A rental lease is a legally binding agreement between the tenant and landlord. It states the terms under the lease they agree to rent out their property to be used by another party. The most popular form of rental lease outlines the duration of your stay be, the fees you’re expected to pay, how you are required to give notice, and other important particulars. To ensure that you do not lose your possessions in the event of eviction, damages by others, or your property being occupied by a new owner, you should always seek an official rental lease agreement from your landlord prior to moving in.
The purpose of the rental lease agreement is to protect both the landlord and tenant. It defines what each party can and cannot do with the house they are renting and also how each person is required to contribute to the maintenance of their property.
You must carefully read the rental lease before signing it. Get clarification from your landlord when you’re not sure about something before you sign.
There are three types of clauses included in a lease agreement:
1) Rent and the payment terms
2) Term, termination and renewal
3) Damage deposit
4) Utilities
5) Maintenance
Terms of Payment and Rent: This includes the amount you must pay, the date it’s due, and whether you have agreed to pay any security.
Actual rental term Lease length: How long the lease will last, its renewal conditions, and whether there are any choices or opportunities for early termination for either party.
Changes in ownership: If your landlord is planning to sell their home or the building to a different owner, this clause will outline what will happen to the lease.
Damage deposit Amount you’ll need to pay upfront should there be any damage to the property during your stay. any deductions made out of the deposit must be noted in the contract.
Utilities: If utilities are included in rent or an additional cost,
Maintenance: Are you responsible for maintaining the yard and cleaning out the pool? Do you have the expectation of your landlord that you solve any problems or leave it to them?
You should also submit a copy to the local municipal office of the rental contract. This can prove that there an agreement for renting in place in the event that you ever have the courtroom to prove it.
It is important to note the time period for which this document needs to be filed. Each town has its own protocol regarding how long information like that can be stored. It is possible that you will need to make a fresh lease application if you make major changes to the terms of your rental agreement.
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Keep a copy your rental contract in a safe location. You should also make an inventory of the main points of the lease, and keep it updated it over the course of your stay, so that in the event of a dispute later , you’ll have evidence to back you up. It’s an excellent idea if you can to take photos of the property and any damage.
Since this document shields both sides, be aware that your landlord may not always be willing to compromise. If you find that the situation is getting intense and your landlord agrees to modify certain terms (such as raising rent rates or altering the amount of damage deposits) note these items down in your revised list. Noting down the changes will help you remember them when it’s time to renew your lease or lease an alternative property. It might even give you the ability to negotiate throughout the process.