Tenants often miss out on important details mentioned in the lease in a hurry to move into a new home. If you study the lease properly and take note of the details like the date of rental payment, the late fees, the amount of security deposit, and the maintenance-related responsibilities, it becomes easier to follow the lease efficiently and avoid any mistakes that might inconvenience you or your landlord.
Here is a list of important things to know and understand when reading your lease.
The Duration of the Lease
The first thing that you must check while reading your lease is the term, or duration, of the lease. It is specified as the beginning and the end date of the lease. The first day of the lease is when you are expected to start paying the rent, so you must have the rental amount reserved by that date. The last day is when the lease expires, which will help you decide whether you want to renew the lease after that or move out.
Automatic Lease Renewal
A lease is renewed automatically when you or your landlord do not terminate the lease by the end date. You can extend the lease to continue living in the property. This new lease will describe changed terms like an increase in the rental price or dates scheduled for inspections, among others. Once you and the landlord sign it, the original lease gets extended.
Landlords or property managers are supposed to remind you about the lease expiration 90 days before the final date, so that you have enough time to decide whether or not you want to renew it. If you wish to move out of the property, you are supposed to give the landlord at least 60 days’ notice before the lease expires.
Early Termination of The Lease
Every lease has an early termination clause. Sudden events, accidents, or unavoidable circumstances might leave you wanting to move out of the property before the term expires. However, you must know that early termination of the lease is acceptable only for three specific reasons:
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- Military orders
- Family violence
- Sexual stalking
Besides, documentation that proves any or all of these reasons is required for early termination. Any other reasons, like breakups, relocation for a new job, or moving out of state, are not valid for early lease termination. You will be responsible for paying the rent till the end of the lease or till the landlords find new tenants. In such situations, you may end up having to give up your security deposit.
Acceptable Methods of Payment
The methods of payment that landlords typically accept are money orders, cashier’s checks, personal checks, and electronic payments. Most property managers prefer electronic payments, as they are easy, convenient, and very reliable. Tenants can pay rent from anywhere, with an assurance that the money reaches within a short time.
However, we don’t encourage mailing the rent, as it could take longer to reach the office, and you might have to bear late fees even after sending out the rent in time. Besides, there are chances of mail getting misplaced and nobody wants to risk losing a month’s rent.
Late Fees
If you fail to deposit the rent to your landlord by the due date fixed for every month, they can charge late fees. Standard late fee charges are $100 for the first day of delayed payment and an additional $10 per day till the rent is deposited. Read the terms related to late fees very carefully to avoid hefty fines.
If you are experiencing any problems with your rental payments, reach out to us at Advantage Asset Management. We offer extensive tenant management services and are happy to hear you out to find the best solution that makes your rental journey enjoyable.
For further assistance, please contact us at Advantage Asset Management.
