Are you about to sign your first lease? Understanding what should be included in this important document is crucial. A lease is a binding agreement that outlines your rights and responsibilities as a tenant. Here's a rundown of the essential information that must be included in a lease.

Names: The lease should include your full name, the full names of roommates you'll be moving in with, and your Landlord's name.

Address: The address of the rental property as well as the address of your landlord must be in this contract.

Rent information: The security deposit, which is refundable, must be stated and cannot be higher than one month's rent. Usually, this will be paid after viewing the home, and after you sign your lease. Your rent amount and payment method for this rent will also be included in the lease. There should be no other fees to pay before signing your lease.

Payment date: Confirm the due date for rent payments (usually the first or last of the month) and any late fee penalties.

Utilities: The utilities included in the rent will be stated along with those that will be your responsibility.

Lease term: Verify the start and end date of the lease and any options for renewing or extending the lease.

Responsibilities

Maintenance and repairs: Review the landlord's responsibilities for maintenance and repairs and the process for requesting repairs. Ensure that you and the landlord agree on terms of entry. Your landlord cannot enter unless you give a verbal or written agreement.

Termination and eviction clauses: Make sure to review the terms and fees for terminating the lease early and the process and reasons for eviction.

Subletting: Check if subletting is allowed and the process for obtaining permission from your landlord for someone to take over your lease.

Policies

Allowances: These are the changes you're allowed to make to the property like Alterations and decorations. Check for any restrictions on adding semi-permanent changes, permanent changes or decorations to the rental unit (painting walls, nailing art to the wall, etc.).

Pets and smoking: These policies on pets and smoking in the rental unit will be important to note as they will have fees associated with their allowance.

Additional clauses: Guest policy: Understand the policy on overnight guests and any restrictions.

Governing laws: Check if there is any mention of local or state laws that govern the lease. In Alberta, the lease terms are governed by the Residential Tenancies Act.

Additional terms: Read through any additional terms or clauses that don't

Knowing how to read your lease will ensure that you're aware of your rights and responsibilities while you live off campus.