5 Points You Shouldn’t Overlook When Reviewing Your Lease
It brings a great feeling of joy to find an apartment that suits your needs. But don’t rush to the sign the apartment lease. Before signing on the dotted line, you need to look at the terms carefully, to avoid last minute issues with your landlord. Whether you are looking for rental property in San Angelo or any other place in Texas, take your time to read the agreement, and in case of doubts ask questions to your property manager. Continuing the discussion, the post discusses five points that you must consider when reading the rental agreement.
1. Additional Charges and Penalties
A lease outlines specific charges a renter might incur in failure to comply with the terms and conditions mentioned in the agreement. From late payment of rent to property damage fines, you may have to pay additional cost due to lack of awareness. Even disruptive behavior of a renter is one of the measures covered in a lease, which may also call for certain amount of fine. So, account all such additional charges to avoid last minute stress.
2. Subletting Policy
Subletting is a great option for tenants as it makes their living arrangements flexible and convenient. If you are planning to sublet your apartment during the lease period, check property management’s subletting policy. See what you are allowed to do. Check how long you your guests are allowed to stay or whether you can list your apartment on Airbnb.
3. Security Deposit
Almost every property owner asks for a security deposit against the rented apartment. So, you need to understand the terms and conditions related to re-collection of the security when leaving the apartment. Read the lease carefully and check in what all cases the security is non-refundable, and the procedure for getting it back when you move out. After signing the lease, get a copy of the lease for your personal record, and avoid any confusion in the future.
4. Termination Clause
Termination clause outlines all the rules on how the lease will end. Some leases contain an automatic renewal clause. It renews the lease for another year automatically if you don’t inform the landlord about moving out in advance. So, you need to check if your lease has any such renewal clause. If you terminate the lease after the notification period, you might have to shell out early termination charges.
5. Alterations Clause
Carrying out repairs and alterations in an apartment for rent in San Angelo and other cities, often, requires prior permission from a landlord or a property manager. So, go through the alterations clause carefully to know what changes or alterations need permission. Changes, from installing a dishwasher to painting the walls, may need a landlord’s approval. So, know what you can do and what you’re not allowed to touch.
Wrapping Up
Reviewing a lease is an important step to avoid last minute stress, when renting out an apartment. The terms and conditions outlined in a lease determine how you spend time in your apartment, which activities you can carry out, and what kind of alterations you are allowed to make. Whether looking for apartments for rent in San Angelo or any other place, before signing on the dotted line of a rental agreement, make sure you check these five vital points when reviewing your lease.
