What you should know before signing a lease

 

Moving into a new home is an exciting milestone in your life journey. Whether you're stepping into your first apartment or upgrading to a more spacious home, understanding the lease signing process will help make your transition smooth and worry-free. Let's explore some key points about signing a lease to help set you up for success.

What is a lease?

A lease is a legally binding contract between you and the property owner that outlines the terms and conditions of your residency. A lease establishes a fixed term — usually 12 months — during which both parties agree to specific conditions regarding the use, maintenance, and payment for the rental property. This distinction becomes particularly important when considering your long-term housing plans and financial commitments.

 

What are the steps of the lease signing process?

The lease signing process varies by location but generally begins with submitting your application and any required supporting documentation. These will be reviewed against the property's rental criteria. During the application process, you may need to provide proof of income, employment verification, and other required documents depending on the property. If the property is happy with all of your documents, you may be put into a conditional approval phase. Then, you'll likely move forward with the income verification phase, where your financial information is reviewed against rental criteria and income requirements. The entire approval process typically takes a few business days, though the exact timeline can vary based on the specific property and your individual circumstances.

Here's a quick overview of the steps surrounding the signing process and what you can expect:

1. Lease creation 

The property manager prepares the lease document with all terms, conditions, and property details. The property manager typically delivers the lease via email, an electronic signing platform like DocuSign, or provides a physical copy during a property viewing or office meeting.

2. Renter reviews and signs

After receiving the lease, examine all clauses before providing your signature to make it legally binding. Review this carefully to ensure it includes accurate property information, the correct rental amount, security deposit requirements, and clearly defines maintenance responsibilities. Pay special attention to the lease duration, payment schedule, pet policies, and any restrictions on property modifications or occupancy limits. It may also be beneficial to review the lease with legal counsel to ensure you fully understand all terms and conditions.

3. Property manager countersigns

Once you've signed, the property manager will add their signature to finalize the agreement and provide you with a copy of the fully executed lease. This countersignature activates the contract, so confirm receipt of your copy and store it safely for future reference regarding your rights and responsibilities.

4. Jointly or individually bound

When multiple tenants sign a lease, they may be either jointly or individually bound to the terms. Joint responsibility means all tenants share equal responsibility for rent and maintaining the property. For example, if one tenant can't pay their portion of the rent, the other tenant or tenants are obligated to make up the difference. Individual responsibility means each tenant is solely responsible for their portion of the obligations. If one tenant can't pay, it doesn't affect the standing or financial obligations of the others.

 

Can you add an occupant to a lease after signing?

Adding an occupant requires proper documentation and approval from property management. The process involves updating the lease agreement and ensuring the new occupant meets all rental requirements. The new occupant will likely have to undergo a background check to confirm their eligibility and compliance with community screening requirements. Once all documentation is verified and approved, the updated lease agreement must be signed by all parties involved to formalize the arrangement. This process ensures a seamless transition and fosters a harmonious living environment within the community.

 

How much can a property manager charge for a security deposit?

Before signing a lease agreement, you should understand security deposit requirements. Typically, tenants are required to pay a security deposit of some kind. The amount can vary by location and property.

Be sure to familiarize yourself with the timeline and process for the return of the deposit at the end of the lease. This due diligence will help safeguard your interests and prevent potential disputes with the property manager.

 

Take your time

Make sure you never feel rushed when signing a lease. Take the time to fully understand the terms, ask questions, and seek legal counsel to make sure you're fully informed and happy with the agreement. Your lease represents the legal right to occupy your new home, and we want to make sure you feel confident and taken care of.

While property managers may offer early renewal incentives, it's always a good idea to weigh your options and consider your plans before committing to a new lease. Take your time to review the terms and conditions, and don't hesitate to ask questions if something isn't clear.

 

Questions to ask before signing a lease

Before you sign the lease, it's important to ask the right questions. Here are several essential inquiries to make during your leasing process:

• Maintenance protocol. Every community has specific procedures for maintenance requests and emergency repairs. Ask what the proper procedures are and how quickly you can expect a resolution.
• Payment options. Modern communities offer various ways to pay rent, from online portals to automatic withdrawals. Ask about your options and any associated fees to help you plan your monthly budget effectively.
• Community policies. Each property has unique rules about guests, pets, parking, and common area usage. Be sure to ask about the policies before moving in to prevent surprises down the road.
• Insurance requirements. Renters insurance policies protect your belongings and provide liability coverage. Ask about coverage requirements and see if there are resources to help you select the right policy for your needs.
• Amenity access. Community amenities often have specific hours and usage guidelines. Asking about these details helps you make the most of your community's features and plan your schedule accordingly.
• Transfer options. Residents interested in transferring apartments between Greystar properties should inform our team and ask about our transfer policies.

For those who have been approved for an apartment but haven't signed the lease yet, taking time to review these details can prevent misunderstandings and make your leasing experience more positive.

Remember, these questions to ask before signing a lease aren't just formalities—they're your opportunity to fully understand your future home and community. By taking time to review these details, you're setting yourself up for a successful and enjoyable living experience in your new apartment home.