When you use a rental agent like us to find a rental home in Port St Lucie, you might be given a document called “A Contract to Lease.”
Here is a general overview, based on years of successfully helping people like you find a rental property in Port St Lucie.
What is the Contract to Lease?
The Contract to Lease is your promise to lease the property when your application is accepted by the landlord.
It is not the lease itself. It lays out all the terms that will go into the lease.
It will be prepared by the Realtors involved and will be signed by you and the landlord.
It will
- Map out the payments during the application process,
- The timing of any additional monies
- Be clear on dates and deadlines.
- Clearly designate what are the first payment, security deposit, and other fees.
- Who will hold the deposit?
When is A Contract to Lease filled out?
Generally, the Contract to Lease will be part of your application process.
It is your offer to lease the property according to the terms specified. We work with the landlord to get it pre-filled according to the landlord’s plan.
All you need to do is read, review, ask questions, and then sign.
Often, you will submit this along with your background check, credit check, and any other application paperwork that the landlord will request when you apply to rent a property.
Remember, the Contract to Lease is a contract – it is your offer, made in good faith, that you will rent the property if accepted.
When both sides have signed, it’s a contract between you and the landlord to keep the process going.
Is a Contract to Lease always needed?
The short answer is no.
Not every landlord or rental agent will require it.
We have helped people find a rental property in Port St Lucie, Fort Pierce, and Vero Beach that did not use the Contract to Lease as part of the process.
What happens when both sides have signed the Contract to Lease?
Once you and the landlord have signed the contract to lease, this is going to be your rental property.
The landlord or their agent will remove the property from the market.
You are committed to leasing the property.
Once both you and the landlord have signed the Contract to Lease, you are responsible for turning in the deposit, signing the lease itself, and if necessary, applying to the HOA within the timelines mentioned.
Then what?
The actual lease between you and the landlord will be drawn up by an attorney or the Realtors involved and signed by all.
Florida Realtors are not allowed to draw up leases. Realtors can fill in a standard lease approved by the Supreme Court of Florida.
The landlord may have an attorney draw up a lease. You may have to pay a lease preparation fee, but that will be mentioned in the Contract to Lease.
In either case, the terms spelled out in the Contract to Lease will transfer over to the Lease itself.
You and the Landlord will sign the lease.
What if a Homeowners Association approval is needed?
Your Port St Lucie rental unit might be in a homeowners association, a gated community, or a condominium.
If a Homeowners Association approval is needed before moving in, the Contract to Lease and the lease will mention this contingency. You are responsible for applying to the Homeowners Association and paying their fees according to the Contract for Lease.
If you don’t receive the approval, everything will be undone, deposits and advance rents returned (no application fees are returned). You can continue searching for another property.
If there is no Homeowners Association contingency, or once you are approved by the Homeowners Association, you will be able to move in on the schedule defined in the Contract to Lease.
You must complete the transfer of initial monies to the landlord as spelled out in the Contract to Lease before you receive the keys. The Contract to Lease keeps the deadlines at the forefront.
Final Point
A Contract to Lease is your commitment to lease the property you are applying for. Do not sign it until you are comfortable with the terms and your commitment to go through with it.
If you have questions about the lease itself, talk with us and we’ll show you the blank leases we use. When you work with rental agents like us to find your rental property, we will have blanks we can show you and discuss.
