A lease is the last hurdle to get over before moving into your brand new place. It’s normally a large document, full of legal language, that spells out the rules and regulations that you have for living at your rented property. It’s tempting to skim through the lease and sign - but you don’t want to end up breaking rules you didn’t even know existed, or being too restricted. That’s why it’s important that you read through the entire lease. We’ve broken it down into the most important parts for you.
Names and Signatures
The names of everyone involved in the interaction - the tenants, landlords and the business - should be included in the lease, along with signatures from each responsible party. The lease is only a legal binding document if it is signed by both parties.
The Residence Address
The address and a description of the property should be included in the lease.
The Timeframe/Renewal Terms
There should be a clear beginning and end date stated on the lease. For example, instead of writing “12 months” it should say “from 12/1/13 to 11/30/14. There should also be a time to vacate stated i.e. midnight on 11/30/14. If the lease is a month-to-month, or will become a month-to-month after the lease dates are up, make sure that is stated on the lease as well.
The Rent Amount/When the Rent is Due
When it comes to the rent payment, there are several things that are important to remember. First, the total rent amount should be stated, broken down by monthly payments. It should also state when the rent is due (usually it’s the first of the month) and if there’s a grace period before the tenant begins to get charged late fees. Lastly, it should be specified where the rent should be sent to, whether it’s a landlord’s address, or through WilliamPaid.
The Security Deposit
Most landlords require security deposits so that they have something to fall back on if the tenant causes any damages. This should be stated on the lease, along with the amount of the security deposit and where it is being held by the landlord. If the landlord is requesting a non-refundable move-in fee, that must be stated as well.
Terms of Occupancy
This is where many leases differ. The terms of occupancy may include noise levels, pet rules, how long guests may stay, how many people may live in the unit, parking, and other stipulations. Make sure both parties agree with the terms listed.
Repairs and Upkeep Duties
The lease should clearly state what the landlord is responsible for and what the tenant is responsible for when it comes to repairs and upkeep. Then you’ll know whether to call the landlord when you run into a repair, or fix it yourself. It should also be stated which utilities the landlord is responsible for, and which the tenant is responsible for.
Subletting
If subletting is allowed in the unit, outline the terms clearly. Check to see if there is a procedure in place, such as if the landlord needs to first approve the sublettor, an application must be filled out, etc.
Rights of Entry and Inspection
The landlord may want to come in and inspect the unit from time to time, or if you are moving out after the lease ends, they may want to show it to prospective renters. Make sure it’s written into the lease how much notice they must give to enter the unit. It should also highlight how repairmen will enter the unit when there are repairs to be done.
Violations of the Lease
It is important to outline how violations will be handled, like late rent payments or extensive disruptions to the community or unit. If these are not outlined, it can make for a sticky situation down the road if any violations were ever to occur.
This sample lease will help you get a good understanding of what should be included and how the lease should look. Some landlords may be willing to negotiate some of the terms of the lease, and ideally, both parties will be satisfied with the terms after signing. Then, you’re ready to enter step 2 of the moving process: move in day!
Learn more about online rent paying options through WilliamPaid.
