Renter's Corner, Uncategorized
Understanding Your Lease
Understanding your lease is the key to a successful tenancy — one in which you know what the landlord expects of you and what you should expect of your landlord. Below is an outline of a standard lease. However, leases will vary based on state specifications, and yours may even be different from that, so be sure to read it all.
Who is in the Lease?
The lease is a contract that binds the tenants and the landlord. Any tenant that isn’t in the lease isn’t legally bound by it, so keep that in mind of you have roommates. If you get a new roommate, you might want to ask the landlord to issue a new lease to make sure that all tenants are included.
General Items
The lease should state the exact location of the property, who is renting it and from whom (including contact information for all parties) and the detailed terms of the lease itself. Essentially, that will be the length of the lease, the cost of rent, the amount paid for security deposit, when rent is due, when it is considered late and what penalties are involved.
The lease will also state whether there is an automatic renewal of original terms unless the landlord is notified by a certain date or if the tenancy becomes month to month once the initial lease term is over. It should also specify how much notice is required from either party should the lease need to be terminated early, as well as details of what the tenant needs to do if he or she has to break the lease. Can you find someone to sublet, rather than pay a penalty?
The Particulars
Your lease should make clear who will be responsible for repairs. Often times, lease agreements hold tenants responsible for minor repairs and landlords responsible for larger ones, but some repairs are not so cut and dried. Be sure to check the lease for what the process is.
Utilities are sometimes included in a property’s rent. If that is your expectation, be sure that the lease includes it.
Your lease will also state whether or not pets are allowed and if there is a deposit required for them.
Leases will often make clear what kinds of modifications, if any, a tenant is allowed to make to the property, as well as what kind of notification is needed. If your lease leaves no room for painting or other decorative measures, talk to your landlord about what you have in mind. If you reach an understanding, be sure the details are included in the lease.
Now that you know what to look for generally, go through you lease with a fine-tooth comb. Be sure that you ask for clarification on anything that seems unclear to you. If you are still uncertain about your lease, you can run it by a lawyer or contact your local rent board.