It stipulates the monthly rental price, the payment due date, the length of the lease and the consequences if one of the sides breaks the agreement. Also contained in the lease is information outlining such minutiae as which of you pays the utilities, whether pets are allowed, and any other restrictions and requirements the landlord wants to include.

Read your lease agreement very carefully before you sign it. You will be held accountable for knowing everything on the agreement, even if you never read it. Also, keep a copy of the lease for your records. It may come in handy if you have a question about what you are or are not allowed to do.

What a lease generally contains

Cosigners
If the landlord is not convinced that you will be able to make your payments, you may be required to get a cosigner. This is someone who will share financial responsibility for the lease. If for some reason you are unable to make the payments, the cosigner will then be required to make the payments.

Breaking a lease
You should avoid breaking a lease if at all possible. Each lease agreement has its own penalties for not honouring the outlined terms. Some only require the payment of a penalty. Some will require you to continue paying rent until the apartment is re-rented. Check your lease to make sure you can handle the financial ramifications that come with breaking a lease -- before you break it.

Clauses to be aware of

Clauses you might want to add