A rental lease agreement is between tenant and the landlord. It specifies the terms under the lease they agree to rent out their property for use by another person. This is the most commonly used kind of. It outlines the length of time you’ll stay and how much you will have to pay and the amount of notice you must give. When you are moving in, ensure you get a written rental agreement from your landlord. This will safeguard your belongings from being damaged by other tenants or being transferred to a different owner.
The intention behind the rental lease agreement is to protect both the landlord and tenant. It defines what each party can and cannot do with the home is rented and also how each person is required to contribute to the maintenance of their residence.
You should carefully read the lease before signing it. If you come across something you aren’t sure about you don’t understand, ask your landlord to explain it prior to signing.
There are three kinds of clauses included in a lease agreement:
1.) Rent and terms of payment
2.) The term, termination and renewal
3) Damage deposit
4.) Utilities
5) Maintenance
Pay and Rent Terms The amount of rent that you must pay, the date on when it will be due, and whether you agree to make an advance.
Actual term of the rental: How long your lease will be in effect, renewal terms, and whether there are any alternatives or opportunities for an early termination on the part of either party.
Changes in ownership Changes in ownership: If your landlord contemplating selling their home or property to a new owner, this clause details what will happen to the lease.
Damage deposit It is the amount you will need to pay up front in case of damage to the property. Any deductions made from this deposit must also be noted in your agreement.
Utilities In the event that utilities are included in the rent or an additional cost,
Maintenance: Are you responsible for the maintenance of your yard and cleaning out the pool? What is the expectation of your landlord to fix any issues or delegate everything to them?
It is also recommended to submit a copy to your local municipality of the rental agreement. This can prove that there an agreement for renting in place in the event that you ever need the courtroom to prove that it was in place.
It’s crucial to remember the time frame within which you are required to submit this document. Each town has its own protocol to determine how long details like this to remain in their records. It is possible that you will need to submit a new lease when you make significant modifications to your rental agreement.
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Keep an original copy of your rental lease in a secure location. Also, make a list of all the major points of your lease agreement and then update it through your time in the rental so that in the event of a dispute later on, you have proof to back yourself up. It’s an excellent idea if you take photos of the property as well as any damages.
This document is a safeguard for both tenants and landlords. However your landlord may not always be open to discussions. If you realize that things are getting heated and your landlord agrees to change some of the terms (such such as increasing rent or changing damage deposit amounts) note these items down in your updated list. Note the changes to help you recall these changes when you renew your lease or re-lease another home. This could also grant you the power to negotiate.