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Questions Every Renter Should Ask Before Signing Any Rental Agreement - 2007-08-25 |
Last week we looked at questions a homeowner should ask of every prospective renter. So it's only fair that we turn the tables this week, and list critical questions that every renter should ask before they sign anything:
* Can I get a copy of the lease agreement before I am asked to sign it?
The reality is that most renters sign the lease presented to them, believing that most agreements are "standard" in nature and have similar provisions. In fact, lease agreements can and do vary dramatically in their requirements and terms.
The smart renter will take the time to read each paragraph, or at least ask about any condition that doesn't seem to make sense. In the best of circumstances, you would consult your attorney before signing, so as to get a clear understanding of all the terms of the agreement.
* What is the term of this lease, and is there a provision for automatic renewal at the end of the term?
For your protection, every rental agreement should be in writing, so that you have a permanent record of the agreement. Most often, the term of the lease will be one year, but shorter or longer terms are an option.
The primary purpose of the lease is to identify how much rent you will have to pay for a specific period of time, but many leases have provisions for automatic renewal. Some offer automatic renewal for another full term, typically six or twelve months, while others may include a provision for automatic rent increase of a certain amount or percentage.
The most commonly seen provision says that if the tenant continues to occupy the premises after the termination date, the lease renews on a month-to-month basis, with a continuation of all the terms and conditions in the original agreement.
* How much is the monthly rent, what day is it due, and how must I pay it?
Some leases offer a discount for on-time payment, while others include monetary penalties for payment after the due date. Rent is most often due on the first day of the month, but can be set for any date the parties agree upon.
Some landlords require that rent be paid in cash or money order only, while others prefer checks. In addition, many management companies supply envelopes for rent payments and request that the rent be mailed to their offices. This policy would require you to mail the rent several days early to allow for delivery. Interestingly, most managers have been slow to accept rental payments through electronic means such as bank draft or credit card, although that may change with time.
* What happens if I need to break the lease before the termination date?
It's a fact that things happen in people's lives, and a situation may arise causing you to need to move. If that happens, what are the consequences?
In the best lease agreements, a clear path is spelled out for concluding the agreement prior to its originally planned date, as well as the financial consequences for taking this action. One popular lease requires at least sixty days notice of the new termination date plus payment of an "early termination fee." That fee is equal to one months rent. Then standard move-out requirements apply.
* How much is the security deposit, and how do I get my deposit back?
The security deposit is intended to secure your performance under the terms and conditions of the written agreement. Primarily, the landlord expects you to pay the rent on time, and return the property at the conclusion of the lease in a clean, ready-to-rent condition, with normal wear and tear excepted.
So if you pay the rent and return the property without damages, you should be entitled to a complete refund of your security deposit. Georgia law requires that you be presented a complete list of existing damages at the time of your move-in as well as a move-out list of damages when you depart, but landlords with ten or fewer units are exempt from this requirement.
Because the return of your security deposit is such a frequent point of contention, I recommend that you require a written move-in inspection before you pay any security deposit, and that you and the landlord sign that document as proof of the property's condition at the time you moved in. A dozen digital photos would also add to your documentation, and might serve to refresh everyone's memory one year from today.
* What is "normal wear and tear?"
Unfortunately, this is almost impossible to define, but let's give it a try. "Normal" is the amount of wear and tear that a reasonable person would expect to occur from the responsible occupancy of the property over a specific period of time. So, for example, light scuff marks on walls and floors are normal after a year, but burn marks on the carpet are not. Light soiling of carpets is normal, but holes in screens or broken windows are not. Ultimately, if you and the landlord can not agree as to what is normal wear and tear, you can take the landlord to court and let a judge make the final decision.
NEXT WEEK: More questions every renter should ask.
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"EPA CERTIFIED RENOVATOR" TRAINING
Do You Work with Real Estate? You Must Be LEAD SAFE CERTIFIED as of April 22nd.
To all owners, realtors, investors, property managers, contractors, electricians, plumbers and painters. Do you ever engage in any level of renovation? If so, read this:
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Since April 22, 2010, there are new Federal rules regarding how you perform any work that disturbs lead-based paint in homes, child-care facilities and schools built before 1978. You now must be EPA certified and follow specific work practices to prevent lead contamination.
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- Friday, September 10th at Suburban Plaza, 2643 North Decatur Road
and Church Street, Decatur , Lower Level, beneath Hancock Fabrics
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- Friday, September 17th at Suburban Plaza, 2643 North Decatur Road
and Church Street, Decatur , Lower Level, beneath Hancock Fabrics
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- Friday, September 24th at Suburban Plaza, 2643 North Decatur Road
and Church Street, Decatur , Lower Level, beneath Hancock Fabrics
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- Friday, October 1st at Suburban Plaza, 2643 North Decatur Road
and Church Street, Decatur , Lower Level, beneath Hancock Fabrics
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- Friday, October 8th at Suburban Plaza, 2643 North Decatur Road
and Church Street, Decatur , Lower Level, beneath Hancock Fabrics
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Space is limited to 20 participants.
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Courses are approved for purposed of certification under Section 402 of TSCA for the Certified Renovator.
This course has been approved by the Georgia Real Estate Commission for 7 hours of Real Estate Continuing Education
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