Signing a lease is a legal binding contract between the tenant and landlord. It is important to know what you are signing, and imperative that you read the whole lease before signing. Below I have a list of questions you should absolutely be asking yourself before signing the lease. If you are confused about any part of the lease, you should ask questions. You are also entitled to use a real estate agent for rentals, agents are not just for buying and selling. If you would feel more comfortable using a real estate agent to get you in the right direction and read over the lease with you, you are more than welcome to! Continue to read this blog if you are in the renting process, want to know what kind of questions to ask, or to educate yourself about all things renting.
All the questions below should be asked and can change lease to lease:
What are the requirements for approval?
Can my landlord raise my rent?
How will I get my security deposit back? How are the repairs deducted on my security deposit?
What maintenance am I and the landlord responsible for?
Can my landlord enter my rental?
Is renters insurance required? Do they provide a policy?
What utilities am I responsible for?
How do I renew or cancel my lease?
What is the pet policy? What are the charges that come with bringing a pet?
What is their guest policy?
Can I sublet or relet the unit?
How long is the lease term?
How much money is required upfront?
What is the late payment policy?
What changes can I make to the rental?
What floor plan and unit is on the lease? (if applicable)
Common words and phrases to know: (Defined by the VRTLA)
- Application deposit: Any refundable amount of money paid from a tenant to a landlord for consideration of a rental.
- Application fee: Any non refundable amount of money paid from a tenant to a landlord for consideration of a rental.
- Commencement date of a rental agreement: date as to when the tenant can occupy the space.
- Effective date of rental agreement: the agreement has been signed by both the landlord and the tenant obligating both to their responsibilities.
- Essential service: including heat, running water, hot water, electric, and gas.
- Landlord: refers to the lessor, owner, or sub-lessor of the dwelling unit.
- Managing Agent: an authorized person by the owner to manage as the landlord for the property as per a property management agreement.
- Rent: all money that is owed or paid to the landlord under an agreement, excluding a security deposit.
- Security Deposit: a refundable amount of money paid by the tenant to the landlord to secure the terms and conditions of the rental agreement.
Hopefully this helps for your next lease singing! If you would like to read the Virginia Residential Landlord and Tenant Act, here is the link: https://law.lis.virginia.gov/vacodepopularnames/virginia-residential-landlord-and-tenant-act/ . I would recommend reading it, it goes over your rights and the landlords rights as well as important information. Keep yourself safe when you are out there looking to rent!
