Having a home and a lease are important for every renter which is why they should be familiar with the lease terms that should be included in their lease. A lease protects both renters and owners of properties they are renting out which why knowing what to include in a lease, and appropriate lease terms, is essential for both renters and owners to be familiar with.
Complete list of the names of tenants who will be living in the property
The name of any adult who will be living in the rented property should be included in the lase. Each adult who will be residing in the rented property should also sign the lease. Limits on occupancy may also be included and the lease should also prohibit illegal activity on the property.
The amount of rent due and when it is due
The lease should also include the rental amount and when the rental amount is due. Additionally, it should state if there are any fees for late payment and if there is a grace period provided for rental payments to be made. The lease should also address how and where payments can be made, any rental increases and if the property is rent controlled.
Lease terms and deposits or fees
The lease should include a clear rental or lease term as well. The lease should generally enumerate any deposits that will be collected, what they are being collected for, how they will be held and how they will be returned. The lease should also address damage versus normal wear and tear and what, if any, portions of deposits or fees collected are nonrefundable.
Right to entry and maintenance and repairs
The lease should outline what rights to entry the owner has to the property which is typically governed by state law. It should also address who is responsible for repairs, how they should be reported and how they will be addressed and remedied when they occur. The duty of the owner to maintain a property that is livable and the renter to maintain the property in a clean condition should also be enumerated in the lease. Additionally, the lease should address the pet policy for the property.
Understanding what should be included in a lease is important for any renter or owner of a property who has decided to rent the property. Landlord tenant law provides important protections to renters and owners that they should be aware of and familiar with.