All About Residential Leases
When you’re ready to sign that document agreeing to pay the next twelve months in rent at a new apartment, how do you feel? Are you overwhelmed by the vast amounts of legalese, struggling to make sense of the fine print, or are you simply happy to sign something that a landlord hands you? If you fall under the umbrella of either of these questions, it probably means that you could stand to know a little more about what goes into to making a residential lease.
After all, a residential lease will be one of the most important documents you sign as an adult. Sure, there are more important ones, like wills, power of attorney agreements, and mortgage agreements, but a residential lease doesn’t exactly fall into the category of “signing the receipt for filling up a tank of gas,” either. Instead, a residential lease that you sign will have a dramatic impact on your quality of life - so it pays to know a little bit about what to expect from these documents. Here’s what typically goes into a residential lease:
? Specifics. What do we mean by “specifics”? Well, pretty plainly, it’s the details you can expect to guide your lease agreement. What this means is that you’ll find numbers like the move-in and lease-end dates, the amount of rent that you’ll owe, and then the dates of the month when monthly rent will be due. These specifics tend to be pretty standard across a range of residential leases, but it’s important to look for them and confirm that you’re seeing the right numbers. For example, if you agreed to a monthly rent of $600 and you see $650 on the form, there’s a chance that someone is trying to pull a fast one on you.
? Lease terms. These terms will essentially guide you throughout the rest of the lease - meaning that they’ll guide the expected behaviors you exhibit while you’re renting from this landlord. These terms tend to be simple - issues like avoiding criminal and lewd or otherwise obnoxious behavior are easy if all you want to do is find a place to live and be left alone. But it’s important to check out any other lease terms a specific property might have - for example, there might be some strict rules set by a hoity-toity property you’ll want to be aware of before you start living there.
? Responsibilities of the tenant and of the landlord. You’ll want to understand not only your limitations, but your benefits: for example, the landlord might be responsible for maintaining good plumbing, electricity, Internet access, etc. - it’s important that you understand you’ll see some benefits in these lease terms, as well. After all, you are the one making the payments - you should expect something in return!
Is there more to a residential lease? Of course. But this brief overview should give you a good idea of what to expect, even if you were never sure of what all the legalese meant before. And when in doubt, have someone else look over your lease - someone you trust. Chances are they’ll tell you things are on the up-and-up.