When you sign your residential lease, you may think you understand all the details. However, this lease contains much more information than just the amount you will pay each month. It is important for you to understand the fine details of this contract so you know what you are agreeing to.
It is important to remember that your residential lease governs the number of people who can live in your apartment. According to Business Insider, apartment complexes put these limits in place to align with a city’s fire codes. You and your roommate may decide you need a third person living in the apartment. However, if your apartment complex limits occupancy to two people, you may not be able to bring a third person into the house. Additionally, your residential lease may include a guest policy. Some leases may state a maximum number of days that guests can stay. It is important to understand this before you sign your lease.
Understand the numbers
Most of the time, your residential lease includes information about the grace period for your rent. This grace period varies depending on where you live, so it is important to understand how much time your landlord will give you. Additionally, the fee for a late rent payment also differs from landlord to landlord. You may have to pay either a percentage of your rent or a fee. The residential lease also lays out the security deposit you will owe and when you will get this money back. It is a good idea to understand this part of the lease, as there may be conditions you have to meet to receive your entire security deposit.
Understand the miscellaneous details
Sometimes a residential lease agreement contains information about the kind of remodeling you can do. Some agreements may not allow you to make any changes, while others might allow you to paint and make other cosmetic changes. Additionally, this agreement might include details about the fixtures of an apartment. If you rent an apartment with removable fixtures, then your lease may not include all of the appliances. It is important to understand all of these details before you sign the lease.