Anytime a person enters into a rental situation there is a lease agreement involved. This lets both parties know what all of the rules and regulations are and what is expected out of both sides. These legal agreements are of course also used in the self storage industry, and it is very important for new tenants to read over the entire thing and to familiarize themselves with it.
The rental agreement will let the new tenant know what type of a lease it is, when the rent is due, and what happens if the payment is delinquent.
Most self storage facilities are simply month to month, so a tenant is able to discontinue the lease whenever they need to. Oftentimes the tenant is required to give a written notice to the facility manager as to when they will be vacating their space, so there is a record of it. This information is all spelled out in the rental agreement.
The written lease explains to the new tenant about the store policies concerning when the rent is actually due, any type of a grace period that is given, and what happens if the rent is not paid within this timeframe. For example, a company will often allow rent that is due on the First of the month to be paid as late as the Ninth without any extra penalties. On the Tenth day of the month however, the gate code for the tenant will no longer work and they will be assessed a late fee. If the renter continues to not pay the monies owed, then further action can be taken. After thirty days, the store manager may apply an over-lock, so the customer is not able to get into their unit. Another fee is added to the bill at this time to cover the cost of the labor. After forty-five days a unit can be put up for public auction for non payment. Yet another fee is added, to help to defray the costs incurred facility. Each state has its own set of laws concerning the timeframe and the procedures that a self storage company must take before anything is auctioned. All of this is laid out in meticulous detail in the lease that the tenant originally signs, so it is imperative that even an experienced renter read the fine print.
The lease agreement will also explain to the tenant all of the details for any security deposit that they paid on their new self storage unit. It makes clear that this deposit money is used to repair any damage that occurs while the tenant is in possession of the unit, or if the space is not completely cleaned out at the end of the lease. If the unit is left in good condition and swept clean, then the tenant will receive their deposit money back. This is usually mailed to the former customer in the form of a check that they will get in the mail in a couple of weeks.
The lease will explain the rules about what can and cannot be put into a self storage unit. Things such as food and live plants cannot be stowed away because they attract bugs and rodents. Explosives, ammunition, and petroleum products cannot be stored because they might blow up. And obviously anything illegal is not allowed in the unit, such as a stolen car, a murder weapon, or a meth lab.
Every tenant must sign a rental agreement before they rent a self storage unit. And they should always read it carefully before ever signing on the dotted line. Taking a few minutes upfront to understand the lease can save a lot of heartache in the future.
Brought to you by:
StorageMart — Your local self storage unit provider in , , , , , , , , , , , , and .
Tweet This Post