The rental lease contract is between landlord or tenant. It specifies the terms under which they agree to let their property to be used by a third party. The most common kind of lease for rental stipulates how long your stay is expected to be, what you are required to pay, the much notice you must give and many other particulars. Before you move in, make sure to get a written rental agreement from the landlord. This will guard your belongings from being damaged by other people or taken over by a new owner.
A rental lease agreement is designed to safeguard both parties. It outlines what each individual is allowed to do and not do with the property that they are renting, as well as how each person is required to contribute to the maintenance of their home.
You must carefully read the lease prior to signing it. If you find something that you aren’t sure about Ask your landlord to explain the situation prior to signing.
There are three types of clauses in a rental agreement:
1) Rent and payment terms
2) Termination, term and renewal
3) Damage deposit
4.) Utilities
5) Maintenance
Terms of Payment and Rent Paying Rent: The amount you will have to pay, the date which it is due, and whether or not you have the option to make a deposit.
The rental’s actual terms What is the length of time your lease will be in effect, renewal terms, and if there are any options or opportunities for an early termination on the part of either party.
Changes in ownership In the event that your landlord is looking to sell their house or property to a new owner, this clause details what will happen to the lease.
Damage deposit It is the amount that you must deposit upfront in the event of property damage. Any deductions made from this deposit should also be noted in your agreement.
Utilities If utilities are part of the rent or an additional cost,
Maintenance: Are you accountable to maintain the lawn and cleaning up the pool? Does your landlord expect that you solve any problems or leave it to them?
In addition to a signed rental lease, you should always keep a copy of it with your local town office. This will show that there an agreement for renting in place, in case you ever need the courtroom to demonstrate that it was in place.
It is important to keep track of the timeframe within which you must file this document; each town has its own protocol regarding the time period they permit documents like this to stay in the public record. You might need to apply for a new lease if you make major changes to the terms of your rental agreement.
If you want to learn more, click caution
Keep a copy of your rental contract in a safe location. It is also advisable to make an outline of the important points of your rental lease and update it throughout your stay so you are prepared in case something happens later , you’ll have proof to back yourself up. It’s a good idea if you can to take photos of the property and any damages.
This document safeguards both tenant and the landlord. But your landlord may not always be open to negotiations. If the situation gets heated and your landlord agrees that certain terms may be altered (e.g. increasing rents or changing damage deposit amounts), make sure to keep this updated list. Making note of the changes will help you remember these changes when you renew your lease or lease another home. This could also grant you the power to negotiate.