1. 2.02 Financial and Legal Aspects of Renting

2. Landlord Owner of the Property Expects the following from tenant:
Rent to be paid on time
Keep the property in reasonable condition
Will make repairs to property. Can charge if the tenant is at fault.
Cannot enter the property without written notice to the tenant
Cannot increase rent until the lease ends
Although no one can refuse to rent to people with children, the owner can limit the number of people living in the apartment.

3. Tenant
Person who rents a property from the owner

4. Lease
The legal document signed by landlord and tenant agreeing to rent a property for a specific period of time and stating the rights and duties of both parties. Most binding type of agreement.
Amount of rent, late fees, when rent amount can be changed
Address of unit
Who pays utilities
Pets (types and sizes)

5. Getting the Rental Unit
Application Fee: fee for filling out the application. Helps the landlord to know that the renter is serious.
Usually $ or higher depending on city or town

6. Credit Check
Tells the landlord if the renter is paying bills on time. Usually checked through a credit agency and is confidential.

7. Security Deposit
Fee that covers costs for any future damage that the renter might cause to the property. Does not include normal “wear and tear” to the property.
May equal 1 or more month’s rent
Can be returned partially or in full

8. Pet Deposit Fee that covers damages made by pets.
Many rental properties only allow certain types of pets and there may be a weight range.
Many properties will also charge an extra fee per month per pet as well as the deposit.

9. Advance on Rent
Landlord requires one or more month’s rent in addition to the security deposit

10. Renter’s Insurance
Insurance to cover the renter in the event of flood, fire, theft or any other hazard.
VERY inexpensive

11. Utilities
Water, gas, sewer, electricity, phone, cable, trash collection
Sometimes the landlord will pay some or all utilities, BUT usually the tenant pays all.
This should be a MAJOR consideration when leasing a property

12. Assigning the Lease
This means to transfer the remainder of the lease to another person.
The original tenant is NO LONGER responsible for any rent or damages.
Original tenant moves to another city and will not be returning to unit.

13. Subletting Your Pad: More Hassle Than It’s Worth?
Tenant lease the property to another person.
Original tenant is still responsible for all rent, utilities and damages.
EX: college student leaving for semester abroad and lets friend rent apartment

14. EVICTION Legally removing people from the property
Landlord may only start proceedings after the tenant has failed to meet the terms of the lease
The tenant must receive written legal notice of eviction
KNOW YOUR RIGHTS AS A TENANT

15. Breach of Contract
Legal phrase for failure to meet the terms of a contract/lease.
Non payment of rent is usually the most common type of breach