Understanding Idaho Rental Lease Agreements

When people rent, sometimes they get so swept up in the thrill of having a new place to call home, that they forget to review the fine print on the documents they are signing. What they don’t realize is just how important it can be to have a good grasp on a comprehensive rental lease agreement in Idaho prior to signing on the dotted line. It isn’t just about paying the deposit and first month’s rent, after all. A rental lease agreement spells out all of the do’s and don’t’s of renting in the state of Idaho to safeguard both the tenant and the landlord. It’s essentially a contract and should be treated as such.

When done right, a rental lease agreement will ensure that the tenant has as much flexibility as possible in this crazy world we live upon while making sure that the landlord is reminded of what is okay and not okay to do. And if they do cross those boundaries, there are stipulations in place to make sure the tenant is compensated for any damages incurred.

What are some of the most common things a resolution for a bad rental lease agreement? The number one thing people complain about when it comes to leasing a property for the first time, is that their landlord or leasing office charges them silly fees for things they shouldn’t have charged them for in the first place, such as maintenance or repairs because they didn’t tell the tenant to begin with-just to name one example. Don’t let these issues happen to you by taking the time to sift through your lease agreement and make sure that the fees outlined in your agreement are fair and reasonable according to the law of the state and common sense.

It’s pretty easy to get charged for silly fees, but it doesn’t have to happen to you. If ever there is an issue, you have to ask. There are no mind readers in the landlord/tenant world unfortunately. An idaho rental lease agreement sometimes have legal specifications that aren’t present in other states. It’s important to educate yourself on these unique laws and ask about them if you have any questions.

It may seem like negotiating is a huge deal, but in the realm of leasing, it is. Oftentimes, landlords will allow you to negotiate on the deposit you have to pay and the amount you pay in utilities each month. Make sure that you ask for these changes when filling out your lease agreement. You never know what you are capable of unless you ask.

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I know some of you have come to The Budget Socialite to find ways in which you can ‘live richly for less’, after all, that is what this blog is all about. Well I must say, keeping up with real estate prices, and knowing the heights of the housing market just how far you can stretch your budget plays a humungous role in your ability to live richly and within your means. Real estate prices and how you manage/lower your mortgage payment, and successfully maneuver through the many different types of home purchase scenarios is extremely important if you want your home to grow in value over the next 5-10 years. Learning about legal vs equitable title can make the difference between making an intelligent home purchase and doing one that will work against you financially.

While researching another topic I ran across this promoted post over at Legal v. Equitable Title in Real Property that I found to be interesting since it was something I was not too familiar with. It gave a detailed rundown on some of the different purchasing scenarios for real property that I had not considered before and made me think twice about the consequences of buying a home. I suggest you read the article if you are serious about purchasing a home because “who owns legal title to property also has power over how property owned and sold.” Knowing whether you hold legal or equitable title to your property or not will empower you greatly when it comes to making smart buying decisions.

Understanding the meaning behind legal title and equitable title along with how it can affect the money you spend is critical if you want to keep to a budget. Basically legal title is what actually registers on government records as real property ownership, whereas equitable title is what the actual grants of title and deeds provide to the purchaser of property. Legal title must be transferred if you want to officially own a property whether new or used. Equitable title is what allows the buyer to use the property as their own.

So while having legal title may mean less money up front for a home purchase, not understanding the repercussions of selling a home with equitable title could cost you much more in the long run. If a buyer holds equitable title to a property, they do not make a decision on the selling price, the seller does. And, the buyer is bound by the seller’s decisions in the sale of that property. If you don’t hold legal title to a property you cannot make decisions on the sale of that property, and must trust the seller to honestly give you what the home is worth.

The difference between legal vs equitable title is important if you are looking to purchase property to sell later on down the line for a profit. Knowing whether you hold legal or equitable title to a given property will make you much more savvy when it comes time to sell, and this can mean saving you thousands upon thousands of dollars.

For more information on property ownership, you can visit Wikipedia’s page on Property Law.