Carl Glendon

3 Important Clauses In A Standard Lease Agreement

A standard lease agreement specifies the terms of the contract between a landlord or property owner / manager and the lessee / tenant for a particular duration. Find out about 3 important clauses that are mentioned in such a contract.

Security Deposit Details

When renters move in, it is customary for landlords to ask for a specific sum of money. This is separate from the rent amount, and serves as collateral if the tenants cause damage to the property or fail to pay rent. It is referred to commonly as "Security Deposit". The sum is most often collected before a renter moves in. This generally equals the rent amount for 1 - 2 months. The landlord is supposed to return the security deposit amount once the renter moves out, subtracting the expenses for any damage repair or cleaning. To learn more about drafting a rental lease agreement in South Dakota online, visit this website.

Auto-renewal Clause

Most rental lease contracts generally last for a year. However, once the agreement ends what is supposed to occur? Landlords, in many cases, choose auto-renewal of the contract. This indicates that the same renter stays on, but has to pay from month to month. A fresh Lease Agreement might also be created with a change in the terms. The tenants, in order to go on staying as renters in the same address, generally agree to the changed terms.

Furnishings

In the majority of apartments or accommodations, window coverings or even appliances could be included. Your lease should mention all the furnishings that you offer in the lease, so that you can account for them in your rental property once your renter is on the verge of moving out.

Author Resource:-

Carl writes often about legal drafting, rental lease agreement, marital separation agreement and help the people in such needs. You can find his thoughts at legal forms library blog. For more information about getting a rental lease agreement Washington DC, please visit this website.