9 Things to Know about Short-Term Leases Before Signing
Imagine with me for a moment that you are about to take a brand-new car for a test drive. You show up at the dealership, pick out the vehicle you’ve had your eye on, and stretch out your hand, expecting the keys.
Every year, car manufacturers hold sign and drive events, and every year potential car buyers show up in droves to lease a car. We’ve all seen the fancy commercials for sign and drive events. Most of us have chuckled as the narrator reads the fine print at the end. But do we really understand what’s in it?
Not much different from a car lease, rental property leases can be difficult to understand as well. But leases are no laughing matter. In fact, not knowing what’s in your lease can hurt you in more than one way. Let’s look at 9 things you should know and understand about your short-term executive housing lease before you sign it.
1. Every Lease is Legally Binding.
Leases are legally binding agreements between parties--in this case you the tenant, your landlord, and maybe the property management company. The lease outlines what is expected of all parties. Legally binding simply means that the terms are enforceable and failure to uphold them can result in penalties for the parties involved. Often, these penalties are monetary, but other penalties are also possible.
When it comes to your short-term furnished corporate apartment, you should read and understand your lease before you sign anything.
2. Every Lease is Unique.
This cannot be oversimplified. Even if you’ve signed a dozen leases in your lifetime, read all sections. Each lease is unique. Each landlord and property management company are unique. Assume nothing.
3. You are Responsible for Knowing Everything in Your Lease.
Do not sign your lease unless you understand every part of it. You also should not sign the lease if any of the information about the unit, fees, or extension and termination guidelines is incorrect or missing not sign until the lease a corrected copy is provided. Once you sign, you are legally bound to the terms of lease. This document is here to protect both the landlord and you.
4. All Occupants Must be Disclosed.
If the person is living with you, they must be on the lease. It’s that simple. Undisclosed tenants can be grounds for early termination and loss of the security deposit.
5. All Pets Need to be Disclosed.
Just like undisclosed inhabitants can cause you to violate your temporary executive housing lease, undisclosed pets also break your lease. Having an undisclosed pet in a leased unit can cause you to accrue unnecessary fines and lose your housing, and your security deposit. You can also be assessed for back-due pet fees, retroactive to the date you moved into the short-term corporate apartment.
6. All Property Details Must Be Correct.
All details about amenities, furnishings, and other provisions mentioned in a lease should be correct and thorough. Ensure they are accurate and complete prior to signing the lease.
7. You are Responsible for Knowing All Fees Outlined.
From early-termination and extension clauses to proration and security deposits, you must know and understand all lease fees and rates. There are many lesser-common fees that may be included that you will not about without a careful reading of your short-term rental agreement.
8. Every Lease Lays Out Early Leave and Extension Guidelines.
If you need to leave early or extend your short-term lease for any reason, you should consult your lease prior to contacting your landlord. The lease will disclose any additional fees you may incur. Additionally, your rental rate may increase if you need to extend your stay.
9. Every Lease Defines Grounds for Termination.
Just as each lease agreement lays out guidelines for early leave and extensions, each lease also defines violations that are grounds for termination. Violating a furnished, corporate rental agreement is a big deal, and it can come with costly repercussions to the renter.
You can avoid many costly mistakes by knowing and honoring your lease agreement. Having an attorney knowledgeable in short-term rentals can help answer any questions that arise. You may also ask the landlord to explain any clauses that are unfamiliar to you. By reading through each section of your lease with care and checking it for completeness, you can be sure that you are agreeable to the terms and are prepared to sign your executive short-term lease.
If you are seeking a corporate furnished apartment in Florida, Sunchoice Corporate Housing serves business executives, government, and military personnel, traveling healthcare workers, and more. Sunchoice specializes in high-end furnished executive suites. You can find out more information by visiting their website.