Understanding Your Lease

by Hometeam Properties on June 19, 2018

apartment lease documentAlthough not all landlords and property managers have the same polices, renting requirements in the Columbus area are typically consistent.

What is a lease?

A legally binding contract by which one party (a landlord/property manager) provides property to another party (a tenant) for a specified term, in return for a periodic payment (usually monthly).

 



Tips for Understanding

  1. Everyone on the lease may be asked to fill out a rental application which is usually associated with a $30-$75 fee per person. The property manager will more than likely check your credit report at this time.
  2. Most campus area property managers and landlords require a tenant under the age of 23 to have a co-signer, who is usually a parent or guardian.
  3. Make sure all tenants and co-signers sign the lease and submit it together at one time.
  4. Once documents are signed, make sure each roommate keeps a copy of the lease. Don’t rely on a single person to retain these important documents for you.

Understanding your lease will help you to avoid future issues like missed rent payments or how to submit a maintenance request. Knowing what’s in your lease and what specific terms mean will make your off campus housing search a breeze.