Many renters simply sign their apartment lease without reading the agreement in its entirety. We suggest that you understand the contract before you go ahead and sign on the dotted line. We have listed some terms that you will no doubt come across as you read your lease.
Please know that this in NOT legal advice. If you have specific questions about your lease, be sure and seek the services of an attorney. If you don’t want to pay their high fees, you might be able to consult a local bar association for a reduced rate. You might even qualify for discounted services.
The Conditions
This will include the rental amount that the tenant will need to pay by a certain date. Usually if one party to the lease does not meet all of the conditions, the other party may be able to seek unspecified damages.
Guarantor
A guarantor is different than a co-signer. The guarantor is a party no on the apartment lease who will be responsible for paying the rent if the tenants cannot or will not. Usually the guarantor must make up to 5 times the rental amount per month. This guarantor usually will be needed if the original applicant does not meet the monetary requirements.
Wear and Tear
This pertains to the tenant receiving the security deposit refund. If the tenant moves out and there is “reasonable wear and tear”, they should be able to receive their money back in full. But this term does not mean much as it is not very specified. Its always a help if the tenant can take photos when they move in the community. This helps to document any damage if the landlord decides to withhold part or all of the deposit.
Assignment of Lease
There should be something in the lease that says whether you can live in the middle of it. If assigning the lease to a third party is not allowed, then you will still be responsible for the payments to the leasing office.
Some apartments will allow you to sublease while others will not. You will have to look at the contract language to be sure.
Warranty of habitability
The landlord must provide you with a safe space to live in. The tenant should read the lease to see if there is anything that relates to interfering with the landlord’s obligation. This might mean tenants cannot block the fire escape.
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