Indiana Standard Residential Lease Agreement
The Indiana Standard Residential Lease Agreement is an official template designed for property managers and landlords for the purpose of adding legality and structure to a renting situation. The form protects both the landlord and tenant’s interests regarding a variety of topics, of which include rental payments, lease term, utilities, and more. Residential leases typically have a duration of one (1) year, although the length can be negotiated by the parties. Once signed, the contract is legally binding, requiring all parties to abide by the included terms until the contract’s expiration.
Tenant Screening: Indiana Rental Application
Maximum Security Deposit: No maximum deposit – property managers have free reign to charge what they deem is fair.
Returning Security Deposits (§ 32-31-3-12): Once the lease has terminated, landlords have no more than forty-five (45) days to return all (or a portion of) the security deposit to the tenant(s).
Allowable Deductions (§ 32-31-3-12): Per Indiana law, landlords can make the following deductions from security deposits:
- Unpaid rent,
- Damages not a result of standard “wear and tear”,
- Unpaid utilities / sewer charges (so long it is stated in the lease that it is the tenant’s responsibility), and
- Expenses the landlord has faced as a result of the tenant not complying with the signed rental agreement.
Notice for Increasing Rent (§ 32-31-5-4): Thirty (30) days.