| What
is in a lease agreement? That is an excellent question, and
if you have never seen a lease agreement don't worry, you
are not alone. For those just now graduating from high school
and heading off to college to live on your own there is no
time like now to become familiar with a lease agreement.
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To this end we will walk through sample a
lease agreement and highlight the major contents found within
the lease agreement. Hopefully this exercise will prove informative
and help calm your nerves before signing your first lease
agreement.
To make it easier to follow along and truly
understand the contents of a lease agreement it is advised
that you download the sample lease agreement here (Please
note this links to a PDF file). This is a simplified example
of a lease agreement offered up by Penn State Altoona.
Party to the Lease - The first part of a lease
agreement will almost always state the two parties that are
involved in the binding agreement. Normally these two parties
are referred to as the Landlord and the Tenant.
Property - Of course, the lease agreement
must specifically state the location of the property that
is being provided by the Landlord and leased to the tenant.
As the example shows, there will usually be a spot for the
mailing address of the location. This section also includes
a provision to state any and all furniture and appliances
that are being included in the lease agreement.
Term - The term of the lease agreement refers
to the period the property will be occupied and paid for by
the tenant. Typically this will include wording that states
the term starts on Jan 1, 2XXX and ends on Dec 31, 2XXX. Commonly
this section of the lease agreement includes a lease option
to extend the period of occupancy. For example, the tenant's
lease option might allow him/her to extend the lease another
six months.
Rent - The lease agreement would be severely
lacking if it didn't includ terms for the monthly payment
as well as the date on which the payment is due.
Utilities/Services - The lease agreement should
outline who pays for what. Some Landlords will pay for everything,
while others will make the tenant foot the actual costs for
utilities and services.
Deposit - Most landlords will require a deposit
upon signing the lease agreement equaling one months rent.
This provides the Landlord some insurance should you try to
skip out on your last months rent or damage the property.
However, if you leave the apartment in good condition and
your account is paid in full, then you should receive most
if not all of your deposit back in the form of a check via
the mail a few weeks after moving out.
The rest of the lease agreement will vary
from here on out depending on what other terms and provisions
the Landlord chooses to include in the lease agreement. If
your lease includes additional lease options they may be included
at the end of the lease agreement as well. Now that you have
a better understanding of the makeup of a lease agreement
signing your first lease shouldn't be such an intimidating
experience.
What
is a Lease? |
Are
There Different Types of Leases? |
Extending
a residential lease |
How
do I extend the lease?|
How
much will it cost? | Lease
Extension |
Car
and Vehicle Leasing |
Example
of Lease Agreement |
Extension
of Short Leases on Central London Properties |
Rental
Challenges |
