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Student Housing Understanding The Lease AgreementNever take signing a lease agreement lightly. It is a binding legal document. Therefore, it is imperative that students understand the documents they are filling out and the terms they are agreeing to. Often, too many students view signing a lease as a formality in the student housing search process. They quickly skim over the document and often sign without actually understanding what they are agreeing to.
While most situations work out well, it is when housing issues arise that students wish they had read their lease agreement more carefully. A property management company will help students understand the terms of the agreements they are signing and clear up any misunderstands they may have. The following will outline what students should pay particular attention to when reading over their student housing lease agreement.
The lease outlines the specific conditions for occupants are expected to abide by when occupying student housing. Leases can be tricky documents, therefore students must ensure they have a clear understanding before they sign any lease. Read it over several times, and if you have any questions or require clarification on any language in the document, be sure to get some help.
The Lease requires each tenant to sign and agree to the specific terms of the document. Therefore, it is important that not only you, but all of your roommates understand what is expected of them in the agreement.
While lease agreements will vary dependant on the student housing situation, the document you receive to review is not final. There is usually some room for negotiation. If there is a particular part of the lease that you do not agree with, ask your landlord about it. Have a discussion about possible amendments to specific clauses and see if you can work around it.
Students need to pay particular attention to the following aspects of their student housing lease agreements. Understanding this information will provide students with the basis for signing the lease:
- The required deposit and method of monthly rent payment: Know how much of a deposit is required to secure the student housing and which method of payment is preferred by the landlord. (i.e. post dated cheques)
- The date of each monthly payment: Know when rent is due each month and how much you will be charged is a cheque does not clear.
- Possession: Know when you can take possession; get the keys, and the subletting stipulations.
- The care of the premises: Understand both your and the landlords responsibilities for the upkeep of the property.
- Landlord entry: Understand the guidelines for when the landlord can enter your unit.
- Insurance: Determine if insurance is required for tenants occupying the unit.
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