What do you need to know when signing a lease?

A month-to-month lease is a short-term agreement between a lessor and lessee. At the end of the month, a month-to-month lease can either be renewed, or if proper notice is given, terminated without penalty. These agreements give tenants flexibility, but less stability, as landlords can change terms from one month to the next.

Fixed-term leases vary in length but most commonly range from six months to a year. They offer more security for both tenants and landlords. Landlords are assured of filling a unit for a specific period of time, and tenants are assured of the same rent payment every month of the lease.

A rent-to-own lease is a contract that allows a tenant to buy a property after renting for a specific period of time. This type of lease allows a tenant to save for a down payment or put part of their monthly rent payments toward a down payment. While this type of lease paves the way for homeownership, it's often more expensive than buying a home conventionally.

The amount the tenant is required to pay each month in return for use of the property.

The length of the contract. It specifies how long you can live in the property given timely rent payments and adherence to property policies. Once a lease comes to the end of its term, a tenant is given the option to renew the lease, negotiate a new lease, or leave the property.

The date when rent is collected every month. Rent is most often paid in advance and due on the first of the month. Some landlords allow tenants to negotiate this date or make multiple payments over the course of the month.

The lessor-approved sources of payment from the lessee. Common forms of accepted payment include cash, direct deposit, check, debit card, credit card, and payment apps, but some forms come with fees. Accepted forms of payment vary widely from lease to lease, so it's important for both sides to communicate their preferences and come to an agreement.

The amount of money owed to secure the lease. A security deposit is used by the landlord in the case the tenant fails to pay rent or damages the property. Tenants are entitled to the return of their deposit if terms of the lease are fulfilled. The lease will also dictate how quickly the security deposit must be returned, usually 30 or 60 days after the lease has ended.

A list of charges or potential charges, including application fees and late-rent fees. These fees may be deducted from a tenant's security deposit.

Rules and guidelines specific to the lessor and the lessor's property. Many property policies can be negotiated if desired. Here are a few of the most common policies that are addressed in a lease and many property policies can be negotiated if desired.

• Sublease: A separate agreement between the tenant and a separate tenant not specified in the original lease. Most leases prohibit these arrangements, but it must be explicitly stated in the original lease. Subleasing is a favorable practice for tenants who may move before the end of their lease term or are unable to make rent payments. Landlords generally frown upon subleases because they're often unable to vet the new tenant.
• Pets: Rules and fees related to a tenant's pets. Some landlords don't allow pets on their property, but if they do, pet owners should expect to see language in the lease outlining fees, deposits, behavioral expectations, and even the size of their pets. A tenant can be evicted if they attempt to sneak a pet into the property.
• Guests: Visitors to the property who are not included on the lease. Guests are rarely prohibited on a lease, but there are often limitations or restrictions. Tenants are usually liable for any damages made by a guest, and most leases will limit the length a guest can stay without being considered a tenant. Landlords may also limit the number of guests allowed on the property or in the unit.
• Alterations: Approved and prohibited changes to the property, including structural or aesthetic changes. Most leases will detail the process of how tenants can get alterations approved and expectations for conditions at the end of the lease term.

A legal process that must be executed by the landlord to remove a tenant from a property. Tenants can be evicted for violating the terms of the lease. If you're being evicted, consult your state's eviction laws.