Negotiating a Lease

Grab that bottle of Advil; it's time to take a long look at your lease. It'll be jam-packed with microscopic words, thousands upon thousands of them. It may look like a foreign language, but we're here to help you translate what matters.

At the end of the day, a lease is a pretty standard and basic contract. It lays out the conditions of the rental agreement, for both you and your landlord. Here’s a little of what you can expect:

• Amount you'll pay in rent
• When you'll pay it
• The amount of the security deposit
• How long does the agreement last
• What happens if you break the lease
• Who is responsible for utilities, i.e. gas, water, electric, etc...
• Whether you can have pets and what kind?

Be sure to really go through your lease with a fine-tooth comb, because you have to strictly abide by whatever is in it. Of course, there are exceptions. Anything that is unfair or unenforceable or any wording that makes you responsible for paying for repairs in cases where your landlord should foot the bill. All-in-all, expect that you'll be held responsible for the terms of any standard lease.

Oh yeah! KEEP A COPY! You'll be glad you did if there's anything you want to dispute later.

Other things to know about leases:

• Co-signers: If the landlord doesn't think you are able to pay the rent on your own, you may need to get a cosigner. This is serious business – if you can't, the cosigner will have to pay the rent.
• Giving Notice: If you need to move out, you MUST give the landlord notice.
  On the other end, they have to notify you if they want to terminate the lease or raise the rent. In most cases, they'll have to give you 30 days notice if they want to raise the rent.
• Breaking a Lease: If you can avoid it, DO NOT break your lease. A lease is a legally binding contract and there are penalties for breaking the terms. Be sure and know what the consequences of breaking your lease are and if you can handle the ramifications.
• Security Deposit: Most leases require you to put down a security deposit to cover any unpaid rent or damages to the apartment you caused. This money MUST be refunded within 30 days of the end of the lease agreement. The landlord can subtract the cost of any repairs, maintenance or wear-and-tear. Legally speaking, a landlord can require any amount for a security deposit.