rental cost and duration of the lease (including specific dates) must clearly
be stated in the lease agreement to avoid any confusion regarding this matter.
The lease agreement should also clearly indicate how and when any increases in
rent will take place. If the landlord doesn’t provide you with this
information, ask him/her to give it to you in writing so you can keep it on
record.
The lease
should also clearly explain any deposits (e.g. the rental deposit) that have to
be paid, as well as the terms and conditions regarding the refund of deposits.
All other variable usage expenses (like water or electricity) that the tenant
will have to pay should also be clearly stated.
Some
rental properties include utilities within the monthly rental cost, while
others don’t. Some properties might offer on-site gym memberships, for example,
which could save you money. Before you sign the lease to a property, ask your
landlord what is included in the rental rate.
Get information regarding changes to
the property
Once the
landlord has agreed to rent out his property to you, make sure that you
document any pre-existing damages to the property and its amenities before you
sign the lease. Ask whether these damages can be fixed at the landlord’s
expense.
Both the
landlord and the tenant are responsible for the maintenance of the property.
The responsibilities of both parties should be clearly stated in the lease
agreement. The lease agreement should also indicate how the tenant must report
any problems that require repair.
Make sure
which amendments can be made to the property. Rather know the rules and stick
to them, instead of making an alteration and then finding out afterwards that
your landlord is unhappy with it. Just imagine your landlord’s disgust after
finding out that you’ve repainted his freshly white-painted walls red!
Conclusion
Tenants
should be sure to understand the contents contained in the lease agreement and
that they understand all the clauses, terms and conditions to avoid any
surprises later. While renting a property isn’t as much of a financial
commitment as buying a home is, tenants should remember that a lease is
nevertheless a legally binding document, meaning that they should make sure
that they agree with everything contained therein before they sign it.
This article is a general information sheet and should not be used or relied on as legal or other professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your legal adviser for specific and detailed advice. Errors and omissions excepted (E&OE)