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Clear & Simple Home > Singles > Renting An Apartment
> Negotiating a Lease
Negotiating a Lease**
The first time you look over a lease agreement,
you may want to have some Tylenol ready. It'll be packed with tiny,
tiny words, thousands of them, and many of them in Latin, or Greek, or maybe
they're English. We don't know - we just know that they're inscrutable (that
means "hard to understand").
When it comes right down to it, though, a lease is a pretty
basic contract. It lays out the conditions of a rental agreement, both for the
owner and the renter. Among the details listed in a standard lease are:
- How
much money is involved
- When
you have to pay
- What
kind of deposit is required
- How
long the agreement is for
- What
happens if one of you breaks the lease
- Who
pays the utilities
- Whether
pets are allowed
Read your lease carefully before you sign it, because you'll
be on the hook for whatever's in there. Of course, there are exceptions, such as
any conditions that are unfair or unenforceable, or any wording that tries to
force you to pay for repairs that the landlord is responsible for. For the most
part, though, expect that you'll be held responsible for the terms of any
standard lease.
Oh, and make sure you keep a copy of the lease for your
records. You'll be glad you did if there's ever a dispute over what you can or
can't do.
Other things to know about leases:
- Cosigners:
If the landlord doesn't think you'll be able to make your
payments, you may need to get a cosigner. Take this seriously - if you do
default, your cosigner will be responsible for the rent.
- Giving
notice: You have to give the landlord notice if you're moving
out, and he has to give you notice if he wants to end the lease or raise
your rent. Generally speaking, that notice is 30 days for a monthly rent.
- Breaking
a lease: Don't do it if you can avoid it -- a lease is a
contract, and there are penalties for breaking the terms. Make sure you
know what those penalties are, and only break the lease if you can handle
the ramifications.
- Security
deposit: You may need to put down a security deposit to cover any
unpaid rent or damages you cause. This money must be refunded within 30
days of the end of the rental agreement, though the landlord can deduct
the cost of any repairs, other than maintenance from normal wear and tear.
A landlord can require any amount for a security deposit.
**Content courtesy of Visa's What's My Score  program. |
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