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Answering Common Questions About Leases

If you are moving into a rental property, understanding the lease is essential. The landlord or property management company with whom you are dealing will usually be happy to answer specific questions you have about the lease before you agree to it. These answers to common questions will also help you make sense of the lease before you sign your name on the bottom line.

Is a lease the same thing as a rental agreement?

Leases and rental agreements are not the same. Although they are both legally binding documents, they are designed to cover different periods of time. A lease exists for a specific amount of time, often a year, and then must be renegotiated before it can be extended to another term. A rental agreement is a rolling agreement that covers a time period of 30 days and then automatically renews unless one of the parties involved cancels it. Before you sign a lease, be sure you review the period of the agreement with the property manager, so you know how long it lasts and what the provisions are for extending it or providing notice that you want to move.

Why do I need to sign a lease?

A lease is designed to protect everyone involved in an agreement. It sets out the terms the landlord has for occupying the property, including the rent amount and any relevant community rules, and it clarifies the rights of the tenant to things like timely repairs and property maintenance. Leases exist to make sure everyone knows where they stand and what to expect during the term of the agreement, and it provides both parties with legal standing should a disagreement occur that can’t otherwise be resolved.

Who writes leases?

Typically, landlords allow property management companies to write leases, since they have knowledge of the laws that apply to tenant laws in their states. Be cautious about signing a lease that was written by a landlord without guidance, as it may not give you the kinds of protections you should have as a tenant.

MRS Property Management works closely with landlords and tenants to make sure leases are legally binding and clearly understood by all parties. We are happy to discuss our lease terms and screening processes with prospective tenants. Call our property management company in Beverly, MA today at (978) 338-4068 for more information.

Categories: Landlord Tips