Landlords have the right to collect a Security Deposit from their Tenants. Security Deposits are usually paid up front at the beginning of the lease. The Tenant promises that they will treat the Landlord’s home like their own. The Landlord promises that they will return the Security Deposit if the Tenant does not damage the Premises. For more information about Security Deposits, please read this Wikipedia article.
A lease with a fixed end date gives certainty of term for both the landlord and the tenant. It specifies the exact day the tenancy will end. The advantage here is that neither party has to give notice to terminate the lease, it simply ends on the specified date. During a fixed term lease the landlord cannot increase the rent, or change any other terms of the lease unless he specifically reserves the right in the agreement, and the tenant agrees to the changes.
This Apartment Lease Agreement (the “Lease Agreement”) is entered into between Renter Name (referred to throughout this Lease Agreement as the “Tenant”) and Owner Name (the “Landlord”) as of the later date executed between the Tenant and the Landlord on the signature page hereto. The Landlord desires to lease the Premises and Furnishings (as defined below in Section 1) to the Tenant, and the Tenant desires to acquire for lease the Premises and Furnishings (as defined below in Section 1).
From the Landlord's perspective, there doesn't appear to be many disadvantages to this type of lease other than the Landlord will not receive an immediate cash sale on the property. Also, if the real estate market is rising, the Landlord could possibly lose out on the appreciated value of their property if they have specified a specific purchase price of the property. Consequently, it may be safer for the Landlord to make the purchase price equal to the market value of the property at the time the option is exercised.
The length of time of a lease agreement is identified as one of the requirements of the contract. A lease agreement can be created for month-to-month leasing, six months, one year or more. Lease agreements are not required to be the same set amount of time. At the end of the current lease (fixed term) the landlord may wish to extend the lease to the tenant, as a lease agreement does not automatically renew, unlike a rental agreement. The current lease agreement will need to be amended or a new legally binding agreement can also be signed.
A landlord who has issued a 10 Day Notice to End Tenancy for Unpaid Rent or Utilities RTB-30 (PDF) may use the Direct Request process to apply for an Order of Possession and a Monetary Order for Unpaid Rent or Utilities when the tenant has neither paid the amount owing nor applied to the Residential Tenancy Branch to cancel the notice within 5 days of receiving it.
The security deposit is often handled as an escrow deposit, owned by the tenant, but held by the landlord until the premises are surrendered in good condition (ordinary wear and tear excepted). In some states, the landlord must provide the tenant with the name and account number of the bank where the security deposit is held, and pay annual interest to the tenant. Other regulations may require the landlord to submit a list of pre-existing damage to the property, or forfeit the security deposit immediately (because there is no way to determine whether a prior tenant was responsible).
Termination – In most lease agreements, there is no termination clause. If there is, there is usually a termination fee or cost to the tenant. In most cases, the tenant would have to be responsible for paying the remaining rent due. For example, if there are 6 months left on the rent, the tenant is responsible for paying the remaining 6 months plus any other early termination fees.
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A: In the event the Tenant defaults by any reason other than failing to pay rent (i.e. having a pet if not permitted or breaking any other rule specified in the Agreement), the Landlord may give written notice to the Tenant to terminate the agreement. Specify the number of days’ written notice the Landlord will give to the Tenant before terminating the agreement. The notice period can vary by state so we recommend you check your local laws.
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Additional occupants: The agreement may include a term restricting the number of occupants in a rental unit or requiring the landlord’s permission before additional occupants can live in the rental unit. If additional occupants are added, a landlord can only increase the rent if the tenancy agreement includes a term allowing the rent to vary based on the number of occupants or the parties all agree to sign a new tenancy agreement.
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While technically considered an occupant, pets are not a landlord’s best friend. Even if they are allowed on the property, the landlord should state exactly which types are allowed so that an “organic” tenant doesn’t have farm animals on the premises. Furthermore, it’s recommended that the landlord place a maximum weight the animal may be for liability (dangerous dogs tend to be larger) and damage to the premises.
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A: The grace period is a short period (typically 3-5 days) after the rent due date. During this time, the tenant can still pay the rent without being charged a late fee. As long as the tenant pays the rent before the end of the grace period, then a late fee will not be charged. Some states regulate the length of the grace period. In other words, the landlord must not charge a late fee for late rent for a certain number of days. Please check your state and local law to make sure your grace period is within the correct time period. Follow these guidelines if you aren’t sure what to do when the rent is late.
After April 30, 2018, renters will not be entitled to ask a landlord for a Standard Lease if: (a) the renter is subject to an existing lease signed before April 30, 2018, unless the renter and their landlord negotiate a new lease agreement with new terms; or (b) the renter signed a fixed-term lease before April 30, 2018 and the lease renewed automatically to a month-to-month tenancy after April 30, 2018.
An option to purchase refers to a lease which allows the tenant to buy the property at an agreed price during the lease term. Usually the tenant pays the landlord a non-refundable option deposit and in exchange the tenant has the exclusive right to buy the property from the landlord. The tenant is given only a certain amount of time to exercise the option. If the Tenant takes advantage of the option, the Tenant's option deposit will go towards the purchase price of the property. If the Tenant does not take advantage of the option, the Landlord will get to keep the deposit and neither party will have any rights or claims against each other concerning the option.