10 Things To Look for in A Rental Lease Agreement
Click here to browse our Real Estate Agent Directory and contact top-rated agents in your area!
1. The names of all parties involved
2. A description of the property
3. The conditions of rent
4. Lease dates and termination date
The start and end date of the lease should be in the agreement. In addition to it, it should also clarify how and when the property owner and renter can finish the lease. For example, a residential lease may be ended with one month’s note and a final month’s rent.
5. Details of Security deposit
A security deposit is the amount of money a rentor provides to the landlord to hold in case of any damage to the property during their lease. According to the best realtors make sure your lease agreement has a description of the amount of the security deposit, how it is to be paid, with the terms of its future release. This can help a lot after a lease is over to protect both parties from unfair treatment.
6. Tenants of the property
In some cases there will be temporary tenants or tenants that responsible for rent, such as children or an elderly parent. The lease agreement should enlist the names of every person who will regularly dwell in the property and what happens if a person stays for more than a certain length of time.
7. Utility Costs
Your lease should tell you what utilities are included in the rent pricing ance what ones are the responsibility of the tenants. Sometimes landlords will include water and gas in the price of rent. However, this is not always the case, so be sure to check.
8. Pet Policy
The lease agreement should specify whether or not a tenant is allowed to have a pet. If it is allowed there should be detail about the type, number, size, breed and any what the additional cost is required to pay for the pets.
9. Who will pay repairs and damages
Make sure the property condition is accurately illustrated in the agreement and what the tenant’s and landlord’s responsibilities are for repairs and problems. The lease agreement should also describe whether the landlord or tenant is responsible for damages to the property and what is defined as damage and what is simple wear-and-tear. In addition to tenants ability to make changes to the property while living there and if they are responsible for changing it back before they vacate the property.
10. Landlord’s Right of entry
The lease should comprise a portion that allows the property owner to enter and examine the land with reasonable notice.
Ensuring these things are clearly outlined in a rental agreement can save both party headaches and money. An agreement whould be simply what it sounds like, something that two parties fully agree on. If you don’t agree to all terms in a rental lease agreement, you need to address any issues before signing.
Hiring a top real estate agent who has expertise in rentals is a great place to start. They have not only been trained in documents relating to rentals, leases and ownership, they have also had a lot of experience working with them. And top real estate brokers obviously recommend never signing a rental lease agreement until you understand what it contains.
Good luck in your search!