Renting & Leasing Unit Two—Budgeting Financial Literacy Standard 4 Mrs. Morrey.

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Presentation transcript:

Renting & Leasing Unit Two—Budgeting Financial Literacy Standard 4 Mrs. Morrey

Objective Identify the process, rights and responsibilities relating to renting/leasing an apartment.

Lease Agreements What is a Lease Agreement? O A legal contract between a landlord and a tenant stating what the tenant will pay for rent and how long. O Why have a Lease Agreement? O To protect both the landlord and tenant.

What is found in a Lease Agreement? O Parties O Landlord O Tenant O Location O Physical address of rental property O Length of Lease O Beginning and ending date of agreement O Amount and Due Date of Rent O Penalties for “late rent” O Utilities Agreement O How utilities are to be paid O Penalties for “late payment” of utilites

Things You May Want to Consider… O List of appliances that come with the apartment O Fridge O Washer/Dryer O What facilities you may use O Gym O Swimming Pool O Penalty for breaking the lease early O Damages that exist BEFORE you move in O Pet Policy O Guest Policy O Parking

Rights and Responsibilities of Tenants O Pay rent on time O Keep the premises clean, tidy and undamaged O Keep terms of lease agreement O Respect your neighbor’s right to peace and quiet

Rights and Responsibilities of Landlords O Respect tenant’s privacy and comply with entry requirements O Carry out repairs and maintenance O Meet all health and safety laws

Move In Costs O First and Last Month’s Rent O Most landlords require first and last month’s rent to cover any unpaid rent by the tenant. O May only be applied to monthly rent—not a security deposit. O Security Deposit O Additional money the landlord collects from a tenant to protect the landlord from any violation of rental terms and agreements—money is returned after lease agreement expires IF the tenant left the property in good condition. O Damaged Property O Cleaning O Key Replacement O Back Rent

O Cleaning Deposit O Deposit made to landlord to cover cleaning (carpets, paint and general maintenance) after the lease expires and the tenant moves out. O Utilities Deposit O Deposit made to the landlord to cover any unpaid utilities during the course of the lease agreement. O Moving Expenses O Moving truck O Boxes/tape etc. Move In Costs