Key Lease and Rental Agreement Terms

lease-and-rental-agreement-termsIn any transaction, it is important that you fully understand the contract, more so in arrangements that involve significant amounts of money. Whether you are looking for an apartment, storage unit, or house for rent here in Minot, you should be familiar with common terminologies that may appear in the contract. Below are some of these key lease and rental agreement terms and what they mean.

Parties to the Agreement – refers to both tenant and landlord. The tenant can also be referred to as lessee or renter while the landlord can also be referred to as lessor.

The Premises – this refers to the rental property address and may include details such as furnishings and parking spaces.

Term of Tenancy – this refers to the duration of the rental along with the date of the first day of tenancy. It should also specify if the rental is month-to-month tenancy or a lease. If it is the latter, the date of the last day of the lease should also be specified.

Rent – this refers to the compensation the tenant pays the landlord. The exact amount, due dates, acceptable forms of payment, and penalties should be specified.

Deposits – refers to advance payments and security deposits.

Utilities – it should be specified which utilities should be paid by the tenant and which ones should be paid by the landlord.

Condition of Rental Unit – the condition of the unit at the start of the lease should be specified and how subsequent changes in this condition should be handled.

Repair and Maintenance Responsibilities – it should be specified which repair and maintenance responsibilities fall on the shoulders of the tenant and which ones will be shouldered by the landlord.

Landlord Entry – it should be specified when and how the landlord can enter the rental unit during the duration of the tenancy.

Extended Absences – landlord may require the tenant to provide notification in case the latter needs to be away from the rental unit for a certain number of days.

Property Use Restrictions – the landlord my prohibit you from doing certain things with and while in the property premises.

Occupant Limit – the landlord may set a limit to how many people can occupy the property.

Pet Restrictions – the landlord may prohibit the tenant from keeping some or all kinds of pets.

No Home Businesses – the landlord may prohibit the tenant from making the property a base of business operations.

Guest Stay Limits – the landlord may set a limit on the number of guests that may stay at the property at the same time and for how long.

Attorney’s Fees – the agreement may specify which party shoulders the cost of litigation in case a disagreement between tenant and landlord results into a lawsuit.

Grounds of Termination – this is one of those key lease and rental agreement terms that can result in massive financial losses when unclear. Factors that can lead to the premature termination of the tenancy or lease should be specified.

If there is something in the contract you do not understand, you should ask your landlord about it. Knowing the key lease and rental agreement terms will give you an edge in getting a better deal for the home that you want.

We at SMC Property Management manage more than 600 apartments and houses and more than 400 storage units in Minot, North Dakota. Please don’t hesitate to contact us if you have any questions about our properties for rent in Minot.

10 Property Rental Tips You Need to Know

property-rental-tipsWe at SMC Property Management have over a thousand properties for rent in Minot, North Dakota. With our years of experience in the industry and dealings with thousands of tenants, there are 10 property rental tips we can provide to make your tenancy or lease easier.

  1. Ready Your Paperwork – bring everything you need to convince the landlord that you will make a good tenant. This will help you standout especially if there are other prospects aiming for the rental unit that you want. Important paperwork you should bring includes:
    • Accomplished rental application
    • Written references from employers and previous landlords
    • Your Credit Report
  2. Review the Contract – review the agreement at least once and make sure you understand everything clearly. If there is something you find confusing, ask the landlord for clarification.
  3. Protect Your Security Deposit – make sure that all the details on how and when your security deposit can be used are included in the contract. Take a tour of the rental house/apartment to identify any existing damage prior to your occupation and make sure that all of the said damage is listed on a document signed by the landlord.
  4. Document Everything – make sure you get any correspondence or oral agreement in writing. For example, when requesting for a roof repair you should send your landlord a signed written request. If he makes a positive verbal response, send her a written confirmation. Make sure you keep a copy each time.
  5. Know Your Privacy Rights – you must be aware of your rights to privacy as a tenant so you can protect the said rights. Know exactly when and how the landlord can enter the premises of the property you are renting.
  6. Know Your Right for Repairs – the landlord is obliged to ensure that the rental property is adequately habitable. If repairs and/or additions are needed to make it so, you have the right to make demands. Being aware of the things you have the right to ask for is one of important among these 10 property rental tips.
  7. Communicate with the Landlord – if you are unhappy with something about the leased property, talk to your landlord about it. An early resolution is always better than a legal battle.
  8. Get Renter’s Insurance – this particular insurance policy will cover everything your landlord’s insurance policy doesn’t. The average renter’s insurance has an annual cost of $350 for $50,000 coverage. There are cheaper variations for lower coverage.
  9. Ensure Your safety – conduct a research of the neighborhood particularly the crime rate to get a general idea about how safe the area is. Check the rental property for possible security lapses and vulnerabilities and ask the landlord to address them.
  10. React to Eviction the Right Way – Only fight an eviction if you believe the landlord is in the wrong and you know that you can prove in court that the eviction is not justified. Fighting an eviction in court and losing will not only cost you a lot of money, it will also greatly damage your credit rating.

There you have it. These 10 property rental tips work for all tenancies and leases and not just on properties for rent in Minot, North Dakota. Just contact us if you have any questions about houses for rent, apartments for rent, or storage units for rent.