Landlords and tenants in Michigan – What are the important terms need to be included in a lease agreement when you are involved in tenancy? The Michigan Truth in Renting Act (Act 454 of 1978, MCL 554.631 to 554.641) regulates residential leases—requiring the landlord to disclose certain information. Leases differ somewhat in terms, but a written lease agreement should include:
1. Name and signature of the landlord;
2. Name and signature of the tenant;
3. Rent amount to be paid, how frequently, and when and where it is to be paid;
4. Address of the rental property;
5. Starting and ending dates if it is a fixed-term tenancy;
6. Landlord’s mailing address;
7. Amount of the security deposit, if any;
8. Name and address of the financial institution holding the security deposit;
9. Notice of the tenant’s obligation to provide a forwarding address to the landlord within 4 days of terminating the tenancy;
10. Who is responsible for paying utilities;
11. Repair and maintenance responsibilities;
12. Eviction procedures;
13. Any other terms and conditions that the landlord and tenant agreed to; and
14. This statement must be provided in a prominent place in the lease, in at least a 12-point font size: “NOTICE: Michigan law establishes rights and obligations for parties to rental agreements. This agreement is required to comply with the Truth in Renting Act. If you have a question about the interpretation or legality of a provision of this agreement, you may want to seek assistance from a lawyer or other qualified person.”
Note: Two copies of an inventory checklist must be provided to the tenant when he or she takes possession of the rental property.
Landlords and tenants – Make sure to check for these terms in a lease agreement as it will insure you a smooth tenancy period.
Source: www.legislature.mi.gov/documents/publications/tenantlandlord.pdf
