How to Read a Lease
Lease - is a written or oral
contract between a landlord and a tenant(s) to
rent property. It is difficult to change or break
a lease without one side surrendering a sum of
money. Keep a signed copy of the lease
and read it.
Before Signing
a Lease, Make Sure it Contains:
- NAMES - you, landlord,
address of property including apartment
number
- DESCRIPTION - of building
you are renting, premises are suitable for
the purposes for which they are rented
- DATES - term of rental
- RENT - explanation of
rent payment procedures, amount, due data,
late penalties, when can rent be increased |
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- TERMINATION
OR RENEWAL - when should landlord,
renter be notified, specific procedures
- MAINTINENCE & REPAIRS
- who is responsible for what, if renter
does any repairs will there be reimbursement
- UTILITIES - who pays
what, who takes care of repairs (take particular
note to comments about heating system)
- DEPOSITS - What is required,
what is covered, when will it be returned,
amount, when due. There should be a clause
that states there will be no deduction for
normal wear and tear. Ask what is considered
normal wear and tear.
- SUBLETTING - will subletting
be permitted, and restrictions? |
Keep a signed copy of the lease!!!
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