Lease Information

Security Deposit

A security deposit is required at the time when you sign your lease to the property.
It cannot be more than two month’s worth of rent and may be used at the end of the tenant’s lease either to pay for back rent or damages that are not reasonable wear and tear. You do have the right to be present during the move-out inspection provided you notify the landlord/manager with written intent.
Should the landlord need to use the deposit during your lease, the tenant must be told of the deduction 30 days before the date of usage.
If the security deposit is used, the landlord/manager must provide an itemized listing of expenses to the tenant. This listing, as well as a check for the balance of the deposit, is due to the tenant within 30 days after the lease’s termination.

When signing the lease to your rental property keep in mind that it is a legally binding document, for both you and the landlord. Make sure that you thoroughly read the lease and that you understand the entire document. If you have questions contact someone who might know a bit more about the topic, such as Student Legal Services on campus. This extra attention to detail might save you money in the future.
The payment of rent should also be included in your lease. Details on when to pay and to whom are topics that should be covered. Along these lines, it is also important that any initial improvements that your landlord has agreed to make based upon your property inspection should be included to ensure their completion.
Pay attention to any legal restrictions stated in the lease, such as the number of unrelated occupants, pets, etc. Signing the lease and knowing that you will be breaking a restriction could pose a violation of the lease and cause the landlord to take legal action to terminate the lease.
Be aware that it is extremely difficult to break your lease, and that even if you elect to legally terminate the lease you have to pay special attention to the correct procedures of notification as set forth in your lease itself, or by a lawyer.

Insurance is a must in any situation where your belongings are involved. Similar to home insurance, renter’s insurance is the best way to make sure you have money on hand to replace your television if it is stolen, or to replace your books if there is a fire. There are a number of policies available to you, but it might take some time finding the exact right one.

Subleasing can be a very tenuous arrangement because of the legal liabilities it places on both the original tenant and the new subtenant. It is important to realize that although someone else is residing in the rental space, you are still responsible for the original lease; therefore, your sublease should be as close as possible to the original lease.
Before even considering subleasing your rental property you have the responsibility to ask your landlord/manager about the topic. They may already have a specific form to use, and they may have additional fees required in this situation.
If yes:
Go through the property with the subtenant and carouse for damages. Using a form similar to the Damage Checklist will help in keeping things consistent, and also bring your attention to damages that might have occurred since your own lease began. Prepare three copies of this list: one for you, one for the subtenant, and one for the landlord.
When you begin to put together your sublease consider the financial side. Do you want the subtenant to pay you or the landlord directly? And are you going to require a security deposit from the subtenant, and if so how much are you going to require? You want to make sure that you cover all possible situations so asking for a security deposit, much like the landlord asked of you, is not an unreasonable request.
With the financial portion of the sublease complete, continue on to the responsibilities of the tenant with the rental space. Make sure that the sublease terms reflect the original lease. Include in the sublease reference information for the subtenant, as well as a parent’s contact information, in case of emergency. Upon final agreement, the sublease should be copied in triplicate for you, the subtenant, and the landlord.
If no:
Speak with your Landlord/Manager about reviewing the subject and discuss the potential of securing their permission based upon your situation (summer break, study abroad, family emergency, etc.)