Know the Components of an Apartment Lease Agreement
Reading your apartment lease agreement can feel overwhelming, but it is important to understand the terms of a lease before you commit to it.
Here is a list of the basic items you will find in most apartment lease agreements. Look for these elements as you navigate through the language of your apartment lease.
Basic apartment lease information
Every apartment lease agreement will begin by stating the parties involved in the agreement, including basic identifying information about the apartment management company and the renter. This will include details such as the apartment management company’s name and address, the number of the unit being rented and identifying contact information for the renter.
Apartment lease terms and rent details
Two of the most important parts of an apartment lease agreement are the lease term and rental details. The lease term section spells out how long the lease applies and what happens once the lease term comes to an end. It will detail whether the lease is for a year or month-to-month lease, for instance. The lease will also specify renewal and termination details. A well-written lease makes it clear what needs to be done if the renter wants to stay in the apartment once the lease is up and gives provisions to handle a situation such as leaving before the lease has ended.
The rent details section in the apartment lease agreement spell out how much the renter will pay in rent and when that rent will be due each month. This section of the apartment lease will also describe what will happen if the renter is late paying rent.
Deposits and fees
In this section of the apartment lease agreement, the apartment management company will detail any deposits or fees associated with the rental of this specific apartment. Common deposits include security deposits and pet deposits. Common fees include late payment fees and returned payment fees.
Apartment lease regulations
An apartment lease agreement will spell out any specific regulations the renter will need to abide by while renting the apartment. These regulations could include restrictions on what modifications the renter can make to the apartment unit (such as painting) and restrictions on the types or size of pets allowed in the apartment community, for instance. Usually an apartment lease will also have a clause stating that the renter must refrain from any illegal activity inside the apartment unit.
Read more: Understand Your Lease Before Signing It
Other apartment lease details
There are a few other sections that one might find in an apartment lease agreement.
- Repairs: This section will detail who is responsible for repairing specific damage to the apartment unit.
- Utilities: This section spells out which utilities, if any, are included in the price of rent and which utilities the renter is responsible for.
- Renter’s insurance: Some apartment community management companies will require their residents to purchase renter’s insurance. If this is a requirement, that detail will be specified in the lease.
- Right of entry: There may be instances where the apartment community management staff needs to enter an apartment unit, such as in emergencies or for scheduled maintenance. This section of the apartment lease agreement will detail when management can enter the renter’s apartment and what sort of notice they must give in advance.
Remember that a lease exists to protect both the renter and the apartment community management or owner. The legal power of a lease agreement specifies rights for both parties who have committed to be bound by the lease.
Now that you know the basic parts of an apartment lease agreement, hopefully, you will feel a little more familiar and comfortable signing a lease agreement for an apartment.
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