Renting A Residential Lease

A lease is a legal contract between a landlord and a tenant. Some leases are for commercial property, which is used for businesses. Other leases, which will be discussed here, are for residential use; in these cases, the tenant will occupy the property.

The tenant pays the landlord for the right to use the property for some defined period of time. The lease spells out the relationship between the landlord and the tenant. There are three main points that you should understand before signing a residential lease.

Number 1: What Will My Total Cost Be and When Is It Due?

You would be surprised how many people sign leases without understanding all of the associated costs and when they must be paid. Renting a new apartment or home is exciting, and it can be easy to gloss over the document and jump straight to the signature line. Most tenants think about obvious costs, such as monthly rent and typical utilities. However, some leases require tenants to pay less obvious costs, such as application fees, credit check fees, parking fees, and optional service fees, such as cable and Internet. Review your lease carefully and compare leases from different landlords--what may seem like a better deal may not be after everything is taken into consideration.

Many landlords impose rules on their tenants, particularly those living in close quarters, such as apartment buildings. More common rules include mandatory quiet times, as well as prohibitions on pets or parties. However, other important rules are also found in leases. For example, many landlords prohibit tenants from redecorating their property, from changing locks, and from storing items on balconies. Without reading the lease carefully, it can be easy to unknowingly break a