- Signing a Lease
Step 4: Signing a Lease
A lease is a binding legal contract between you and the property owner or landlord. The lease protects both the landlord and the tenant by stating the terms of the agreement, which include the rental price, the number of tenants and the time period that you will reside in the apartment. When you sign a lease, you are obligated to pay the landlord monthly for the duration of the lease. Most leases are for 12 months and are difficult to break, so make certain it is the apartment you want. It is strongly suggested that you read and understand everything in the contract before you sign.
Listed below are suggestions:
- Know your rights as a tenant and know your landlord’s responsibilities.
- Know what utilities are included in the rent (heat, gas, electricity).
- Discuss and negotiate any problem areas in the lease before you sign.
- Initial any changes you and the landlord make.
- Do not sign the lease if there are blank spaces.
- Do not feel pressured to sign. Take your time read it carefully.
- Know that if you sign you are responsible for all costs and damages.
- List all existing damages to the apartment.
- Get a signed copy of the lease with your signature and the landlord’s signature.
Note: Within 10 days after your lease begins, your landlord must send you a signed copy statement describing the condition of the apartment. It must include a comprehensive list of existing damage to your apartment, including sanitary and building codes violations ascertained by the state or local government.
You may also want to know if there are any rules or concerns about the apartment. Below are examples of questions:
- Are there rules regarding tack and nail holes?
- Who has the right to conduct inspections and how often?
- Will the landlord provide paint?
- What are the rules concerning noise and conduct?
- Will the landlord reduce rent for maintenance done by tenants?
- Can the rent increase if the numbers of tenants increase?
- Do roommates have to be approved by the landlord?
Tenancy-at-will
Apartments without leases or 30 day move out clauses are called tenancy-at-will. This agreement allows a tenant to rent the premises for an unspecified amount of time. It is strongly recommended that you get the agreement in writing noting your monthly rental payment and any other information. To terminate a tenancy-at-will, the landlord or tenant must give at least 30 days advance notice.
Security deposits
A security deposit is an advance payment to the property owner to guarantee that the term of an agreement will be respected. Usually equal to one months rent. Your landlord is required to give you a receipt for the security deposit. Within 30 days after receiving the security deposit, the landlord should provide you with another receipt, stating the amount deposited and the bank account number. Deposits are generally refunded at the conclusion of the agreement unless (but not limited to):
- You did not pay rent that you were supposed to.
- Any damage to your apartment caused by you or under your control.
If your landlord intends to use all or part of your security deposit to pay damages, you must be given an itemized list of damages within 30 days.