Need to Know Leasing Terms Pt. 1

by Hometeam Properties on April 10, 2018

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Tenant

A tenant is the person who signs the lease and lives in the apartment. Tenants must be at least 18 years old. People under 18 who live in the apartment are called occupants and do not have the sign the lease.

Landlord

A landlord is an individual owner of an apartment. The landlord is who you pay rent to each month. He or she makes sure all scheduled maintenance and repairs are done in your apartment too. If you live in an apartment complex, these tasks are done by a manager, who works for the management company.



Apartment Lease

An apartment lease is a contract between a tenant and a landlord. By signing the lease, the landlord and tenant each agree to abide by the lease terms.

Guarantor (also called Co-Signer)

A guarantor is a person who would be on the hook for your debt if you stop paying your rent. Guarantors are also called co-signers since they sign all the paperwork with you sharing financial responsibility for the lease.

Security deposit

Tenants pay a security deposit prior to move-in. This money is held by the landlord or manager to cover any damage to the apartment that you don’t repair before moving out. The security deposit is returned if an inspection reveals no damage.

 

Knowing what a few common leasing terms mean can be helpful when looking for your next apartment or signing a lease. Read our blog Need to Know Leasing Terms Pt 2 for more common leasing terms.

Understanding the need to know leasing terms is the first step to developing a great landlord-tenant relationship.