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If you’re looking for a home to rent, it’s important to know what to expect. The house rental lease agreement you sign is legally binding.
Therefore, you must read every page carefully (no matter how tedious) to make sure you know what you’re agreeing to. When you rent a home, it means playing by the landlord’s rules.
In most cases, landlords are compassionate, fair, and understanding. However, it never hurts to do a little homework so you know what you’re getting into.
Keep reading for a quick guide on what you can expect regarding house and apartment leases.
1. Tenant Names and Information
In every house rental lease agreement, you’ll be required to name every person who will be residing in the home. You’ll need full names and contact information.
Most landlords will also require a description of your car, including the license plate number. In order to qualify for the lease agreement, you’ll need to provide a bank statement or paystubs to prove your financial eligibility.
Finally, don’t be surprised if the lease agreement asks for contact information for your past landlords. They might also ask for character references.
2. Security Deposit, Rent Rate, and Fees
All rental agreements will provide details about rent, security deposits, and any other fees you might encounter. It should outline your current rent rate and whether or not it will increase over time. The landlord might also require a security deposit and your first month of rent upfront.
If you have pets, you’ll need to clear them with the landlord or rental company. Most likely, you’ll have to pay a pet deposit.
3. Length of Lease, Renewal, and Termination Policies
Before signing a house rental lease agreement, make sure you understand the terms of the lease. How long is the rental contract for?
Landlords typically require tenants to lock in for anywhere from six months to several years. After the initial term is complete, can you change your lease agreement to a month-to-month contract?
Additionally, find out more about the lease renewal process. After your term is up, will it be difficult to renew your lease if you want to continue living in the home?
Just as importantly, how can you go about terminating your lease? In most house rental lease agreements, if you terminate your contract early, you’ll be forced to pay penalty fees.
4. Tenant Rules, Landlord Rights, and Codes of Conduct
Finally, your rental contract will detail the rules of the home. There might be limitations on overnight guests, pets, parking, modifications to the property, and more. The lease agreement should also explain property maintenance and repairs (usually handled by the landlord).
The house rental lease agreement will also explain the landlord’s rights. They will probably include literature that allows them to conduct inspections of the property at random. And, if you’re found violating any rules, you will be subjected to eviction.
For example, in most cases, you can’t legally operate a business out of your apartment or rental home. If you are looking for a place to operate a small business, check out Cube Creative Space.
Most landlords will give tenants a warning before forcing an eviction. Additionally, if the home is for sale and the landlord has an interested buyer, there’s a chance they will evict you before your lease is up or refuse to let you renew your lease when the time comes.
Make sure you know about these types of situations.
Do You Have More Questions About House Rental Lease Agreements?
Signing a house rental lease agreement is a big deal. However, if you want to rent a house, it’s unavoidable. Just make sure you know what you’re agreeing to.
If you’re looking for more real estate tips, rental advice, or homeowner guidance, you’re in the right place. Check out some of our other articles to find everything you need.