Nowadays, there are many corporate apartments, and you can easily rent one during your business trip. These are attractive properties with unique features and amenities to make your stay worthwhile. However, renting such properties involves signing a lease agreement that sets out the terms of the tenancy period. What’s more, it’s a crucial document with all the tenancy details, and you should understand all the terms before committing.
Here are critical details that you’ll find in a corporate lease agreement:
- Tenant& landlord names
All the names of the tenants should appear in the lease agreement form. If it’s a married couple living in one unit, their names should appear in the agreement form. This makes them liable and responsible for the terms of the lease, including property maintenance. Also, this binds both tenants, and the landlord can seek payment from either party in case of defaulted payment.
If renting the houston medical center apartments, the name of the landlord or agent should also appear in the contact. This includes the contact information, enabling the tenant to send notices regarding their tenancy.
- 2. Terms of occupancy
The agreement should clearly state that the apartment is for use by the tenant included in the lease agreement. This makes it easy for the landlord to limit the number of occupants in a rental unit. Also, this clause gives the landlord a right to evict a tenant who moves in with unauthorized persons or sublets the unit.
Other terms include the duration of the lease period, the rent amount and the due date, and the approved mode of payment. Some landlords accept cash and bank transfers, while others prefer cheques or website payments. Also, you’ll find a clause on late payments and the related penalties.
- Rent deposits& other fees
Security deposits on rentals are a common source of conflict between tenants and landlords. The lease agreement form should clearly state the deposit amount, which should comply with the state laws. It also explains how the landlord may use it, for instance, property repairs.
It also states how the tenant uses it, and this can be making it part of the last month’s rent. The contract states how and when the landlord will refund the security deposit and any deductions applicable at the end of the lease period.
- Repairs& maintenance
It’s the tenant’s responsibility to maintain the rental unit and pay for damages resulting from their neglect or abuse. Similarly, the landlord has the responsibility to maintain safety in the property. They should cover the common repairs and maintenance costs depending on the type of lease. All these terms should be specified to prevent disagreements between the tenant and the landlord. Otherwise, the landlord may withhold the rent deposit to cater to some repairs in case of property damages.
In summary, a lease contract is a critical document in any lease agreement. It’s a legal document that binds both the tenants and the landlord and stipulates the deal terms. In case of disputes, it’s easy to refer to the terms and contravening the terms and land you in legal trouble.