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Leases for Apartment Buildings: What are Your Options?

A modern apartment building available for leaseAn apartment is usually the first option for many first-time renters. Renting an apartment, however, comes with various unique challenges that can quickly sour your first stab at independent living. One of the aspects that you should handle diligently is your lease.

Getting a Denver-based real estate lawyer such as Miller & Steiert, P.C. to help you assess your lease is hence essential. There are various types of apartment leases the lawyer will advise you to get. Here are some of these leases.

Periodic Leases

A periodic lease is sometimes called a month-to-month. In this lease, you and your landlord have every right to terminate your lease at any time. Any of you who chooses to terminate the lease for whatever reason is, however, legally required to give the other party a notice, which in most cases is 15-30 days.

Since this apartment lease is automatically renewed monthly, your landlord is allowed to raise the rent monthly with notice.

Fixed-Term Leases

These leases have a specified period and include a pre-determined monthly rent. They range from a few months to years, and you can renew this after their expiry. With a fixed-term lease, you will pay rent for the entire period of your contract even if you vacate before the contract is over for whatever reason.

Some property owners might allow you to escape payment of full rent if you vacate early but impose a penalty.

Proprietary Leases

In this lease arrangement, you will purchase shares of your apartment and become its part owner. You will be required to pay various monthly costs, but all decisions on the use and alteration of your apartment are subject to your housing co-op’s rules.

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Should you break specific regulations, the co-op has a right to terminate your lease.

Most people will sign a lease without thinking twice. The above leases, however, all accord you and the property owner various rights and responsibilities. Signing a lease without a lawyer present will hence be a risky legal affair for you.