Oklahoma Standard Residential Lease Agreement
The Oklahoma Standard Residential Lease Agreement is a property management form used to assign rules and conditions pertaining to the renting of an apartment or home for one (1) year. In the contract, the renters are formally known as “lessees” and the landlord as the “lessor.” Prior to signing the agreement, the parties will sit down and go over each section of the contract to ensure the lessee(s) fully understand and agree with each condition. Although negotiations are more commonplace in commercial leasing than in residential, negotiation regarding certain topics, such as rent amount, terms, and utilities commonly occurs. As a general rule of thumb, if a rental property is in high-demand, landlords shouldn’t give in to a tenants’ attempt at negotiation (and vice versa).
Tenant Screening: Oklahoma Rental Application
Maximum Security Deposit: No Limit.
Permitted Use of the Deposit (§ 115(B)): Landlords can make deductions from the security deposit for two (2) reasons:
- To cover the cost of any unpaid rent, and
- To pay for repairs to the property that resulted from the tenant not complying with the lease and/or OK law.
Returning Security Deposits (§ 115(B)): Upon the termination of the rental agreement, landlords have forty-five (45) days to return deposits (with or without deductions made). To receive the deposit, the tenant(s) have to make a written demand and deliver it to the landlord. If no written demand is received within six (6) months, landlords can keep the deposit in full.
Rent Increase Notice: No specific time period required by Oklahoma law.