When buying an investment property or renting one yourself, it is important to be aware of the common conditions. Both landlords and tenants, you hold specific responsibilities. The following provides the basics of Bennington apartment rental conditions.

Categories of Tenancy

Tenancy can be at-will or by lease. There are pros and cons to both, but the primary difference involves the length of occupancy. Leases note definite time frames while tenancy-at-will is more flexible. Before offering a specific type of tenancy, property owners typically consider the impact of particular dates (i.e. colder weather), the expense of finding new tenants, and other similar situations.

Responsibilities of the Parties

Both landlords and tenants hold specific obligations. For example, landlords must maintain minimal standards of safety and cleanliness (as defined by law). Tenants must submit rentals payments and not damage a property other than typical wear and tear. Other conditions can be written in the rental terms, although some conditions may either be mandated by law or forbidden. Ultimately, it is essential for both parties to understand their rights and to understand all provisions in an agreement prior to acceptance. It is possible for some terms to be negotiated to meet the needs of both parties.

Types of Deposits

One of the basic components in any tenancy agreement involves deposits. A security deposit may be required to cover expenses related to damages. Rent for the last month is also sometimes requested in order to prevent tenants from applying security deposits towards the last month or to facilitate 30 days notice. It is important to have receipts for all deposits given. Bennington laws may dictate maximum amounts, where funds are deposited (i.e. into an escrow account with interest), and when it must be given back to tenants.