What to Look for When Signing a Lease

When you are excited about an opportunity to move into new property, it can be easy to get caught up in your hopes and dreams for the future while inspecting the new space. “Oh,” you might think, “that velvet couch from Grandma’s house would be perfect here by this window, and I have those marble-topped end tables from my parents that would fit right over here… gosh, I remember when I thought these tables were so big when I was growing up, and now look how little they really are… and that chair my friend gave me when she moved away can sit right here so that I will always remember her when I walk in my front door… I miss her and can’t wait to show her my new apartment when she comes home to visit next month… she can help me hang this heavy painting, she’s so handy with tools…” and so the creative juices start flowing as you envision your future and begin to plan how to make an empty rental space feel like home. 

But with nearly every rental property comes a written lease, which is a legal instrument that acts as a contract between the landlord and the tenant. Before you get too excited about your potential new home, it is important to carefully review the lease, including all of its terms and conditions, no matter how confusing they may be, so that you can make an informed decision to enter the contract with full knowledge of its implications and requirements. 

Here are some things to look for when reviewing a lease before you sign: 

Rental rate and due date

How much is the rent, and does the lease accurately reflect this figure? How often is rent due, and what date (or range of dates) does the landlord expect to receive these funds? How will you be able to pay rent–by mail, in person, online, with cash, check, or money order, or…? What happens if you pay rent late? Will a fee be added? These are all important questions to ask if the written lease does not give you clear information or does not specify these important details. 

 

Termination and renewal

Does the lease end at a set date, or does it automatically convert to renew upon completion of the initial lease term? What happens if you want to remain in the property on a month-to-month basis following the successful completion of the fixed lease term? What happens if you need to move out earlier than planned? 

 

Security deposit

How much of a security deposit is required, and what conditions will allow you to get all or part of it back? What conditions will allow the landlord to keep all or part of your security deposit? When must it be provided, and when will it be returned to you if all conditions are met?  

 

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