Wisconsin lease agreements allow a person that owns or manages property to rent it to another person for payment on a monthly basis. It is recommended that the tenant complete an application first to verify his or her credit, employment, and rental history. Once the document is signed by both parties it becomes legal and enforceable. If either party has any questions he or she should read and review the Landlord and Tenant Act.
- Rental Application – A person that is seeking to rent property in Wisconsin from a landlord will most likely have to submit their basic credit information as well as previous rental and employment history. The landlord has the right to charge a fee for providing this service and if approved (processing time usually takes anywhere from 24 to 72 hours) a new lease will be given in the tenant’s name.It is recommended that the tenant agree to a monthly rental price before the application process begins.
- Standard Lease – This fillable residential template allows a lessor and lessee to come to an agreement in the State. The landlord may want to see the tenant’s financials through a credit application and will decide after reviewing all references if the applicant will be approved. If so, negotiations will start about how much will be made for security deposits, utilities, fees, and the monthly payment. Once both parties come to terms and sign the contract it becomes legal until the end date. Access will be granted to the property after all required deposits and the first months’ rent is paid.
- Sublease – Document allows a person (“sublessor”) that is renting property to re-lease the same property to another person (“sublessee”) in return for payment. The parties may be able to negotiate any kind of terms and conditions as long as the term does not extend further than the original lease the sublessor is under. All payments made or not paid by the sublessee are still the sublessor’s responsibility.
- Security Deposit
- Limit – No cap on how much the landlord may require at the time of lease signing
- Returning – There is a twenty-one (21) day policy where the landlord must send the tenant their deposit
- Access by Landlord – Must grant “Advance Notice” but there is no specific time period suggested by law