Signing an Apartment Lease – Skimming is not Enough!
The search is over and you are finally signing the lease for your new apartment. Just a few pen strokes are all that separate you from your new home. When signing a lease for an apartment, it can be tempting to merely skim the numerous pages of fine print before adorning each with your signature. After all, you have signed a number of leases in the past without a problem.
Neglecting to understand a lease thoroughly prior to committing to its terms can be detrimental. All leases are not created equal, and in fact they vary greatly in terms and stipulations. Leases are sometimes biased to protect the interests of a landlord or management company, making it even more important to read and understand yours thoroughly. Some important provisions to pay attention to are:
-When is rent due, and what penalties are assessed for late payments? The specific rent amount should be noted on the lease, along with the day by which rent is to be paid, the frequency (monthly, weekly, etc.), the start and end date of the lease and any penalties assessed for late payment or a bounced check. These terms can vary greatly among different lease agreements. For instance, one lease may specify that rent must be received by the first day of each month, while another lease may outline a grace period until the fifth. Also helpful is knowing whether rent must be received by the due date, or whether it must be postmarked by the specified date.
-What is the course of action for early termination? Most people intend to stay in an apartment home for the duration of their lease, and thus many neglect to read carefully the section of the agreement outlining the terms of breaking the lease. But the need to break a lease usually stems from unexpected circumstances, so it is helpful to know in advance if and how you can terminate the agreement early should the need arise.
-Are all agreements you have made with the lessor incorporated into the lease? Make sure your lease document or an addendum reflects any verbal agreements large or small between the landlord or manager and yourself. Even a landlord with the greatest of intentions may have a lapse in memory about your discussions. Whether you have been promised that a hole in a wall will be repaired or that a washer and dryer will be installed, ensuring that everything is in writing leaves no room for disagreement in the future.
-Who is responsible for repairs? Usually, the owner of the property is responsible for making repairs unless damage is a result of your negligence. That is to say that responsibility for a faulty air conditioner would probably fall on the property owner, while you would assume responsibility for breaking a window. But do not assume that you are free from responsibility until you read the terms of the lease agreement in full. Some lease agreements specify that a tenant is responsible for damages which result from a failure to report a problem to management early, such as mold growth or water damage.
Leases often contain pages upon pages of fine print, adding to the temptation to skim, sign and be done with it. However, regardless of whether you read all of the provisions, you are contractually bound to abide by them when you and the landlord sign the agreement. When signing a lease for an apartment, ensure that you read and understand every condition to which you are agreeing, asking for clarification if necessary. Developing an understanding of the conditions of your lease will protect you from unpleasant surprises long after you have signed on the dotted line.
Tags: Lease Agreements, Lessor, Pen Strokes