A rental lease is a legally binding contract between the landlord and tenant. The lease agreement defines the terms upon which they can lease their property to a third party. It is the most typical kind of. It defines the time frame you’ll be staying in the property, the amount you have to pay and the amount of notice you are required to give. To safeguard yourself from losing your belongings due to being evicted, or damages caused by others, or your property being purchased by a new owner it is recommended that you obtain an official rental lease agreement from your landlord before moving in.
The purpose of the lease agreement between a landlord and tenant is to protect both the tenant and landlord. It defines what each party is allowed and prohibited to do with the property that they lease as well as the much each of them must contribute to the maintenance of their residence.
When you sign the lease for a rental, make sure you read it carefully to make sure there are no hidden fees or unclear terms. Get clarification from your landlord should you not understand something before you sign.
There are three types of clauses found in a rental agreement:
1.) Rent and payment terms
2) Termination, term and renewal
3) Damage deposit
Rental and Payment Terms This is the amount you are required to pay, when it is due, and whether you have agreed to pay any deposits.
The actual lease’s term: How long your lease will be for, and the terms of renewal and whether there’s an option or opportunity to terminate at any time by either side.
Changes in ownership If your landlord is planning to sell their home or property to a new owner, this clause describes what will happen to your lease.
Damage deposit Damage deposit: The amount you’ll need to pay upfront should there be any damage on the property while you’re there. any deductions that are made from this deposit should be noted in the rental agreement.
Utilities: Find out if utilities are included in rent, or are an extra cost.
Maintenance: Will you be in charge of certain tasks such as yard work and cleaning the pool? Is it your landlord’s expectation to fix any issues or delegate everything to them?
In addition to a written rental lease, you should always file a copy it with your local town office. This will show that there was a rental lease agreement in place in the event that you ever need the courtroom to prove it.
It is important to keep track of the time frame within which you are required to complete the document. Each town has a distinct procedure to determine how long the information to be in their records. You may have to make a fresh lease application if you make significant modifications to your lease agreement.
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In addition, keep an original copy of your rental lease agreement in a secure location. Make a list of all the important details of your rental agreement and ensure that it is updated throughout the duration of your stay. This is to ensure you have evidence to back up any claim you make if something happens. If it’s possible, it’s an excellent idea to take pictures of your property and the damages that have occurred.
The document provides protection for both landlord and tenants. But, your landlord might not always be open to negotiations. If you realize that things are getting heated and your landlord has agreed to change some of the conditions (such such as increasing rent or making changes to the amount of damage deposits) note these items down in your revised list. Taking notes about the changes will allow you to keep track of them when it comes time to renew your lease, or lease another property, and may be a source of negotiation when you are in that process.