New Jersey Apartment Lease Agreement
A New Jersey Apartment Lease Agreement provides a framework for both parties to establish conditions for leasing residential property. The landlord typically seeks the tenant's approval to conduct a credit check to confirm their income and employment status. The parties will negotiate and sign an agreement if the tenant meets the criteria. Upon approval, it's standard for the tenant to cover the cost of the security deposit, the first month's rent, and any additional charges stipulated by the lessor.
To ensure you adhere to state laws, our New Jersey Apartment Lease Agreement template will assist you with a lawful document.
Legal Aspects
Regarding the legal aspects, it’s crucial to note that a New Jersey Apartment Lease Agreement is governed by specific laws to protect both parties’ interests. These laws regulate security deposits, lease terms, and landlords’ and tenants’ rights and responsibilities. Both parties should familiarize themselves with these legal provisions to ensure a smooth and lawful tenancy.
Security Deposit
- Maximum Deposit: An owner is restricted from demanding more than one and a half times the monthly rent as the initial security deposit. Any additional security deposit collected cannot exceed 10% of the current deposit.
- Interest Accumulation: The landlord must deposit the security amount in an interest-bearing account in a bank, a savings and loan association, or an insured money market fund established by a New Jersey-based investment company.
- Refund of Deposit: The landlord is obligated to refund the security deposit, along with any accrued interest, less any lawful deductions, within 30 days following the lease termination.
- Itemized Deductions: Upon returning the security deposit, the landlord must provide the tenant with a detailed list of any deductions made from the deposit and any interest or earnings accrued on the initial deposit.
Entry and Access
- Standard Access: The landlord must give the tenant at least one (1) day’s notice before entering the premises for inspection or repair.
- Emergency Access: In situations concerning safety or structural emergencies, the owner is permitted immediate access to the property.
Pets Policy
Prior to permitting pets on rental premises, it’s crucial to formulate comprehensive pet policies that detail the terms and conditions in a New Jersey Apartment Lease Agreement:
- Considerations: Consider aspects such as pets’ permitted number and size, specific breeds, and any mandatory vaccinations.
- Communication: Incorporating these policies clearly prevents misunderstandings and guarantees that tenants know their obligations.
Disclosures
- Flood Zone Disclosure: If the property is situated in a flood zone, the landlord is required by New Jersey state law to disclose this to the tenant. The disclosure must be written in a specific manner.
- Lead-Based Paint Disclosure: For properties constructed prior to 1978, federal law mandates that landlords inform tenants about the potential presence of hazardous lead-based paint.
- Truth in Renting Act: Landlords must provide each tenant with an annual statement from the Department of Community Affairs. This statement outlines the rights and responsibilities of both tenants and landlords in New Jersey.
- Window Guard Disclosure: The lease agreement must include a bolded notice informing tenants of their right to request window guards if children aged 10 or younger will be residing in the unit.
You can also include a few other optional but recommended disclosures as follows:
- Statement to Senior Citizen Housing Residents Disclosure
- Bed Bug Disclosure
- Landlord Details
- Asbestos
- Mold Disclosure
- Non-Refundable Fees and Late/Returned Check Fees
- Smoking Disclosure
- Move-in Checklist
- A Utilities Disclosure
- Medical Marijuana Disclosure