Indiana Residential Lease Agreement Form
- Lead-Based Paint Disclosure - The Federal Government banned the use of lead-based paint in 1978. If the property was built before that year, the landlord should inform the tenant. The landlord is also required to provide the tenant with educational materials about the dangers of lead-based paint (Lead-Based Paint Disclosure Rule (Section 1018 of Title X)).
- Manager and Agents - For the peace of mind of the tenant, the landlord should inform the tenant of all individuals allowed on the property.
- 100-Year Floodplain Disclosure - If the property stands on a 100-year floodplain, the tenant needs to know about it. These areas are determined by Indiana’s Department of Natural Resources and other Indiana resources (IN Code § 32-31-1-21 (2021)).
Rent Grace Period
There is no statute on the rent grace period in Indiana. If the tenant fails to pay rent on time, the landlord has the right to impose a late fee as long as it is stated in the lease agreement. If ten days have passed and rent payment has not been made, the landlord may terminate the lease by sending a 10-day notice.
There is no limit on how much security deposit a landlord can charge. However, the city and county may have ceilings on security deposits. Therefore, it’s best if the landlord is updated on the laws and regulations in the area. Unlike the rental application fee, a security deposit is refundable. The amount is collected at the beginning of the lease as financial protection for the property.
If the property incurs damage at the end of the lease, the landlord can withhold part of the security deposit for repairs. Landlords can also withhold the amount if the tenant fails to pay rent or settle utility bills like water and electricity.
According to title Indiana Code, the landlord has 45 days to return the security deposit or part of it to the tenant. If there are deductions, the landlord must provide an itemized list of the damaged items and the cost of repair (IN Code § 32-31-3 (2021)).