Renting a home can be a fun and scary prospect. Throughout Minneapolis there are many homes, condos and apartments for available for lease and a person can get confused in the great scheme of sorting through rental agreements when looking at all possible options. Before signing a contract to lease a property, individuals on both sides of the renter-owner relationship should be familiar with some important lease terms.
Primarily, a rental agreement should explicitly state how much rent is due, when payments must be received and what forms of payment are accepted. The rental agreement may also stipulate other fees, such as those associated with late or missed payments. The agreement may also discuss deposits and other costs the renter will be responsible for paying while renting a home.
Additionally, a rental agreement should list all of the names of the people who will live in the property during the rental term. The rental term is the period of time under which the rental agreement is operable and that terms should also be included in the agreement. Terms regarding how and if the agreement can end early might also be included.
Finally, the rental agreement should state if and when the owners of the residential property may enter the premises during the rental term. In some cases an owner must give a renter warning; in others, an owner can enter at will. Other terms that can be included may cover who will be responsible for repairs, if pets are permitted and if the renters are restricted in behaving in certain ways.
As a reader can see, rental agreements can be complex. Legal professionals who work in the residential real estate field can help renters and property owners draft workable lease terms for their housing needs. Many terms must make it into an agreement and those who are bound to such agreements have interests in getting the terms right.