The Lease

A lease outlines the responsibilities of both the tenant and the landlord. While some landlords consent to verbal leases, get a written lease if at all possible. A basic lease details all rental terms and dates, including:

• Property address

• Names of all tenants and the landlord

• Amount of monthly rent

• Amount of security deposit

• Late payment penalties

• Length of lease

• Notice to renew the lease or vacate the property

• Notice for the landlord to enter the property

• Pet policy

• Repair policy

• Decorating policy

A lease is usually valid for one year, although another length of time could be specified. Shorter leases usually mean higher rent. Month-to-month leases are good for one month and, unless specified by either party, are automatically renewed each month. Make sure you understand everything that is outlined in the lease. If there is anything you don’t agree with or understand, it should be changed or removed from the lease. All changes should be initialed by both parties. Once the lease is signed, it becomes a legally binding document. Remember to keep a copy for your records.