Some of the things that a tenant should be aware of when reviewing the lease:
1) What is the penalty if you pay the rent late?
2) Who is responsible for appliance, system repairs, etc if something breaks?
3) Who is responsible for utilities?
4) How long does the landlord/property mgmt have to return your security deposit after you move out?
5) Where is your security deposit being held (this is your money so you want to make sure they can return it after you move out).
6) Are pets allowed and what are the fees?
7) After the terms of your lease are over (typically one year), can you go month to month? How much notice do you have to give to move out (you want about 30 days).
A couple of other tips:
- Make sure to read the entire lease and ask the landlord/property mgmt any questions before signing. I have tenants initial each page to make sure they do review it.
- You must also sign a lead paint disclosure if the property was built before 1978. Make sure to review the lead pamphlet before signing the disclosure.
- Walk through the property before signing the lease and note/take pictures of anything that is damaged. You do not want to be responsible for fixing something that you did not break.
- Confirm that smoke detectors and carbon monoxide detectors are installed and working.
Cherry Creek Properties LLC