A rental property lease is an important document signed before a tenant can rent a property from a landlord. The key area where it differs from a rental agreement is in terms of its flexibility. A rental property lease is usually signed when the tenant intends to rent a property for a longer period of time, usually for a minimum period extending to 12 months. Before we start with the specifics of what you need to know, we highly recommend that you consult an expert to ensure the lease agreement is read properly. A tenant usually faces unexpected inconveniences because of negligence while reading the actual lease agreement. Here are a few salient pointers to keep in mind while signing a rental lease:
The Rigidity or the Flexibility of the Terms
To avoid inconvenient surprises, it is critical to be certain about the specific nature of the terms of your lease. Certain leases are more flexible than others while some of them are not. For example, a rental property lease may be very strict about the out clause and you could be held legally responsible for exiting the property before the term period ends. In most cases, it should be understood that you need to inhabit your rented property until the end of the term period.
The Extent of Your Rights
It is certainly important to inquire about the extent of control that you have over the specific terms and conditions of the rental property lease. You do have the right to negotiate the price at which the property is offered to you, for instance. Furthermore, it would be useful to have clarity about the extent of control you have over the property if you plan to customize it to your specific needs.
This is only going to be relevant for you if you have pets. Certain landlords do not prefer pets living on their property and may hold you liable for living with one without due notification. Hence, this you should seek clarity regarding this matter while signing the rental property lease.
Responsibility for Damages
A definitive fact about a rental property lease is that most of the times you are held financially responsible for the damages you cause. These damages could be to the possessions of the landlord, or to the structure of the house itself. This might even include the damage that wasn’t caused by you., Hence, be sure you are on the same page about the pre-existing condition of the house while signing the agreement.
Additional Charges May Apply
Your rent might or might not include the parking, hot water, and the gym charges. To avoid unexpected surprises in the form of bills, do make sure the extents of coverage on the lease.
Signing a rental property lease is laced with potential financial risks. It would be best to have a property management expert such as Rental Advisors on your side. They not only help you find respectable landlords but also help you with the technicalities that a lease would present. Surely their listings of available rental properties could end up making your search easier.