Yesterday William Paid’s blog featured Part I “Leases 101: What You Don’t Know About Leases CAN Hurt You.” Today we continue with Part II – Tips 4 - 6. The headline: not all leases are alike and what you (and your roommates) don’t know about leases can hurt you. Leases can contain potential pitfalls and red flags. Never fear! Renters have more power over their apartment lease than they realize. You owe it to yourself to look out for your best interests.

Here are lease tips 4 – 6:

Tip 4: Know Your Liability

Another reason to pick your roommates carefully: joint and several liability. Most leases have it. What it means is that each person signing the lease is responsible for the entire liability under the lease – including the full rent obligation as well as any liability for damages.

For example, let’s say that both you and your roommate sign a 12-month lease that has monthly rent of $1,000. After six months, your roommate decides she needs to go find herself by trekking the Himalayas. She skips town, and, come the first of the month, the landlord is looking for $1,000 from your. Guess what? You’re on the hook for $1,000 a month for the remainder of the lease. You can ultimately collect from your scofflaw roommate if she ever does find herself and return, but you are on the hook with your landlord.

So, choose carefully.

Tip 5: Think Local

Many local municipalities have enacted regulations to address certain common landlord abuses. For example, certain cities require that interest be paid on security deposits and that security deposits must be returned within a fixed number of days following the lease termination or expiration. So, if you run into problems with your landlord or your lease, do a quick online search for any special local laws that might help you out.

Tip 6: To Sublet Or Not To Sublet

This is generally never the question, as most leases will strictly prohibit subletting the premises without consent of the landlord. Even if you never think you’ll need to sublet or assign, you should try to get your landlord to accept a provision that says that their consent cannot be unreasonably withheld. The landlord really shouldn’t balk at this (or, if she does, she may be throwing up a red flag at the type of landlord she will be), and it may buy you a little leverage if you meet the guy of your dreams and want to move in with him next month.

In the end, the best advice is to know what you are getting into – and what you can get out of. Right now, it is a renters’ market, so flex your muscle a little to get the terms that you need.

Most importantly, pay your rent on-time. With williampaid.com’s flexible payment options, as well as the ability to “set-it-and-forget-it,” you’ll never have to worry about missing a rent payment. And, get the credit you deserve for your on-time rental payments. At williampaid.com, opt to have your rental payments reported to a credit repository to build your credit history. That way, you won’t need to rent forever.

Got your own lessons learned about leases? Be sure to post them here on William Paid’s blog. Leave a comment on the blog and we’ll give you 5 entries in William Paid’s Free Rent contest. CLICK HERE to enter William Paid’s Free Rent Sweepstakes.

Stay tuned to williampaid.com/blog for more helpful hints for renters and roommates.