You should always know what you are getting into before signing an apartment lease. While most leases you will encounter are generic, standard fill-in-the-blank forms, once you sign, you are locked into a binding contract. Initially, you may look at your new apartment as a dream come true. However, if you are wrong, it could become a year long nightmare.
We all can understand the notion of “Rental Search Fatigue,” when you have searched so long or under a stressful time constant. The pressure can cloud your judgment, cause you to rush, and push you to overlook details. It is always a good idea to pause, take a breath, and then carefully example the details of your new apartment lease before you sign. Here are some things you want to look for in an apartment lease when you have a clear judgment.
1. Early Lease Termination Clause – You want to know if you have the power to terminate the lease early and the amount of the early termination fee. If an early termination clause does not exist, you could be responsible for the remainder of the lease or at least up to when the landlord finds a new tenant.
2. Security Deposit – Examine the lease closing to discover if an early termination will cause you to forfeit the security deposit. Some leases state that your security deposit will be treated as “liquidated damages” for re-rental expenses. This could mean relinquishing the deposit even if you find someone to take over your lease.
3. Late Fees – It is important to know how much late fees are, and how they accrue. Some landlords charge a flat late fee, while others charge a daily late fee, or some combination of both. Yet, there are some who will charge no late fees. Nonetheless, most leases will state late fees are recognized as “rent”. As a result, it is possible to be evicted just because you failed to pay the late fees.
What haven’t we covered yet that is important to you? If you would like to talk the things to look for in an apartment lease, or need more information, please Contact Housing Helpers