If you are going to rent an apartment with a lease, be sure that you can live there for the amount of time that the lease, requires. If you break a lease before the renewal date you can be sued in court for breach of contract.
All rental agreements, written or verbal, are binding once entered by a tenant and landlord: There is no grace period to withdraw. If you agree to rent an apartment and change your mind, the landlord can hold you liable for his/her losses, which can include losing security deposit you put down. Before you enter a rental agreement is sure you are committed to it for the time agreed upon.
Sunday, October 28, 2007
Lease vs. Month-to-Month rental agreement
If you rent an apartment on a month to month basis both the landlord and the tenant have the option of ending the tenancy by giving only one month's notice (written or verbal). The landlord can also decide to raise the rent or make other changes in the agreement by giving your one month's notice (i.e. telling you that you no longer have use of washer/dryer, basement or driveway etc.).
However, if you have a lease the terms of the agreement with he landlord stay set for the full length of time of the lease. For example, the rent will stay set for the whole lease and the landlord can't tell you to move until the lease expires unless you fail to pay the rent or otherwise break the contract. In such cases the landlord can go to court to evict you.
However, if you have a lease the terms of the agreement with he landlord stay set for the full length of time of the lease. For example, the rent will stay set for the whole lease and the landlord can't tell you to move until the lease expires unless you fail to pay the rent or otherwise break the contract. In such cases the landlord can go to court to evict you.
Wednesday, October 24, 2007
What will generally be in your lease? (Continued)
9. Pets. Your lease or rental agreement will identify whether or not you can have pets and if so, any limitations or restrictions.
10. Other Restrictions. In addition the lease may cover - local ordinances, health and safety codes, occupancy rules, and antidiscrimination laws.
Other legal restrictions, such as limits on the type of business you may run from your apartment and rules and regulations covering parking and use of common areas should be specifically mentioned in your lease or rental agreement.
10. Other Restrictions. In addition the lease may cover - local ordinances, health and safety codes, occupancy rules, and antidiscrimination laws.
Other legal restrictions, such as limits on the type of business you may run from your apartment and rules and regulations covering parking and use of common areas should be specifically mentioned in your lease or rental agreement.
What will generally be in your lease? (Continued)
7. Entry to rental property. The lease spells out when the landlord can enter your rental unit -- for example, to make repairs -- and state how much advance notice will be provided to you before entering.
8. Restriction on illegal activity. Your lease may include a clause that specifically describes prohibited behaviors, such as an excessive noise, and illegal activity, such as drug dealing.
8. Restriction on illegal activity. Your lease may include a clause that specifically describes prohibited behaviors, such as an excessive noise, and illegal activity, such as drug dealing.
What will generally be in your lease? (Continued)
6. Repairs and maintenance. In order to make sure that you receive the portion of your deposit back that you deserve, it is best if your responsibilities for repair and maintenance are in your lease or rental agreement. These may include:
· That it is your responsibility to keep the rental premises clean and sanitary and to pay for any damage caused if neglected.
· That you may be required to notify the landlord if you notice defective or dangerous conditions in the rental property.
· Also, your landlord will list restrictions on repairs and alterations, such painting walls without permission.
· That it is your responsibility to keep the rental premises clean and sanitary and to pay for any damage caused if neglected.
· That you may be required to notify the landlord if you notice defective or dangerous conditions in the rental property.
· Also, your landlord will list restrictions on repairs and alterations, such painting walls without permission.
What will generally be in your lease? (Continued)
4. Rent. Your lease or rental agreement should specify the amount of rent and when it is due, how it is to be paid, such as in person or in the mail. This lease should also specify:
· acceptable payment methods (such as personal check only)
· whether late fees will be due if rent is not paid on time, the amount of the fee, and whether there's any grace period, and
· Penalties if a rent check bounces.
· acceptable payment methods (such as personal check only)
· whether late fees will be due if rent is not paid on time, the amount of the fee, and whether there's any grace period, and
· Penalties if a rent check bounces.
What will generally be in your lease?
1. Names of all tenants. Every adult who lives in the rental unit, including both members of a married couple, will be named as tenants and sign the lease or rental agreement.
2. Limits on occupancy. Your agreement should clearly specify that the rental unit is the residence of only the tenants who have signed the lease and their minor children.
3. Term of tenancy. Every rental document should state whether it is a rental agreement or a fixed-term lease. Rental agreements usually run from month-to-month and self-renew unless terminated by the landlord or tenant. Leases, on the other hand, typically last a year.
2. Limits on occupancy. Your agreement should clearly specify that the rental unit is the residence of only the tenants who have signed the lease and their minor children.
3. Term of tenancy. Every rental document should state whether it is a rental agreement or a fixed-term lease. Rental agreements usually run from month-to-month and self-renew unless terminated by the landlord or tenant. Leases, on the other hand, typically last a year.
