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Signing a Rental Agreement

Signing a Rental Agreement

If you rent or sublet, you should make sure you sign a rental agreement. Keep a copy for yourself. A rental agreement may be optional, but you should still insist on signing one. Such a written contract should define the terms by which the apartment is rented. It is presented by the landlord to the tenant, and protects the tenant and the landlord by stating the rental price and the time period that you will reside in the apartment and pay rent. Before you sign any rental agreement, be sure to read it carefully and get an explanation for any terms that are unclear. Verbal agreements should also appear in writing. Only written information on a rental agreement is legally binding; verbal agreements are not. Many leases last for one year so look for a lease that will allow you to rent month to month.

You will probably be asked to pay one month's rent as a "security deposit." This will be returned to you when you leave if there has been no damage to the apartment during your occupancy.

Therefore, it is essential to inspect an apartment with the landlord or real estate agent before signing the agreement, and get (written) acknowledgment of existing damages and listings of furnishings and their conditions. You could take some photos of the apartment's condition when you first move in.

Security Deposits

All states allow landlords to collect a security deposit when the tenant moves in. Half the states limit the amount landlords can charge, usually not more than a month or two worth of rent -- the exact amount depends on the state.

Landlords use the deposit to cover unpaid rent and perform needed repairs or cleaning that results from more than normal use. But your security deposit should not go towards remedying ordinary wear and tear during your occupancy. For instance, a landlord cannot withhold your deposit to pay for house cleaning, carpet cleaning, or repainting unless these chores were necessary because of your unreasonable use of the rental.