Check out these four common lease terms all apartment renters should know.
After finding the perfect apartment, the last step is to sign the rental lease. While you may be excited to finally move in, it’s crucial to carefully read over the document and ensure you know all of the important terms. After all, a lease is a binding contract, and you must be aware of all of the conditions before signing your name. Continue reading for an overview of four common lease terms all apartment renters should know.
Rent Due Date and Grace Period
The rent due date is the day of each month when your payment is due to your landlord or property manager. Most leases state the first of each month as the rent due date. However, tenants should be ready to pay during the last week of the month to ensure their landlord gets the check or direct deposit in time. Some states allow a grace period, which is the defined period of time a tenant has to pay rent before they are charged with a late fee or notice.
Inspections
Your lease may also include a section about seasonal or annual inspections of your property. These inspections typically consist of a yearly appliance service or maintenance visit. Read over this section and make a note on your calendar so you know when to expect these inspections.
Overnight Guests
Are you often hosting guests from out of town or a significant other that stays overnight for a few days in a row? If so, be sure to read the section about overnight guests in your lease very carefully. Some lease agreements may be very strict about guests, and won’t allow tenants to have a friend stay over for more than a couple nights in a row. This is a significant agreement in your lease, and you should consider how it will work with your lifestyle.
Decorating
You know that most rental properties don’t allow tenants to paint the walls, but what about changing light fixtures or hanging shelves with nails? Your lease agreement should specifically state what is not allowed, so it is crucial to read over the terms carefully to ensure you don’t lose money from your security deposit.
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