Renting or buying property is usually one of the biggest monthly expenses you'll have. Make sure that you have all the information you need, and don’t let anyone pressure you into signing an agreement without reading through it carefully. Here are 4 things to do before signing on the dotted line:
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Get everything in writing
Verbal agreements are too difficult to prove in court should anything go wrong. Confusing terms and a poorly written agreement can be misinterpreted, and may not hold up in court. Make sure your agreement has all the relevant information in it, even (and maybe especially) when it comes to renting or buying from family. Make sure everything is in easy-to-understand terminology, and explains anything that might be misconstrued so it’s clear exactly what each party’s responsibilities are.
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Document the property’s condition
Visit the property before signing and make sure you take note of every bit of damage (big or small) and document it. These can then be written into your lease agreement that both you and your landlord sign to acknowledge that these issues were there before you moved in and that they are not your responsibility to fix.
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Find out what changes you can make
This often becomes a problem when the tenant moves out and the landlord claims damages from the deposit for things like nails in the wall or new paint. Your agreement should lay out exactly what alterations can be made to the property. These include things like hanging artwork, painting the walls, changing the lights, as well as bigger things like adding a carport.
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Set the terms for deposits and fees
How much is your security deposit? What kind of damage repair can be claimed from the deposit by the landlord? Are there any non-returnable fees, for example a cleaning crew after you’ve moved out? Where is the deposit being held? These are all important questions people usually only think about when it’s time to get their deposit money back, and by then it’s too late.
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4 Things to do before signing your lease