Glossary of Leasing Terms BREACH: An act that breaks any term detailed in the lease. COSIGNER: See Guarantor. CREDIT REPORT: A report of your financial history, specifically your ability to repay loans, which the management company uses to judge your reliability as a rent-paying tenant. DURATION (OR TERM): The amount of time you are agreeing to be held to the lease. Most leases have a duration of six or twelve months. GUARANTOR (OR COSIGNER): A person who guarantees payment of rent by signing alongside the resident, even if they won’t be living in the apartment. A cosigner is often required if you’re unable to prove a specified amount of income. Often, a parent or guardian with a regular income will cosign for a student renter. LANDLORD: The person who rents and/or manages the rental property and collects payment from the tenant. MONTH-TO-MONTH: A type of duration (or term) in which the terms of the lease only apply for one month at a time, after which the tenant may re-sign or move out. MOVE-IN INSPECTION: A list of all fixtures and details of the property’s condition to be filled out by the tenant upon move-in and used after move-out to record any damages. For example, if there’s a stain on the carpet when you move in, you would note the specifics on the inspection to avoid being charged for cleaning that particular stain when you move out. NOTICE PERIOD: The amount of time prior to when you plan to move out (or extend your lease) when you must inform your landlord — often in writing. Most leases have a notice period of one or two months. I.e. you must turn in your written notice 30 or 60 days before the lease term is scheduled to end to avoid being automatically reentered into another term or charged a fee. OCCUPANCY: The number of people legally allowed to live in the property. PET DEPOSIT: The fee you pay upon signing the lease as a guarantee against any damage your pet might cause. E.g. if your pet damages the carpet, money to replace it will be deducted from your pet deposit.
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