What information is in a lease agreement?

Responsibilities of both parties:

According to Landlord/Tenant Law, the lease is the source of truth for all other responsibilities for the landlord and tenant, such as who pays for utilities and maintenance responsibilities.

Type of tenancy:

Most of lease agreements are for fixed-term agreements, approximately 1 year in length. Between the start and end date of the lease, as long as the tenant is in compliance with the lease terms, the landlord cannot regain possession from the tenant or raise the rent. The main advantage to this lease is it ensures that tenants are committed to stay at a property, so that there is not frequent turnover.

Some tenants are on “month-to-month” lease, which are leases for an indefinite period. Typically, if a tenant or landlord gives 30 days notice, the lease can be terminated. With sufficient notice, the landlord can also change the rent at any time. Most fixed-term leases have a clause that states they will convert to month-to-month at the end of the fixed-term.

Information on the security deposit

The security deposit, which legally cannot be more than 2x rent (3x if furnished or tenant has a waterbed), is the property of the tenant, but held by the landlord to enforce the terms of the lease. If the lease is followed with full compliance and there are cleaning or damage charges excepting wear and tear, than the landlord returns the deposit at the end of the lease. The landlord can claim the security deposit if the tenant owes unpaid rent, unpaid utility bills, or causes damage beyond reasonable wear-and-tear.