As a tenant, it`s important to have an understanding of the basic rental agreement of a residential lease before signing on the dotted line. By doing so, you can ensure that you are protected and know what you are responsible for during your tenancy.
A residential lease is a contract between a landlord and tenant, outlining the terms and conditions of renting a property. Below are the key elements to look out for when reviewing a residential lease agreement.
1. Lease Term: This section outlines the start and end date of your tenancy. It`s important to make note of the length of your lease, as breaking it early could result in financial penalties.
2. Rent and Security Deposit: This section outlines the amount of rent due each month, as well as the security deposit required. The security deposit is typically equal to one month`s rent and is held by the landlord to cover any damages to the property.
3. Utilities: This section outlines which utilities are the tenant`s responsibility to pay, such as electricity, gas, water, and internet.
4. Maintenance and Repairs: This section outlines the landlord`s responsibility for maintaining the property and the tenant`s responsibility for reporting any maintenance issues or damages.
5. Subletting: This section outlines whether or not the tenant is allowed to sublet the property to another person.
6. Pets: This section outlines whether pets are allowed on the property and any restrictions or additional fees associated with having a pet.
7. Termination: This section outlines the conditions under which either the tenant or the landlord can terminate the lease agreement.
8. Governing Law: This section outlines which state laws govern the lease agreement.
By understanding the basic rental agreement of a residential lease, you can ensure that you have a clear understanding of your rights and responsibilities as a tenant. It`s important to read your lease agreement thoroughly and ask any questions or address any concerns with your landlord or property manager before signing the agreement.