Renting Terms that are Good to Know
If you are looking to rent your first home, condo, or apartment it is highly likely that you will see some terms and phrases in the rental agreement that are new to you.
Since a lease or rental agreement is a legally binding document, it is important to read over and make sure you understand every word of it before signing it and moving in. Unfortunately many renters just skim their agreement and sign it so they can move in. Sometimes this can end up in being caught off guard.
Here are Some Common Rental Agreement Terms that are Good to Know
Wear And Tear
This term often refers to the amount of damage a property incurs with the regular use of the property that will not result in the loss of your security deposit when you move out.
This is a term that describes a renter allowing a new tenant to move in and pay them rent while they continue to pay rent to the landlord. This is only legal if the landlord has given permission. If the rental agreement states this is not allowed, you could be face consequences.
An extra amount of money that is paid upfront before moving in to the rental. This money is held during your time in the rental and returned as long as there is no significant damage. Some states require this money to be held in an escrow account.
A personal insurance policy available for renters to take out to protect their belongings while renting a property. It is smart to have renters insurance as the landlord's insurance does not cover a tenant's property.
This refers to a period at the end of your contracted lease term when you have the opportunity to sign a new lease with new terms and continue to rent the property, continue with the current lease terms and sign for a continuing amount of time, or cancel the lease.
This is like a security deposit. It is an extra amount of money charged/paid upfront that allows pets to be in the rental to cover any possible pet damages. Some rentals may have an additional monthly pet fee or charge a monthly fee instead.
The is a rental agreement that is binding for one month's time. At the end of a month the lease automatically renews unless the renter gives notice they would like to move or the landlord gives notice of new plans.
This describes a property that has a residential or multiple residential units as well as commercial space zoned for retail or business offices.
An additional fee on top of rent charged to renters for the use of community amenities such as a gym or pool. This is most often charged monthly but can differ from community to community.
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