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Information that should be in a lease

| Oct 18, 2019 | Landlord/Tenant Matters

Whether you are a landlord drafting a lease for a new property or a tenant considering the lease before signing — it’s very important to read through it carefully — you need to know what should be in that document. It’s a legal contract that helps define your rights and roles moving forward. It’s more than just the price of the home or apartment.

So, what should be in the lease? A few key things include:

  • How much the monthly payments will be
  • If there are discounted options, such as a one-time yearly payment
  • The amount of the deposit
  • The exact dates and times that the agreement covers
  • The physical address that the property occupies
  • What unit the person is renting out, if applicable
  • The landlord’s name and the basic contact details
  • The date on which the two entered into the agreement by signing the lease
  • Any options to renew the lease and how they work
  • Rent increase policies
  • Payment options
  • What appliances and furnishings the unit comes with
  • What the policy is for keeping the deposit
  • A checklist for previous damage to the apartment
  • What happens if the tenant misses a payment
  • If the tenant gets a grace period or not
  • Whether or not the utilities are included and, if so, which ones are
  • What the policy is for evicting a tenant
  • If the tenant is allowed to sublet the space

By no means is this all a lease should contain, but it covers the basics and is a good place to begin. Make sure you understand exactly how this process works and what it means for you.

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