damage you cause to the property. It will also explain what changes you can and cannot make to the property.
Considerations
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If you have a pet, carefully read the lease and make sure that the type of pet you own is allowed. Don't assume that it will be. Even if pets are allowed, there can be a limit on number, and certain types or breeds of pets might be prohibited.
Carefully read the lease section on right of entry. This section will explain if your landlord or people employed by your landlord can enter your home if you are not there. If this is not acceptable to you, ask your landlord to amend this section to read that you must be present whenever your apartment is entered.
Warning
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Investigate the property and the neighborhood completely before you sign a lease. Once you sign the lease, you are committed to staying in the property for the agreed upon time. Breaking a lease can be costly due to the penalties you will be required to pay.
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