When renting a property, it’s important to understand the terms and conditions of the rental agreement or lease.
Here are some common terms and conditions to be aware of:
- Rent: This is the amount of money that you will pay to the landlord in exchange for the use of the property. The rent may be due on a monthly basis, and may be adjusted periodically based on market conditions or other factors.
- Lease term: The lease term is the length of time that the rental agreement is in effect. This could be for a fixed period of time, such as six months or one year, or it could be on a month-to-month basis.
- Security deposit: A security deposit is a sum of money that is typically required by the landlord to protect against any damages to the property during the tenancy. The security deposit is typically returned to the tenant at the end of the lease, minus any deductions for damages or unpaid rent.
- Utilities: The tenant is usually responsible for paying for utilities such as electricity, gas, water, and trash removal. The landlord may also charge a fee for these utilities as part of the rent.
- Maintenance and repairs: The landlord is generally responsible for maintaining and repairing the property, but the tenant may be required to pay for certain types of damage or wear and tear.
- Subletting: Subletting refers to the act of renting out the property to someone else while you are still the primary tenant. Some rental agreements may prohibit subletting, while others may allow it with the landlord’s permission.
- Termination: The rental agreement may specify the terms under which either the landlord or the tenant can terminate the agreement early. This could include things like non-payment of rent or violation of the terms of the agreement.
It’s important to thoroughly review and understand the terms and conditions of your rental agreement before signing it. If you have any questions or concerns, it’s a good idea to consult with a lawyer or a housing counselor.