Ok, admit, most of us have done it – we are signing papers involving a significant event in our lives. It goes like this:
“Now, this document just says blah, blah, blah and we only need your initials.”
We nod our head, scan the document, and sign our initials. We continue to nod, initial and sign our name until the final page is complete. Most of the time, all is well.
But sometimes, we have a glitch down the road. We go back to the start and discover that, unfortunately, this problem falls in our court. We look at each other in dismay. “I didn’t know that detail was in there!” “I signed my agreement with that?!”
We vow to change our actions. Next time, no signing without reading every detail.
Remember this the next time to sign a lease to rent a home or apartment. We are not setting a prerequisite of who should be responsible for which items or suggesting that you must beware of all landlords. We are emphasizing the importance of understanding your lease and knowing the details – which responsibilities are yours and which are the landlords in – advance.
Before you sign the lease, consider the following:
Rent price
Does the length of your contract also freeze the amount of your rent during that time. Is there a percentage limit to rent increases once the initial lease is met? Which day is the rent due? How much is the late fee?
Lease dates
What are the specific move-in and end-of-lease dates?
Does the lease have your name and contact information correctly? Is everyone who will be living in the apartment listed? If you have a twelve-month lease and an unexpected life change means you are ready to leave early, are you required to pay the entire lease? If not, how many month’s rents is the penalty? For example, seven months into the lease, you move out of state to care for an aging parent. Do you owe a flat penalty equivalent to 2 months’ rent, or the entire remaining five months?
Deposits
In addition to the first week/month’s first rent, what are the required deposits, how much are those deposits, and what determines how much will be returned when you vacate? Deposits can include:
- Security/damage deposit, which covers wear, tear, and damage.
- Lease deposit, which covers leaving before the end of the lease.
- Pet deposit, which covers damage from service animals. (or pets, if allowed). Some leases state upfront that pet deposits are automatically applied to cleaning the home/apartment when the renter leaves.
Utilities
Who pays which utilities? What happens if you are responsible, but you neglect to pay, and services are shut off?
Repairs
Who covers repairs? For example, if a refrigerator, stove, garbage disposal, and dishwasher all come with the kitchen, who is responsible for the cost of repairs? Some leases designate repairs by type of repair or amount of charge.
Outdoors
Who is responsible for lawn care, landscaping, snow removal, etc.? Are you allowed to put up holiday lights? If yes, is there a time frame – an earliest and latest date that they can be up?
Preexisting conditions
Of course, you inspected the home/apartment before you got to the lease stage. Was everything in good repair? If not, is it listed in the lease? For example, let’s say the carpet doesn’t have to be replaced yet, but it is nearing the end of its time. Is this noted in the lease that needed carpet repair/replacement will not be held against you when determining how much damage deposit is returned when you leave?
Tenant Change
If one roommate moves out, can the remaining tenants take in a new roommate? Does the landlord have to approve the new roommate? Does the new roommate have to sign papers?
Inspections
Is the landlord limited to a specific maximum number of inspections within a time-frame? Can the landlord show up unannounced or do they have to give you a 24-hr or otherwise specified notice?
When both the landlord and the potential tenants are upfront and knowledgeable about specific details and expectations, the likelihood of a positive relationship is high.
Rentals America manages homes and apartments for landlords in the Phoenix area. As a prospective tenant, we can help you through the process of finding and applying for the home of your dreams. Once you are a resident, we have a suite of tools to make your rental experience the best it can be. Check out our website for available properties.