Sunday, October 14, 2007
Find rentals in your area
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The Lease (continued)
Apartment leases vary in length and complexity. Not all leases are created equal. Some are better written than others. Don't assume that the lease you're looking at now is the same as the one you signed when you moved into your last apartment. When your landlord presents you with an apartment lease to sign, read it thoroughly. Ask for (written) clarification of any areas that are vague or that you don't understand. If there are important points that you think have been overlooked, insist that they be included and that the landlord initial them. Anything that's not in the lease could become the source of a misunderstanding later on.
The Lease
Once you have accepted an apartment you will generally be required to sign a lease and pay a deposit.
A lease or rental agreement sets out the rules landlords and tenants agree to follow in their rental relationship. It is a legal contract as well as a practical document full of crucial business details, such as how long the tenant can occupy the property and the amount of rent due each month. Whether the lease or rental agreement is as short as one page or longer than five, typed or handwritten, it needs to cover the basic terms of tenancy. A lease obligates both you and the landlord for a set period of time, usually a year. The landlord cannot raise the rent or change other terms until the lease runs out, unless the lease itself provides for modifications or the tenant agrees in writing to the changes. In addition, you cannot usually be asked by the landlord to vacate unless you fail to pay the rent or violate another important term of the lease or state or local law. At the end of the lease term, you can either decline to renew it or negotiate to sign a new lease with the same or different terms.
A lease or rental agreement sets out the rules landlords and tenants agree to follow in their rental relationship. It is a legal contract as well as a practical document full of crucial business details, such as how long the tenant can occupy the property and the amount of rent due each month. Whether the lease or rental agreement is as short as one page or longer than five, typed or handwritten, it needs to cover the basic terms of tenancy. A lease obligates both you and the landlord for a set period of time, usually a year. The landlord cannot raise the rent or change other terms until the lease runs out, unless the lease itself provides for modifications or the tenant agrees in writing to the changes. In addition, you cannot usually be asked by the landlord to vacate unless you fail to pay the rent or violate another important term of the lease or state or local law. At the end of the lease term, you can either decline to renew it or negotiate to sign a new lease with the same or different terms.
How do I obtain a copy of my consumer file?
The federal Fair Credit Reporting Act (FCRA) promotes the accuracy, fairness and privacy of information in the files of consumer reporting agencies. Under the Fair Credit Reporting Act if you have been denied housing or employment, or have been notified of an adverse action as a result of information provided by a CRA, you are entitled to a free copy of the information that the company provided about you. To obtain a free copy from you generally must fill out a Consumer Disclosure Request From within 60 days of receiving the denial or adverse action. If you do not qualify for a free copy of your consumer file you may obtain one from one of the CRA's for a nominal fee.
The Approval Process (continued)
There are many reasons that potential tenants are denied a lease. The number one reason is that the applicant does not make enough money to pay the rent. Most landlords also will not lease to an individual that has had a felony conviction against person or property. Usually landlords have a time frame after which they do not consider the felony, for most landlords this is 10 years
The Approval Process (continued)
Large leasing companies generally have a business arrangement with a third-party consumer reporting agency (CRA). A CRA is a company that gathers and sells information on how a consumer pays rent and bills, whether or not the consumer has a criminal or civil court record, or has filed for bankruptcy. These companies use the information that an applicant provides and then checks the background of the applicant and provides the leasing company with a consumer report and a numeric score. The consumer report contains information from public record sources and other data furnishers which prospective housing providers and employers use to evaluate an applicant. A consumer report may also show whether or not a person has been sued, filed for bankruptcy, or has a criminal or civil court record. This score allows the leasing company to compare you with other applicants and gives the leasing company a forward-looking analysis of the overall risk of renting to a particular individual. The score is based on a statistical model used to predict a potential renter's ability and willingness to pay rent according to lease terms and conditions.
The Approval Process (continued)
The score takes into account a variety of factors, including your credit and court history. The minimum score a leasing agent can accept depends on the occupancy goals and risk tolerance of the landlord/management company. Some large management companies have different scores for different complexes or units. The higher-end the unit is the higher the minimum acceptable score a potential tenant needs to be accepted. Housing providers' criteria for approval vary by property. A decline at one property does not necessarily mean that you'll be declined at another property. Landlords that use this type of evaluation tool feel that it takes all the subjectivity out of leasing.
The Approval Process
When applying for a lease you will find that all landlords and managers will not require the same information. In fact some companies that have several complexes or units to lease will not require the same information for different units. If a unit is subsidized, there will be a more detailed application than if the unit is not subsidized. Some complexes and leasing companies may require an application fee. This fee generally covers the cost of verifying the information that was provided on the application.
The Application
Be sure to fill out the application legible, thoroughly and truthfully. If you misrepresent yourself on the application then the landlord/management will consider this a default and you will either be denied a lease or your lease can be terminated and you can be evicted from your apartment. The application will typically ask for your social security number, employment and income history, and credit information. Some might even ask for references from past landlords.
