It’s that time of the year again! Summer is heating up, and the rental market is too. Are you renting out an apartment for the first time and don’t know how to draw up your own rental agreement? Do you want to check your lease against a sample rental agreement to see how it measures up?
Whether you are a landlord or a tenant there are a couple of things you should always have on your lease agreement. Failing to define restrictions or specify items such as the limit, use and return of deposits is a common mistake leading to disputes that may end up in court. Customizing a template lease agreement and paying attention to the following basic steps can help you avoid some common mistakes.
1. If you are a tenant, read your lease agreement form carefully – make sure you understand all of the terms or your residential lease agreement and be sure to ask your prospective landlord if anything is unclear.
2. Leases can vary from state to state. Whether you are a landlord or a tenant, be sure to check the requirements of the state law with regards to rental contracts. Knowing your rights in advance can save you a lot of heartache!
3. As a tenant, you should know what is included in your rental agreement and if you can make any customizations to the property. Another good idea would be to document any damage to the apartment before you move in.