A Wisconsin Standard One (1) Year Lease Agreement is the most common form of long term residential lease. Unlike a Month to Month Lease, long term leases run for a predetermined amount of time and cannot be altered or terminated, by either party, until the lease has concluded.
A long term lease sacrifices the flexibility of a Month to Month Lease, to provide both landlord and tenant with a sense of security. The landlord can be sure that they will have a tenant to pay rent for the entirety of the lease, and the tenant can be sure that they will have a place to live.
Despite this, there are some downsides to a long term lease. If a tenant is forced to vacate the apartment early, they may be financially responsible for the rent until the landlord finds a new tenant. On the other hand, if the tenant is unable to pay rent or violates the lease, the landlord must go through the difficult and time consuming process of eviction. Both parties should be exceptionally sure before signing a long term lease and the landlord will mostly likely ask the tenant to complete the Rental Application Form.
- The landlord is required to disclose the name and address of the property owner, property manager and any person authorized to act on their behalf with regards to the property.
- Wisconsin landlords are required to disclose whether or not utility costs are included in the rent before signing a lease.
- A landlord is required to disclose any uncorrected building code violations on the property.
- Federal Law requires a landlord to disclose any lead paint based hazards on or around the property.