Apartment Lease Guide
Apartment Lease Guide
Finding the right apartment can be a very exciting time. However, with the excitement come all the important details that must be considered in the moving process. For example, logistics, scheduling, apartment cleaning, and other tasks are only some of the things that must be performed for a smooth transition to your new home. Another important aspect, if not the most important one, is the lease. Especially for first-time apartment owners, being presented with a lease and asked to sign it can be a complex, sometimes confusing task. YA Realty provides this apartment lease guide so that you can know what to expect from a standard apartment lease and understand the different details that are included in the provisions. Through this guide, you can be more confident in signing your first apartment lease.
Components of a Lease Agreement
The following elements comprise a standard lease agreement. We list them so that you can be familiar with the important terms in the rental process. Aside from knowing them, you should refer to state laws on apartment leases so you can identify parts of a lease that are illegal. Furthermore, a lease should be reviewed by your lawyer to ensure that it is enforceable.
Details of Parties
This part indicates the first and last names of the tenants and the landlord or apartment company. It also includes contact information such as the address of the property (with the specific unit number) and the phone details of the landlord. Furthermore, it indicates the names of the tenants who will be residing in the apartment. These persons are the ones held accountable for the terms of the lease.
The lease term part indicates the duration of the application of the lease and the renewal or termination policies when the lease term ends. For example, it details whether the lease is for a year or month-to-month lease. Generally, in a college town, a 1-year lease term is ideal because the school year follows two semesters and a summer period. The specific dates of the start and end of the lease are indicated. In addition, a well-written lease should clearly indicate what a renter must do to stay in the apartment after the lease expires. It also gives provisions for handling premature lease termination.
Deposits and Payment
This section of the lease agreement shows the fees that must be paid and the payment terms. It also includes the deposits involved before moving in. For example, landlords can usually hold a deposit of up to 1.5 months as security for damages or unpaid bills. Another common deposit is one made for pets. On the other hand, common fees on top of the monthly rent include late-payment penalties, security fee, or sanitation fee. It also indicates when the payment should be made and the leeway that is provided if any.
Owner and Tenant Responsibilities
This part of the lease agreement delineates the duties of the property owner and the resident. It indicates any specific regulations that the tenant must abide by while renting the apartment. These regulations may include restrictions on modifications to the unit (such as painting) or on the types or size of pets allowed in the unit. The section also includes to whom and when to report damages for repair, who is responsible for building upkeep and lawn maintenance, snow removal duties, and garbage disposal or recycling. Usually, a lease will also include a clause stating that the renter must avoid any illegal activity in the unit.
Other important details in some leases may include renter’s insurance, where a number of apartment management companies require their residents to purchase this type of insurance. A lease can also include the right of entry, which indicates the occasions in which an apartment management staff member can enter a unit, such as during emergencies or scheduled maintenance. During these instances, advanced notice must be given to the tenant. Finally, other rules that the apartment owner may have can be included in this section.
Study the apartment lease intently before signing. Recall your requirements and determine whether the apartment lease serves your needs. Understand the rules carefully so that you can avoid problems with your landlord in the long run. By knowing your lease by heart, your rights as a tenant can be protected, and you can live in peace in your apartment.
Expert in Apartment Details
YA Realty can help you find the right apartment if you are in the market for one. With our experience, we can explain our apartment lease line per line so that you can fully understand everything that entails renting one of our comfortable apartments.
Get in touch with us today for more information about our apartments and services.