Before you get the keys and start bringing your boxes into your new rental space, carefully examining a potential lease is an important first step.
Yes, a lease is likely multiple pages peppered with legalese, but it is a legally binding document. Know what you’re agreeing to before you sign. Even the most basic lease should include:
- Lease term. When your lease begins and ends, and the exact date you need to inform your landlord of renewing or exiting your lease.
- Security deposit, pet fee, advanced rent (if you paid for it, it must be listed).
- Rent amount due date. How much you owe and when do you need to pay it.
- Late fees. The date in which late fees apply and how much you must pay if you miss the rent deadline.
- How the lease will end. Some leases renew for another year automatically if you don’t inform the landlord in writing that you want to move by a specified date.
- Security deposit return. When you should get your security deposit back and the returned amount.
Beyond the basics, the condition of the rental space should be outlined. It should dictate that your landlord legally swears the property being rented is in habitable condition. This also outlines that by signing, the lease you agree to leave the unit in the same condition you first rented it. Repairs for damage outside of the normal wear and tear can be deducted from your security deposit. A breakdown of utilities should be defined, too. Some landlord include the cost of utilities in the rent price, while others require that tenants obtain and pay for utilities on their own.
Pet owners — or if you are considering becoming one — should review the lease’s clause regarding pets. This will outline if you could have pets, how many, breed and weight restrictions, deposits, and any rent fees for pet owners. Any restrictions or regulations regarding alterations should also be stated in the lease. This includes rules about hanging things on the walls, painting, replacing appliances, and copying keys.
If you do not understand any of the items outlined in the lease, be sure to ask for clarification. And if you discuss any items or expectations that are not listed in the lease, make sure you get it added in writing. This may include garbage disposal, snow removal, inspections, etc.
It’s also important to know that leases protect the renter, too. Once signed, your landlord can’t change anything without your written permission.