Are you looking for property rentals in New Jersey? And are you unsure of how to find a rental unit that fits your needs? Do you want to know more about residential agreements? Then keep reading to know all the details. You can find a well-written template for a New Jersey residential lease agreement on CocoSign.
What Is a New Jersey Residential Lease Agreement?
The New Jersey residential lease agreement is a binding contract between a landlord and a tenant. Such a contract has a validity of one year. This is the most popular standard lease agreement for renting out residential properties to tenants.
The NJ lease agreement incorporates all essential details including rent, utilities, and responsibilities of both the landlord and the tenant. It is available in two forms:
- The New Jersey association of realtors standard form of a residential lease.
- The New Jersey standard lease agreement.
The NJ law restricts the amount of security deposit to a maximum of one and a half times the monthly rent. However, if the tenant chooses to renew his lease after a year, the landlord can raise the amount by 10%.
It is mandatory for the landlord to return the deposit amount within 30 days of the tenant reclaiming it. Failure to do so can lead to legal action against the landlord. However, in case of property damage, the landlord can legally keep some of the deposit amounts.
The state law grants the tenants a 5 day grace period to pay their rent past the due date. After this period, the landlord can impose a fine on the tenant.
Required Disclosures for a New Jersey Residential Agreement
The federal law requires the landlord to inform the potential tenants about the terms and conditions of the agreement. The agreement includes all the details about the due rent, utilities, validity period, etc.
- Flood Zones: If the rental unit is located in a potential flood zone, the landlord must inform the tenant. The tenant can also look up this information on the Flood Zone Lookup Tool. This information must be present in the lease along with its dangers.
- Lead-Based Paint: If the rental unit was constructed before 1978, there is a chance it may contain lead-based paint. It is the landlord’s responsibility to inform the tenant of this hazardous information.
- Truth In Renting Statement: This is a statement that describes all the rights of the tenant as well as the landlord. Moreover, it also describes their responsibilities. It is the legal responsibility of the landlords to provide this information to the tenants. However, this does not include the tenants who had signed the lease less than 30 days ago.
- Window Guards: Each lease must address the responsibilities of the landlord regarding the installment and maintenance of window guards on the property.
Who Needs a New Jersey Residential Lease Agreement?
Anyone who wishes to rent out his/her property to a potential tenant needs the NJ residential lease contract. This lease agreement is valid for a one-year duration. Moreover, the document provides complete legal coverage that is essential for leasing a property.
Furthermore, those who prefer a relatively longer commitment rather than a short contract also require a standard NJ lease agreement. Similarly, it offers the same benefits to tenants who wish to have a long-term contract.
Under the State law, both the landlord and the tenant must follow the terms of the NJ lease agreement. A landlord who wishes to check the tenant’s credentials before signing the lease must have a rental application from the tenant.
What You Can Use a New Jersey Residential Lease Agreement for?
The New Jersey standard residential lease agreement is a legal contract between a landlord and a tenant. However, one can only use NJ residential agreement for residential purposes and not for commercial purposes.
A landlord can use this agreement to rent out a building/portion of it, an apartment, or an entire unit. This agreement allows the tenants to rent units for a year rather than a few months. Therefore, the parties can use this agreement for a long term contract.
In addition to eliminating the hassle of renewing the lease frequently, the agreement also sets terms between the parties.
What Are Included in a New Jersey Residential Lease Agreement?
Typically a standard lease agreement NJ depends upon the type of agreement that the parties sign. In general, a simple residential lease agreement contains the following factors.
- Address of the Rental Unit: The lease agreement must include the complete address of the rental unit. This includes the street number, unit number, and also the state.
- Validity: The lease agreement must state clearly the time duration for which the agreement remains valid. The start date and the end date must appear clearly on the agreement document. This prevents any conflict in the future.
- Rent Details: The NJ residential lease agreement should incorporate all the rent details. These details include the amount of rent due and the date by which the tenant must pay the rent. Moreover, any other term associated with the rent payment should also be present in this section.
- Sharing of Utilities: The lease agreement must declare who is responsible to pay for the expenses of the utilities. The landlord and the tenant can agree on either sharing of utilities or including it in the monthly rent.
- Pets: The landlord and the tenants must decide in the agreement whether the tenant can keep any pet or not. Some landlords do not allow pets in their property so it is better to decide it in the agreement.
- Other Terms: The lease agreement should include other terms like grace period or fine charges. Whatever the grace period the landlord allows should appear in the lease document. Likewise, the fine the landlord may demand on late rent payment or violation of the agreement is important to include too.
You have read the laws regarding the New Jersey residential lease agreement. If interested, you can download a free NJ standard lease template from CocoSign. CocoSign offers a large variety of templates for you to choose from.
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