Residential leases are examples of contracts. To be specific, these are contracts that allow someone to reside in a certain apartment or house. A residential lease will give you the right or possess a property or house in exchange for money.
However, some people have been going through some problems in life especially when renting an apartment or house. Sometimes you can be forced to leave your property for one reason or another. You can also end up losing part of or your entire deposit. Understanding the lease can prevent these things from happening. The following are some of the important things that you need to know before signing a lease.
Reading the lease carefully
Reading the entire lease is highly recommended. You should ask the landlord if there is an issue that is not clear. It is also advisable to have a witness present.
Listing the available items
All the available items and their current condition should be noted. Some landlords will tell you to maintain these items while you are occupying the house. These items include plumbing, air, and central heating systems. Repairing these items is very expensive. You should avoid signing leases that require you to repair these items.
Paying attention to the requirements of lease
Tenants are required to give a prior notice at the end of the lease period. This is done to give them a chance of renewing their lease if they are still interested in staying on the same property.
Paying attention to the given conditions
Some of the special conditions that you need to pay attention to include the list of activities that are not permitted and the how many guests are allowed in that property. Some landlords will not enforce these conditions, but they can evict you when you annoy them.
Look for obnoxious penalties or late fees
Some landlords might charge you a daily amount for being late while others charge a flat fee. Doing your maths accordingly is important before signing a lease. You should be in apposition of paying rent within the stipulated time to avoid the hefty fines. Your rental history and paydays will help you in making a good decision.
Looking for the grace period
Most of the landlords will give you a fixed time frame on when you need to pay your rent. This should be indicated in the terms given. Some might charge you a fee if you do not pay your rent in time.