|
Breaking through the
Legalese: Understanding your Apartment’s Lease
Back to Real Estate Learning Center
With pages and pages of legal documents to sign after
finding the ideal apartment, renters are often left
confused or mentally exhausted after reading their lease
agreement. The lease agreement will include a number of
sections, including lease terms, apartment policies, and
a variety of other rules that govern a tenant’s behavior
while renting their apartment. However, these documents
are constructed in such a way as to protect the rental
property from any unneeded liability. The thicket of
legal language can be daunting for even the most
intelligent renter, though the lofty language of the
rental agreement can be boiled down to a few important
sections. Renters should feel free to take their time
reading the lease and ask questions of the rental agents
before signing this legally binding document.
One of the most basic aspects of an apartment lease is
the length of the lease’s term. Lease terms range from
month-to-month arrangements to two year terms.
Typically, rental agents will bring these options to the
attention of renters during the walk through as it is
probably the second most important aspect of renting
behind monthly rent prices. Month-to-month leases are
great for those people who are moving to a city for
temporary work or for another short term situation where
a long term lease would be too restrictive. One or two
year lease terms are ideal for families, couples, and
roommates looking to stay in the same place and avoid
the moving process for a significant amount of time. The
lease terms will usually be quite straightforward but
any confusing language should be questioned, as this is
an essential part of the lease.
Renters need to check the length of term section for any
language about how to give notice of moving out of the
apartment. Typically, rental offices require two or
three month’s notice of a tenant moving out in order to
advertise the opening for future tenants. As well,
renewal of a lease requires some advance notice by
tenants though not as much as the move out notice.
Renters should consider the process of renewing a lease
before signing the first lease. Some apartment complexes
offer a month-to-month lease after the first term is up,
allowing greater flexibility. However, there are other
apartments that will just renew another term similar to
the first for tenants who decide to stay.
During the lease review process, renters should also
look at security, pet, and other deposits that are part
of the lease. Almost uniformly, leases include the
initial security deposit and monthly rent at the very
top of the lease to allow quick perusal by tenants.
However, there can be additional monthly fees and
security deposits for pets. As well, some apartment
complexes feature underground or garage parking, fitness
centers and other services that require an additional
fee. Renters should review all of these costs before
signing a lease in order to create a balanced monthly
budget. As well, leases may include provisions for
specific services which are paid for by a renter’s
security deposit. Some apartments use part of the
deposit to professionally clean carpets after move out.
Finally, renters should review the apartment’s standard
policies before signing the lease. Rental offices will
often have very specific policies on what types of pets
are allowed in their apartments. Dogs and cats typically
need to be over a certain age, have proper vaccinations,
and be declawed to reduce damage to carpets and walls.
As well, apartments will include a section on acceptable
behavior for its tenants that includes prohibitions on
smoking, drug use, and storing illegal items in their
apartment.
Back to Real Estate Learning Center |
