A lease is an important legal document with significant implications for the renters and property owners. As a result, both tenants and landlords should be familiar with what should be included in a lease.
To begin with, the lease should include the names of all the tenants who will be renting the property. The lease should also include any occupancy limits on the property and restrictions on illegal activity. Secondly, the lease term should be clearly spelled out in the lease. The lease should also include the amount of rent due and when it is due. Additionally, the lease should specify acceptable forms of payment; where payments should be made; if there is any grace period for payments; any late fee for late payments and the amount of the late fee; any rent increase; and if the property is rent controlled.
In addition to the amount of rent and when it is due, the lease should also specify if any deposit is collected and how the deposit can be used. The parties should also specify the landlord’s right of entry into the property and how maintenance and repairs of the property will be handled including who will be responsible for them and the costs associated with them. Rules concerning pets should also be specified in the lease. Additional provisions such as notices, parking, common areas or subletting should also be included in the lease.
Landlord-tenant law provides important protections for both landlords and tenants that they should be familiar with. Both should be familiar with what should be included in a lease to protect their interests which landlord-tenant law can help them do.