Tuesday, February 16, 2010

10 Lease Musts for a Residential Tenant

1. Inspect the property with pictures signed / initialed by landlord before take occupancy to verify condition of property for security deposit purposes.
2. Right to assign / sublet - if conditioned on prior approval, said approval should not be unreasonably withheld.
3. Option for additional term.
4. Right to subtract self-help repairs from rent.
5. Landlords right of entry is restricted to business hours with reasonable notice except in emergency circumstances.
6. Landlord is responsible for all maintenance (outside and inside).
7. Unrestricted right of access to all common arrears (such as laundry machine).
8. No more than 1 month security deposit with security deposit being returned upon termination of lease and delivery of keys.
9. Liquidated damages provision (set damages) for landlords failure to repair in a timely maner.
10. Have an attorney review the lease so you don't get pushed around.

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