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Leasing A Townhouse? Understand These Parts Of Rental Lease Agreement

HomeBusinessLeasing A Townhouse? Understand These Parts Of Rental Lease Agreement

If you are planning to rent a townhouse, it is crucial that you fully understand the rental lease agreement in South Carolina. It helps the landlord and the tenant to prevent the disputes and the headaches when the problems arise. Laws of rental agreement vary from one state to the other. However, here is the list of essential details to consider when creating the agreement.

Information about the Parties

When you are creating the rental lease agreement, you would know who is going to rent the townhouse. But do you know about the landlord or other co-owners of the property? You should consider getting complete details of the landlord, co-owners, or the property managers, if any.

All the tenants who will be living should sign the lease. Ask about the primary leaseholder, its family members, children who will be living together. Even if they don’t pay the rent or were not included in the tenant screening process, you will know how many people are going to live there.

Long-Term Guests. The life situation of tenants might change, and there may be an extra person residing in the property. More dwellers mean more wear and tear of the property and higher utility bills. It is always better to have long-term guests’ policy to avoid complications later on.

Information about the Property

The lease agreement should give details about the rental details. For a townhouse, it should be indicated clearly—the address of the property and whether the property is a part of the homeowners association. The rent agreement should also provide the details of the appliances, furniture, and fixtures. Details of the utilities available and who will pay for them should be indicated in the rent agreement. If there are any defects in the property, you need to warn the tenants of any error in it. Landlord has to provide safe and habitable living conditions.

Read: HUD’s Guidance for Criminal Background Screening

Lease Term and End of Lease

The rental lease agreement in South Carolina should provide the details of the term. When the lease will start and the duration for which it will remain effective should be clearly mentioned. The lease term can vary and may come with automatic renewal.

What if the tenant breaks the lease before its expiration? It is good to find out the circumstances under which the tenant may leave early. The tenant should agree to the lease term and how it will continue. Once the lease ends, you can specify a move out time.

Evicting a Tenant

If the tenant violates the lease conditions and fails to fix, an eviction would be required. The lease agreement should specify the requirements to protect the property.

Rent Payments

The lease agreement should specify the monthly amount in the rent agreement. Specify the amount and when it will be paid and which payment modes you are going to accept. Mention the details of the grace period. Late payment fees should be included too. When you are considering the rent payments, it should deliberate on the additional monthly payments, like utilities, landscaping, parking fee, etc.

Security Deposit

If you want a security deposit, the amount should consider the value of the furnishings and potential repair costs. The lease agreement should give the details of the security deposit amount, and the conditions when it can be withheld if the tenant moves out.

Finally,

These are few details that should be a part of the rental lease agreement in South Carolina. Discuss them with the tenant beforehand. The lease agreement has to be signed as per the local laws.

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Carlos Davis
Carlos Davis
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