Are you feeling lost in finding a well-drafted rental lease agreement form for renting out your property in New Jersey? Getting a lawyer to handle lease agreements can be quite heavy on the pocket.
Therefore, a great number of technicalities are embedded in creating a legally accepted New Jersey rental lease agreement CocoSign embeds these technicalities along with the regulations in its templates. These templates are available for the landlords to use and modify according to their needs.
What Is a New Jersey Lease Agreement?
The NJ residential lease agreement is a binding contract between a landlord and a tenant. This legal agreement provides the two parties with a clear understanding of their rights and responsibilities in the agreement.
Therefore, it serves as a complete guide for these parties by throwing light on state laws and regulations. Moreover, it contains other details like rent payment and sharing of utilities that help to avoid future conflicts.
There are various types of agreements. A lease agreement remains valid for a certain period, with a dedicated starting and ending date. These usually last for a year at a minimum. On the other hand, a rental agreement is more short-term and renews every month. The landlord usually possesses the power to terminate it at will.
The contract contains all the terms and conditions necessary to maintain professional and pleasant decorum and the relationship between the tenant and the landlord.
New Jersey Landlord and Tenant Laws
New Jersey caters to its own set of laws for tenants and landlords to maintain a mutually beneficial equilibrium in the community. A few of these include:
- Security Deposit Laws: The state law limits the maximum amount of security deposit that the landlord may demand. This is equal to one and a half times the rent due each month.
On renewing the lease for another year after the first one, a 10% additional fee may be demanded. As per the law, the landlord must return the security deposit within 30 days once the tenant moves out.
- Rent Grace Period: The lease agreement includes the date on which the tenant must pay the rent. However, the state allows the tenant a grace period of 5 days to make the rent payment. On the passage of this period, a late fee will apply to the tenant as per the lease agreement.
- Rules for raising rent: In case the landlord wishes to increase the rent, he/she must give a 30-day notice to the tenant. This helps prevailing justice among both the landlord and the tenant. However, the reason for the rent-increment must not be discriminatory.
It is important to treat each tenant equally regardless of their race, ethnicity, or religion.
New Jersey Lease Disclosures & Addendums
By the law, there are certain lease disclosures for NJ which are a must to be included in the contract. These are as follows:
- Flood Zone: If a landlord’s property is located in a known flood zone, it is mandatory that there should be a complete disclosure highlighting this fact in the agreement. It is important for the landlord to mention the hazards and dangers associated with living in a flood zone. Moreover, the landlord should mention the solutions, safety measures, and emergency flood relief numbers for the tenant.
- Lead-based Paint Disclosure: Lead-based paints were used in the buildings or units built before the year 1978. The NJ lease agreement should contain a disclosure that would warn the tenants regarding the presence of lead-based paint in their units or nearby along with its potential health hazards.
- Windows Guards: If children under 10 years of age live in the apartment, the landlord must install and maintain window guards. Additionally, if the tenant provides the owner with a written request for window guards, then the landlord must fulfill this request.
- Truth in Renting Guide Disclosure: The truth in renting guide is a vital part of any NJ lease agreement. It contains detailed information regarding the rights of the tenants.
Optional Disclosures & Addendums
Here are some lease agreement disclosures which are optional to include in an NJ lease agreement:
- Move-in Checklist: Before the tenants move in, a detailed list of prior property damages should be made and provided to the tenants so that the tenants are responsible for any future damages occurring during the lease period.
- Bed Bug Disclosure: It is recommended for landlords to provide information on current and previous bed bug infestations in the building or its units along with information on how to handle an infestation.
- Asbestos Disclosure: if the rental building was built before 1981, it is advised to provide tenants with knowledge about the presence of asbestos anywhere on the property.
- Mold Disclosure: The landlords are recommended to give thorough information regarding the status of any presence of mold on the property.
- Landlord name and address: New Jersey landlords are advised to provide contact details to establish proper communication in terms of updates, demands, and notices between the landlord and the tenants.
The New Jersey rental lease agreement, its laws, mandatory and optional disclosures are discussed in detail above. All you require is a lease agreement template to get you started.
One of the most convenient places to find ready-made NJ lease templates is at CocoSign, where there are various types to choose from, as per your preference. This will make your work easier and ensure none of the important legal factors are missing from your NJ rental lease agreements.
CocoSign represents a wide collection of legal templates covering all types of leases, contracts and agreements for personal and commercial use. All legal templates available on CocoSign shall not be considered as attorney-client advice. Meanwhile, CocoSign shall not be responsible for the examination or evaluation of reviews, recommendations, services, etc. posted by parties other than CocoSign itself on its platform.