Signing a lease is not a matter to be taken lightly and can often be an intimidating responsibility for those who haven't done it before. Decoding important terms and aspects of leases can give you the confidence to put pen to paper without any lingering doubts.
Signing a lease signifies a legally binding agreement between tenants and their landlords and is designed to protect the tenants' rights and interests, as well as the landlord's. This is not merely a flippant act and if done in haste, can reap serious consequences.
Before signing a lease, it is recommended to read all of it thoroughly and to clarify any confusing points.
According to the UNC Off-Campus Housing Web site, leases are subject to change, which means tenants can request certain disadvantageous parts be omitted from the lease by the landlord. These changes can, and most often are, negotiated but must be approved by both parties.
The number of people signing the lease will affect the amount of rent, and this should be clearly specified on the agreement. Although rent is divided among the individuals, all tenants are jointly responsible for the fulfillment of the contract, as well. This means if any tenant does not pay rent or unexpectedly breaks the agreement and leaves, the other contract holders are responsible for the payment of that person's rent. Financial responsibility is crucial.
Leases also outline terms of payment, which is the due date of your rent. Many landlords have a grace period, and it is essential to know when late fees will be added to your bill.
According to www.rentlaw.com, in the event of tenants breaking their lease, both the tenants and the landlord must make efforts to find new tenants to re-rent the unit to.
The University of Northern Colorado offers all students legal counsel for any legal question, including those concerning lease agreements. Brandon Houtchens is the Student Representative Council Legal Services lawyer and can be reached at 970-351-4281.
For more advice and information concerning leases and signing agreements, visit www.unco.edu/studentactivities/och/ltinfo.html.
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