The 10 Basic Items You Find in Most Apartment Lease Agreements

By Danni White on November 6, 2016

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Signing a lease agreement on a new apartment is a major responsibility for any college student. It is important to pay attention to terms and conditions contained in the lease agreement for many reasons. One of the more important reasons is because you’re affixing your name to something that will have a significant impact on your future.

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Before you sign that new lease agreement, be sure to read the entire lease completely and carefully. Chances are the document is a standard, templated version but some landlords include specific rules about the use of the place such as “no pets” or “no sublets.” Other matters of importance include the rent due date, deposit amounts, and penalties.

Lease agreements are usually binding. That means if something goes wrong or you fail to live up to your end of the deal, the landlord could use the document you signed against you in a court judgment. Don’t let anyone rush you to just sign the papers. Be sure to read it. FastWeb.com offers some questions that you may think necessary to ask before applying your name to the dotted line.

Here is a list of the basic items you will find in most apartment lease agreements. You will still need to read the one you receive for specifics.

Identifying information

Every lease agreement will start off by listing the names of the occupants, the name of the landlord/company, and supporting information such as address and phone number for both parties.

Lease terms and details

This section will note how long the lease is for and what the next moves are for when the end of that lease is up. For example, six months, nine months, or a year. It will also specify instructions on renewal and termination or cancellation. A good lease will give provisions for if a renter wants to stay in the apartment after the lease term is up or if he moves out before the lease term expires.

Rent terms and details

Sometimes this may be joined to the previous section, sometimes not. Either way, the amount of rent due and the due date will be spelled out here. It will also stipulate fees for being late or paying partial rent on time as well as what could happen if rent is habitually or consecutively late.

Pay attention to this section. You don’t want to come to your apartment one night and find yourself locked out for past due rent.

Fees and deposits

The landlord or company will detail any deposits due before move-in or any time after or any extra fees associated with the apartment rental. Some deposits may include a security deposit and/or a pet fee. Late fees and returned check fees may be included under the fees section. Beware of fees that are excessive as there are some landlords who try to make an extra buck off of their renters.

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Specific details

This is an extra section that will explain other topics pertinent to the lease agreement.

Damages

The lease agreement should explain who is responsible for what kind of damages. If the unit comes fully furnished, then the landlord may say he is responsible for fixing any damages or ensuring proper maintenance. If you break something or otherwise damage something more permanent like a wall or window, the agreement may stipulate the repair fees come out of your pocket.

Utilities 

Some basic utilities such as water, gas, and electricity may be included in the price of the rent. Other utilities such as internet service or cable TV may be up to you to obtain and pay each month.

What is or is not allowed

Here the lease agreement will make clear what can be in the apartment or what cannot be in the apartment. Some may have a limit on pets or allow no pets at all. With furniture, some may allow any kind of furniture. Others may allow only certain types of furniture like wooden dresser drawers and a love seat and not allow others such as waterbeds and aquariums. If in doubt, ask first.

Manhattan real estate attorney and blogger Ron Gitter says about furnished apartments specifically, “If the apartment is furnished, the lease should also contain a list of all furniture that is to be included, as well as a confirmation that all of these items are in place when the lease begins.”

Renter’s insurance

It is a good idea to have renter’s insurance whether it is stated in the contract or not. Many apartment complexes require that you have this type of insurance. If the agreement does not say anything about it, find out what policy and coverage are required.

In fact, apartment insurance broker Jeff Schneider of Gotham Brokerage says the following about insurance.

“The landlord’s insurance does not, despite what many people believe, cover the tenant. The tenant must insure his or her own property against fire, theft and water damage, as well as personal liability damages, which can result from individual negligence if you accidentally start a fire that destroys part of the building and injures someone, or more commonly, if your bathtub or sink overflows and causes damages to the apartment below you.”

Subletting

While some apartments allow subletting, other apartments do not. It is important to understand which ones do or don’t before signing the agreement. You don’t want to jump into it and the find out subletting is not allowed.

Now if something does not fit right for you in the lease agreement, for example with the utility arrangement, the rent due date, or furniture that you can or cannot have, feel free to attempt a lease negotiation. If you do choose this route, be sure to be smart about it. Do your research. Don’t get belligerent, demanding and confrontational. Be willing to give up a little so you can get what you want. Nicole Schreck writes some helpful advice in US News and World Report on how to do this.

Remember a lease agreement is both for your protection and the landlord’s protection. Now that you know what it should include, maybe it might be time to sign your name on the dotted line.

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