Indiana lease agreements are designated for commercial and residential property owners seeking tenants to occupy vacant space for a payment due every month, usually on the first (1st). The first step when approving a tenant for a rental contract is to gather all their information through an application. This will allow the property owner to verify with all the written references the tenant’s; monthly income, employment (past and present), rental history, and a credit check. After the verification process is complete the landlord will have an idea of the amount the security deposit.
Form Description Types
Indiana Rental Laws
Disclosure of Managers and Agents
A landlord must provide in the lease agreement the person(s) that are authorized to manage the property including accepting notices.
Maximum Security Deposit
There is no cap on how much a landlord may ask for the deposit at the signing of a lease agreement. Typically the higher the risk of the tenant, the more the deposit will be.
Return of Security Deposits; Deductions; Liability
A Security Deposit must be returned to the tenant within forty-five (45) days from the day of the tenant vacating the property or the lease end date, whichever is later. If there are any deductions in the amount, the repairs must be listed in an itemized format.
Landlord Accessing Property
The landlord must give “reasonable notice” to the tenant before entering the property for any non-emergency reason such as; repairs, decorations, alterations, etc. In States outside Indiana, most landlords give between twenty-four (24) to forty-eight (48) hours notice.
When Rent is Due
There is no “Grace Period” in Indiana for renters. Rent is due on the date specified in the agreement and if it is not paid the tenant is at risk for paying a late fee. If no late fee is outlined in the agreement, then it cannot be charged to the tenant.
If the tenant is late on their rent they may expect to see the ten (10) day eviction notice which allows them the period of time to pay all the back-rent, stated in the form, or vacate the premises. If the tenant decides to vacate, they should be aware that they will remain indebted to the landlord.