Lease Agreements: By Type (6)
|Standard (1-year) Lease Agreement – A contract designed to rent out residential property for a fixed term with monthly rent installments.
|Commercial Lease Agreement – A rental contract used to rent out property for business purposes.
|Month-to-Month Lease Agreement – A contract for landlords who wish to rent out their property on a monthly basis without a fixed term.
|Rent-to-Own (Lease Option) Agreement – A lease that enables a tenant to purchase the property after renting it for a designated period.
|Roommate Agreement – A document used by roommates who wish to establish certain terms and conditions of living together (rent amount, deposits, utilities, etc.).
|Sublease Agreement – An agreement for tenants to rent out their current rental space to a subtenant.
Maximum Amount ($) – There is no maximum amount for security deposits.
Collecting Interest – There’s nothing in the state statutes that requires the landlord to collect interest made on the security deposit on behalf of the tenant.
Returning to Tenant – Security deposit refunds must be made within 21 days unless the lease agreement says otherwise (can’t exceed 30 days).
Itemized List Required? – Yes, if the landlord makes any deductions from the security deposit less the full amount, they must give the tenant a written statement of the amounts and reasons for the deductions.
Separate Bank Account? – No deposits are required to be kept in a separate bank account.
General Access – State law doesn’t specify the landlord’s right of access.
Immediate Access – Although it isn’t mentioned in state law, landlords are reasonably allowed immediate access in emergencies.
Grace Period – There is no grace period required for rent payments.
Maximum Late Fees ($) – State law doesn’t set a maximum amount landlords can charge for late fees.
Bad Check (NSF) Fee – The landlord is entitled to charge a fee of up to $20 for bounced checks.
Withholding Rent – The tenant is only permitted to withhold rent for the cost of installing smoke detectors if the landlord doesn’t install them after receiving written notice.
Breaking a Lease
Lockouts – Landlords cannot change the tenant’s locks during their tenancy.
Leaving Before the End Date – No statute.
Unclaimed Property – When a tenant is evicted, they will have 72 hours to remove their personal property before the landlord can claim it. If the property is left by a tenant who wasn’t evicted, the landlord must file an eviction complaint and get a court order to remove and sell the property.