Moving into a new house can be one of the most exciting times in you and your family’s lives. Whether you’re buying or renting, there are many things you need to complete and read. When purchasing a home, there is loads of paperwork during the closing. However, if you’re renting your home, you only need to worry about your lease agreement. Although it doesn’t equate to mounds and mounds of paperwork, navigating through a legally binding contract can oftentimes be confusing. It is important to know what you’ll be signing, so we’ve taken a little time to break down what a normal rental lease will contain.

Rental Terms and Monthly Rent

The rental terms of your lease should be spelled out in this section, including late charges, monthly rent, and lease length. Most of the time, a lease is one year or longer. However, there are times when you may find a month-to-month (or even week-to-week) lease option. If there have been things that you and your potential landlord have discussed in person, make sure that you remind him or her to include them in the written lease agreement.

Payment Instructions

This section should include wording that clearly identifies when you are to have rent paid. Most of the time, this will occur on the 1st of the month or somewhere close. However, you want to ensure you know the rent payment date and things like the grace period and what this means for your rent payment(s).

Security Deposit

You must usually pay a security deposit to obtain an apartment or rental property. This is used as a security blanket for the landlord in case of missed payment or damages that may be caused through no fault of their own. Don’t be surprised if your landlord requests rent for the first and last month, as this is typical for renters.

When reading over your lease agreement, it is important to ensure a clear definition of why your security deposit could be held and how long a landlord has to return your unused deposit amount.

Lease / Early Termination

Many of us don’t pay attention to this area until it’s time to end the lease in one way or another. We know that rental agreements are long and have a lot to read, but it is in your best interest to pay attention to every area of the agreement, including this one, as this is a binding contract. Ensure you know how long you have to notify your landlord that you intend to move out or renew your lease. Mistakes in this area can cost you some of your deposit or more if you do not pay particular attention to the specifics. If you plan to stay with the landlord in one capacity or another once your lease ends, be sure to get a new lease agreement signed with the specific conditions of the new arrangement.

Maintenance

When renting a house, if you are lucky enough to have that house come furnished with major appliances, then your landlord is generally responsible for all the maintenance on these items caused by normal wear and tear. Also, if things begin to “fall apart” after you move in by no fault of your own, the landlord would be responsible for the cost of repairs. Be sure to pay special attention to the section that describes how maintenance is handled for your new house. It should clearly state who is responsible for maintaining and fixing certain items and provide a timeline of when the events should be resolved. Also, ensure you know the correct way to report maintenance problems in case of any issues.

Pets

At Buckeye Northwest Realty, we love pets! Almost 60% of all Buckeye Northwest Realty properties allow pets in one form or another. You may get the love and companionship of your furry little friend, but nine times out of ten, they will come with an additional fee. The fees can often come in the form of flat, upfront fees or deposits, and monthly ‘pet rent’. This is due to the simple fact that pets tend to cause wear and tear on a home, and at the end of the day, when you move out, your landlord is the one who will have to deal with the cleanup.

Knowing the pet costs and rules associated with pets is very important. Ensure you are within the limits of the number and types of pets allowed, and also know what happens if you violate the terms of your lease agreement regarding pets.

Fees

Most of us are familiar with the typical fees associated with renting a house. You hear about them repeatedly, such as security deposit, application fees, monthly rent, pets, etc. However, these are not the only fees charged by landlords, and oftentimes, would-be tenants are shocked to find out there may be more to the story. Take careful note to look for such fees as parking, utility, trash/waste, notice, or even third-party billing fees. If any of these apply to your forthcoming rental, they should be spelled out in the lease agreement.

Subletting / Roommates

Sometimes, you must move out of your rental before your lease ends. If this is the case, there are times that your landlord may allow you to sublet your rental to another individual who would assume responsibility for monthly rent, etc. However, you want to make sure you have a strong understanding of the ins and outs of this area if this is a scenario you happen to find yourself in. Who is responsible for what when it comes to your security deposit? Look for a clear and concise explanation of subletting in your rental agreement.

When it comes to roommates, not just a visiting family member or friend, there can sometimes be multiple application fees, rules, or other things that should be spelled out in your rental agreements. If you plan on having other people be financially responsible for the house you will be renting, pay special attention to this area of your lease.

Eviction

This area can oftentimes be one of the most important of all. If you fail to pay rent or breach your lease agreement, you may find yourself on the receiving end of an eviction notice. What does this mean? What can you do? How long do you have? Eviction isn’t something that happens overnight. This means your landlord can’t come and toss your stuff out the same day you are notified of your pending eviction. Now, every state is different and has different laws that govern evictions. Many steps must be taken according to the law. This area of your lease agreement is particularly important; it should answer all your questions about what can and will happen if you breach it.

Remember that every state has different laws that both tenant and landlord must follow, and those rules and regulations generally demand that all provisions of your lease agreement be spelled out in that agreement. So take the time to sit and read through your lease agreement thoroughly, and if you need help, you can always contact an attorney who can help you each step of the way. We at Buckeye Northwest Realty are here for all of our tenants. If you have any comments or questions about your lease agreement, please don’t hesitate to contact us today!