Your lease represents a binding legal contract between you and your landlord or the property management firm that owns your apartment. It is full of obligations that affect both sides and protections for each party to the agreement. Because it is legally-binding, there are a few things one must know before signing.

The length of the lease is the most obvious part of the arrangement and, unfortunately, many renters stop examining the lease once they're given one of the desired length. It pays to read the fine print about the penalties if you need to leave the property early. Landlords figure their income by how long an apartment can be expected to generate rent. If you sign a 12 month lease and leave in 9, the landlord needs to recoup part of those losses. Oftentimes, this will be done via a clause in the lease that requires the tenant to pay a penalty for breaking the terms of the lease. Also be certain that a dispute with the landlord that ends up in your moving doesn't automatically incur this fee. This is a common pitfall that can be expensive and unfair.

An often overlooked part of leases is what they say about parking. In a space restricted apartment complex, make sure the lease guarantees you a reserved parking spot or, at least, it doesn't allow non-renters to park in the lot beyond a certain period of time. Having this in writing can go a long way toward helping resolve disputes with other tenants.

See what kind of fees may be charged for various maintenance services. Many will be free as dictated by the landlord's legal obligations. Others, losing a key and requiring a replacement, for example, may incur inflated fees for the service. Make sure you know if the landlord is looking for opportunities to overcharge their tenants and consider whether you want a relationship like that dictating the terms of your living arrangement.

It's extremely important to see how your deposit will be handled. Some landlords are infamous for keeping deposits even though there was no damage to the apartment. Check to see how your refund will be determined when you decide to move. Some states have laws that require the entire amount to be refunded if a tenant has been living in the property past a certain amount of time. It pays to know those laws.