Important Terms that Must Be Included in Lease Agreements
A lease agreement is the most crucial part of an apartment renting process and certain variations related to the same, applies to every state in the US, including Texas. Therefore, before you look for apartments for rent in Texas or any other place, it is always important to go through the important terms and conditions mentioned in the rent agreement.
Rent Related Terms the Lease Agreement Covers
It is advisable to have everything in writing and signed by both the tenant and the landlord in order to avoid any confusion in the future. Rental agreement is something that both the tenant and the landlord sign to have a clear idea about the terms and conditions on which the property has been provided on rent. The rental agreement contains some essential information such as name of all the tenants, terms of tenancy, pet policy and repair and maintenance. Here are some of the important information that your rent agreement covers. Apart from these, here are some of the additional rent related terms that your lease agreement covers:
- The length of the contract (duration of your stay), though in most cases it may be reviewed after the expiry of the tenure.
- Frequency of rent (monthly, quarterly, bi-annually and so on)
- The amount of rent you need to pay
- Security Deposit (If any)
- Damage deposit (If any)
- Charges for late payment (if any)
- Signing incentives (If any)
Other Terms Lease Agreement Must Cover
- The obligations related to maintenance of the property
- The obligations related to insurance
- The addition charges required for utilities
- Whether the tenants are allowed to smoke inside the house or start their small business
- If tenants are allowed to keep pets
- Guest rules
Forms Related To a Residential Lease
Depending on the terms of your landlord, you may also be required to fill out one or more of the following forms before moving in, or at a later stage, as applicable:
- Roommate agreement form if you plan to share your apartment
- Landlords are quite specific when it comes to subletting the apartment and you may need to sign a residential subletting form
- Personal property rental agreement form
- Eviction and lease notice form
- Residential rental inspection report
- Residential rental application
Rent-To Own Options
Some properties come with a rent-to-own agreement, which provides tenants with the option to purchase the property at a later stage. In such cases, the tenants need to pay a non-refundable option fee. If your landlord/ property owner provides you with a rent-to-own option for a property, here are the essential factors to check in your lease:
- The window-period that provides you with the option to decide whether you want to buy the property must be provided in the lease agreement or rent to own form.
- The rent to own option fee (usually non-refundable) associated with such an arrangement. The amount of non-refundable rent must be mentioned in lease or the RTO form.
Understanding and agreeing to a lease form holds the key to ensure that you live on great terms with the owner rented accommodation. Cross check the agreement carefully to ensure that you are fine with the terms and conditions stated in the lease form before signing it. Should you wish to learn more about the finer lines of a lease agreement, feel free to get in touch with one of our representatives.