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Understanding the Lease Agreement
For those in search of their first apartment one should expect
to sign a lease agreement. This lease agreement serves as a
contractual agreement between you and your landlord. Thus it is
important that you understand how a lease agreement works and
what you should expect to be included in the lease agreement.
To begin with there are two common types of lease agreements. As
a tenant you might sign a fixed lease agreement or a periodic
lease agreement. For the most part the general terms and
conditions of each type of lease agreement is similar, however
the difference lies in the length of the agreement.
Periodic Lease Agreement
As one might expect, the term of a periodic lease agreement is
indefinite. Such a lease typically grants the tenant the legal
right to occupy the dwelling for an undefined period of time.
The tenant retains this right until the lease agreement has been lawfully
terminated.
In most cases a periodic lease agreement can be terminated at
any time by either the tenant or the landlord. In most cases the
agreement calls for a notice to be given before the contract is
actually terminated. For instance, if you are a party in a
periodic lease agreement and desire to move to a new location
then your contract will likely require that you give your
landlord a 60 or 90 day notice before leaving.
Fixed Lease Agreement
On the other hand a fixed lease agreement contains a definite
timetable for occupying the dwelling. That is to say the length
of the lease is for fixed time period. A fixed lease
agreement
for apartments typically features a 3, 6, or 12 month lease
period. If you signed a 12 month fixed lease agreement then you
would have a legal right to the apartment for the 12 month
period defined in the contract in addition to the legal
responsibility to provide payment for that time period. For his
part the landlord has a legal responsibility to provide an
apartment to the tenant for the length of the fixed lease
agreement, in this case 12 months.
Beyond understanding the length of one's lease agreement, it is
also important to understand the lease options written into your
agreement. Besides the lease option to decide the length of time your
lease agreement covers, you will likely have options on the size
of the apartment you rent as well as key features included. If
you are interested in having a dishwasher as well as washer and
dryer hookups then you will want to make sure your lease option
includes these features.
More than anything before you sign on the dotted line make sure
you have read through the lease agreement and understand the
lease options included in the contract. Be sure to have a firm
grasp of what you are agreeing to before you enter into this
legal and binding contract.
Adam Smith is an informational author for 10X
Marketing. More information regarding short term housing can be found at the One Minute
Millionare
About the author:
None
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