What to Look for in a Lease Agreement: 10 Key Points

Signing a lease agreement is an essential step in renting a property, but it’s crucial to carefully review the document to ensure your rights and obligations are clearly defined and fair. To avoid surprises down the road, pay close attention to these 10 key points before signing:

1. Lease Term and Renewal Options

• What to Check: Ensure the lease specifies the start and end dates. Check whether it’s a fixed-term lease (e.g., one year) or month-to-month.
• Why It Matters: Understanding the length of your commitment helps avoid unexpected penalties or the need to renegotiate sooner than expected.

2. Rent Amount and Payment Details

• What to Check: Confirm the monthly rent, due date, acceptable payment methods, and any late fees.
• Why It Matters: Clarity on rent payment terms prevents misunderstandings and potential late-payment penalties.

3. Security Deposit

• What to Check: The amount, conditions for withholding, and timeline for returning the deposit.
• Why It Matters: This ensures you know how to get your deposit back and what could lead to deductions.

4. Maintenance Responsibilities

• What to Check: Who handles repairs for appliances, plumbing, or HVAC systems, and how to request maintenance.
• Why It Matters: Knowing your responsibilities can save time and frustration if something breaks.

5. Utilities and Additional Fees

• What to Check: Which utilities (e.g., water, electricity, internet) are included in rent and which are your responsibility. Check for hidden fees like trash pickup or pest control.
• Why It Matters: Overlooking these details could lead to unexpected expenses.

6. Occupancy Limits

• What to Check: Rules about who can live in the property and whether guests are allowed for extended stays.
• Why It Matters: Violating occupancy rules could lead to eviction or fines.

7. Pet Policy

• What to Check: Whether pets are allowed, any restrictions on size or breed, and associated fees or deposits.
• Why It Matters: A strict pet policy could affect your ability to keep a furry companion.

8. Alterations and Modifications

• What to Check: Rules about painting walls, hanging shelves, or other changes to the property.
• Why It Matters: Making unauthorized changes could result in fees or forfeiting your security deposit.

9. Grounds for Termination or Eviction

• What to Check: Conditions under which the landlord can terminate the lease, such as non-payment or property misuse.
• Why It Matters: Understanding these terms helps you avoid breaches that could lead to eviction.

10. Entry Policy for Landlord or Property Management

• What to Check: Notice required for inspections, repairs, or showing the unit to potential tenants.
• Why It Matters: Clear rules protect your right to privacy and prevent unexpected visits.

Bonus Tips

• Subleasing and Assignment Rules: Check whether you’re allowed to sublease the apartment or transfer the lease if needed.
• Parking and Amenities: Confirm details about parking spaces, gym or pool access, and rules for their use.
• Rent Increases: Look for clauses about rent hikes, especially in longer leases.

Final Thoughts: Read Before You Sign

A lease is a binding contract, so it’s essential to read every clause carefully and seek clarification for anything unclear. If possible, consult a legal expert or real estate agent to review the agreement. Remember, taking the time to understand the lease upfront can save you from misunderstandings, disputes, or unexpected costs later. Your diligence ensures a smooth rental experience!