What to Look For in a Lease Contract

By | October 5, 2012

A lease contract or agreement is an agreement between the owner of the property and the renter. Filling the lease application form is very important. While filling the agreement you should think of what to look for in a lease contract. There are some important and specific points in a lease contract.

There are several things which you have to look before signing a contract or an agreement.

Security deposits

Generally for every lease agreement the landlord or the owner expects for security deposits. The purpose of the deposit is to utilize if there is any damage to the asset, to pay the bills which are not paid. When there is an occurrence of any natural damage to the property, the owner may not use the security deposit. The owner should refund the security deposit after a certain period of time when the renter vacates the property.

Rent details

The lease agreement should determine the rental amount. It should also contain the payment pattern. It should state the charges for late payment and due date. If there are any extra charges to be paid, that should also be included in the agreement. In some agreements the owners may also mention the means of payment.

Lease duration

Lease duration may vary. It may be monthly, six months and so on. Renter should be aware of the lease duration to fulfill the whole duration of the lease terms. If the renter feels like he/she may continue the lease, the renter should ask the owner for any chance of renewing the lease after the termination of the first lease term.

Maintenance

Generally renter pays for the maintenance. Whereas some contracts need the renter to pay in the areas like clubhouse. Many authorities expect the owner to take the responsibility of the asset and common areas. Minor responsibilities may be undertaken by the renters. Owners have the freedom in transferring the responsibility of the repairs to the renter.

Conditions and evictions

In the lease agreement the restrictions or the conditions should be mentioned clearly. The conditions and the violations may be written in bold type. If there is any violation then eviction may be carried out. Mostly the owners do not allow the pets. The most common condition is the prohibiting the subleasing of the asset to the third party.. If there is any late pay it may justify the eviction.


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