A rental lease agreement is between the tenant or landlord. This contract outlines the terms upon which they can lease their property to another. This is the most commonly used kind of. It specifies the time frame you’ll be staying in the property, the amount you have to pay and the amount of notice you have to give. When you are moving in, ensure that you have an agreed-upon rental contract from the landlord. This will protect your belongings from being damaged by other people or being transferred to a different owner.
The intention behind the lease agreement between a landlord and tenant is to protect both landlord and tenant. The lease agreement defines who is able to be able to do what with the property they lease and what amount each party has to contribute for its upkeep.
You should carefully read the lease prior to signing it. Contact your landlord for clarification in case you aren’t sure before signing.
There are three kinds of clauses included in a lease agreement:
1) Rent and terms of payment
2) Terms, termination, and renewal
3) Damage deposit
4) Utilities
5) Maintenance
The terms of payment and rent The amount you’ll be required to pay, the date when it will be due, and whether you will pay the deposit.
Actual rental term The length of your lease will be in effect, renewal conditions, and if there are any options or opportunities for early termination , by either side.
Changes in ownership: This clause defines the procedure for your lease when your landlord wants to sell their home or the building.
Damage deposit The amount you’ll need to be able to pay in the event of property damage. Any deductions from this deposit should be stated in the agreement.
Utilities: Find out if utilities are included with rent, or are an extra cost.
Maintenance: Are you in charge of certain tasks, such as lawn work or cleaning the pool? Do you have the expectation of your landlord to fix any issues or leave everything to them?
You must also submit a copy to your local municipality of the rental agreement. If you need to show it in court to prove the rental agreement existed.
It’s essential to record the period in which you must file this document; each town has a distinct procedure regarding the time period they permit the information to be on file. Keep in mind that if you have made major modifications to your rental lease, then you’ll have to file a brand new one with the town.
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In addition, keep a copy of the rental lease agreement in a safe location. You should also make an inventory of the key points in your rental lease and update it during your stay to ensure that if anything happens later on, you can back yourself up. It’s a good idea if you are able to take pictures of the property as well as any damages.
Because this document protects both parties, it is important to keep in mind that your landlord might not be always willing to compromise. If things get heated and your landlord has agreed that certain terms may be altered (e.g. the increase in rent or altering the amount of damage deposit) Be sure to keep this updated list. Note the changes to aid you in remembering the changes when you renew your lease or re-lease another house. It could also give you the ability to negotiate.