Important Clauses
Contractual Lien
- if you fail to pay your rent most leases allow the property owner to enter your apartment and seize luxury items.
Name & Address of the Property Owner - or legal representative.
Description of the Premises - including address, apartment number, furnishings, etc.
Rental Escalation Clause - allows the management to raise the rent during the lease term. This clause specifies the amount and conditions.
Term of Agreement - the precise beginning and ending dates of your lease.
Rent - the amount, how it is to be paid, the date it is due, and penalties for late payment.
Security Deposit - the amount and the conditions for a full refund. Security deposits insure the landlord that you will leave the premises at the end of your rental in the same condition as when you moved in, reasonable wear and tear considered. The landlord MUST return your deposit within fifteen days after your departure, minus only what is reasonably necessary to make repairs and clean your apartment if required. The landlord must give you an itemized list of repairs and other expenses deducted from this deposit. Reservation deposits will hold the unit for you until you sign the rental agreement. Others deposits you may be required to pay would be key and cleaning deposits. Some rentals will charge you an application fee. Ask if this can be applied toward your rent or deposit if you decide to take this rental. Be certain that the landlord explains in writing what the deposit is for and how much will be returned to you.
Repairs/Maintenance - the management's responsibility for repairing. This section of the lease also includes procedures for requesting repairs. Submit a written request. If the lease contains no provisions relating to the responsibility for repairs, the resident is generally assumed responsible. Do not accept the manager's verbal promise if you have a written lease. Get it in writing!
Utilities –whether you or your property owner pay for electricity, gas, water, trash, etc.
Subleasing/Re-leasing –if allowed, what does it entail?
Rules and Regulations –what rules does the management expect you to obey? What are the consequences of breaking them?
Joint Liability - a "jointly and severally liable" clause means that everyone who signs the lease is responsible for the entire rent. This means that if any of the residents leave before the lease term expires, the remaining residents are held responsible for paying the entire rent.
Written Leases
A written lease specifically outlines the terms of a resident/owner rental agreement. Once you sign a lease for a set length of time, you and the property owner are obligated, by law, to fulfill the lease. If you break the lease, you may still be responsible for the full amount of the rent for all the remaining months on the lease. Be sure to get a copy of the lease after it is signed. One advantage of a written lease is that your rent cannot be raised during the length of time specified in the agreement, unless it contains a rental escalation clause. Another advantage is that in most cases, you cannot be evicted during this time unless you violate the terms of the lease. It is highly suggested that you do not enter into an oral lease, especially one for long periods of time. A major disadvantage of an oral lease is that neither the resident nor the owner is promising anything in writing. This means that the owner can raise the rent with one month's notice and the owner is not obligated to make repairs unless it is verbally agreed upon that he/she is responsible. Additionally, verbal terms are difficult to prove. If you do enter into a verbal agreement, make sure you have at least one witness. If you have a written lease, oral agreements are meaningless. If a manager tells you that certain repairs will be made or that additional fixtures will be added, make sure this is added to the Special Provisions of your lease.