Finding a suitable apartment could take some time, and locating the perfect place might prompt an enthusiastic renter to sign a lease agreement. Rushing into any lease could lead to problems since the lease is a binding contract. Anyone interested in leasing commercial or residential property may benefit from deliberately and carefully reading the lease agreement’s language.
The Duration
The duration is among the essential elements to review in a lease agreement. Is the renter signing on to a six-month lease or one for a year? The lease agreement would likely stipulate a minimum duration. Sometimes, the lease could give the individual the option of choosing six months, one year or paying month-to-month without a lease. Are there differences associated with the minimum arrangement? Six months might cost more than one year, and month-to-month could be the most expensive.
Inclusions in the Lease
The lease might or might not include all the costs – or many of the costs – associated with residential dwellings. Tenants may or may not have to pay for water, electricity, heating, trash removal, and more. Wi-Fi and cable might require signing a deal with a provider, or the complex could offer such services as perks. So, the monthly costs could be more than one expects to pay when only looking at base rent.
Re-signing Requirements
Making assumptions about what happens when the lease ends could lock a renter into an undesirable financial situation. Someone not planning on staying another year after a 12-month lease might not realize the lease automatically rolls over. Or, the lease could be month-to-month. Maybe the management/owner requires signing another lease for another set duration. A would-be renter won’t know what happens unless they read the contract’s language.
Lease Violations and Consequences
Apartments and other rental facilities often establish rules to support public safety and reduce nuisances. At residences like One12 Courtland student apartments, the property’s management expects tenants to follow reasonable rules. The lease might note that possessing illegal drugs would violate the lease, meaning the tenant could face eviction. Other rules might prohibit the placement or abandonment of personal property in common areas. Bulk trash disposal in the residence’s dumpster might be banned, and so on. Potential tenants could determine whether a particular complex is right for them when they review the rules and penalties for violations.
Responsibilities for Breaking a Lease
When someone chooses to break a lease, such as giving a move-out notice months before the lease ends, it is typically said the renter will deal with a penalty clause. “Penalty” might be a harsh word because it infers someone faces punishment for violating the lease. The term “penalty” isn’t entirely accurate, as a contract involves an agreement between various parties. With a lease, the document might note that a renter must pay a specific amount to break the arrangement and give proper notice. So, the “penalty” might be more akin to a buyout. Regardless, anyone signing their lease agreement may benefit from knowing these costs in advance.
Rules Regarding Cars and Parking
Just as public parking spaces come with rules, private parking spaces at a residence will likely have particular requirements. The most common will rule stipulates residents must park n a specific parking spot. Also, there could be notes about guest parking and where such visitor parking is not allowed. The lease might even point out that violations could result in a vehicle getting towed away. There may be costs associated with a parking spot, such as a monthly fee added to the rent. All the details related to the parking rules would likely appear in the document’s language.
Move-Out Notice Requirements
Renters should read the notice requirement to move out even if the lease rolls into a month-to-month arrangement. The 30-day notice might be necessary, or a monetary fine could be enacted. Renters might not be surprised by unfavorable actions if they know the rules in advance.
Conclusion
A lease contains important language about the terms, conditions, and costs of renting a residence or another asset. Would-be renters might find it worthwhile to read the lease clearly or even request a legal review. Understanding the terms could help the renter avoid undesirable problems.