Now you are ready to apply
While you are looking for an apartment know that the landlord/management is looking at you. Your credit, bank accounts, vehicle, police records, aliases and previous rentals are being scrutinized. The landlord will verify financial and employment information and in many cases determine the amount of each you have to pay based on what they find. Make sure that you provide true and accurate information because the landlord has access to your past history.
Sunday, October 7, 2007
Find rentals in you area
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Interviewing (continued)
In addition to the requirements that you have for your apartment you want to make sure that you leave the interview with the following information:
· How much is the rent?
· When is the rent due each month?
· What is the deposit?
· What utilities are included in the monthly rent?
· A sample of the lease. Make sure to read it for: What is the length of the lease? Is it possible to sublease the apartment?, What is the penalty for breaking the lease?, and How is the lease renewed?
· When is the apartment available?
· What amenities are available (laundry, recreation, etc.)?
· How do you contact the landlord/manager of the unit?
· Am I responsible for any repairs or maintenance?
· Who do I contact for maintenance operation?
· Are pets allowed (if applicable)? Are there limitations on pets?
· What alterations are allowed (painting, picture hanging, etc.)?
· Is subletting allowed? Are roommates allowed?How is security handled?
· How much is the rent?
· When is the rent due each month?
· What is the deposit?
· What utilities are included in the monthly rent?
· A sample of the lease. Make sure to read it for: What is the length of the lease? Is it possible to sublease the apartment?, What is the penalty for breaking the lease?, and How is the lease renewed?
· When is the apartment available?
· What amenities are available (laundry, recreation, etc.)?
· How do you contact the landlord/manager of the unit?
· Am I responsible for any repairs or maintenance?
· Who do I contact for maintenance operation?
· Are pets allowed (if applicable)? Are there limitations on pets?
· What alterations are allowed (painting, picture hanging, etc.)?
· Is subletting allowed? Are roommates allowed?How is security handled?
Interviewing
When you meet with the landlord/property manager to view the apartment, you must keep in mind that not only are you determining if the apartment is right for you, but you are collecting valuable information about the landlord and how he/she interacts with tenants. Remember this meeting is anticipation of a business relationship, so treat it as such.
For the interview remember the basics: who, what, when, and where.
1. Make sure that when you schedule your visit you have complete contact information about the person you are meeting. Know the name, phone number and position of the person that you are meeting. Be sure of the place you will be meeting and be on time.
2. Take a note book with your questions and your requirements with you. You will want to take notes for later reference.
3. Make sure that while you are looking at the apartment you are comparing it to your requirements. Do not be overly influenced by decor, your requirements are more important.
4. Other items you may want to take with you are: identification, your bank information, a recent pay stub, letters of reference, and your check book for your deposit.
5. Make sure that you look at everything in the apartment. Open closets and windows, run the water and look at common areas such as laundry facilities.
6. Remember to make a good first impression: dress neatly, be friendly but businesslike, and avoid taking friends or relatives. Roommates, of course should be part of the interview.
For the interview remember the basics: who, what, when, and where.
1. Make sure that when you schedule your visit you have complete contact information about the person you are meeting. Know the name, phone number and position of the person that you are meeting. Be sure of the place you will be meeting and be on time.
2. Take a note book with your questions and your requirements with you. You will want to take notes for later reference.
3. Make sure that while you are looking at the apartment you are comparing it to your requirements. Do not be overly influenced by decor, your requirements are more important.
4. Other items you may want to take with you are: identification, your bank information, a recent pay stub, letters of reference, and your check book for your deposit.
5. Make sure that you look at everything in the apartment. Open closets and windows, run the water and look at common areas such as laundry facilities.
6. Remember to make a good first impression: dress neatly, be friendly but businesslike, and avoid taking friends or relatives. Roommates, of course should be part of the interview.
Where should I look for an apartment?
Now that you know what your requirements are for your apartment, it is time to begin the search. There are several ways to see what apartments are available. In order to do a comprehensive search and find the best apartment for your needs you should use several of the following methods:
1. www.rentalsearchers.com
2. Newspaper
3. Apartment Shoppers Guide
4. Word of mouth - let your friends and family know what you are looking for so they can assist you with your search.
5. "For Rent" signs displayed on area properties; spend time in the areas that you would like to live checking for these signs.
6. Bulletin boards - check your grocery store, Laundromat, church or area schools for posted "for rent" signs.
When you find an apartment that you believe will meet your requirements and is in your price range, make an appointment with the landlord/property manager to see the apartment.
1. www.rentalsearchers.com
2. Newspaper
3. Apartment Shoppers Guide
4. Word of mouth - let your friends and family know what you are looking for so they can assist you with your search.
5. "For Rent" signs displayed on area properties; spend time in the areas that you would like to live checking for these signs.
6. Bulletin boards - check your grocery store, Laundromat, church or area schools for posted "for rent" signs.
When you find an apartment that you believe will meet your requirements and is in your price range, make an appointment with the landlord/property manager to see the apartment.
What is the monthly cost of the unit?
Rent prices vary greatly from city to city; therefore it is very important that you determine what you can afford before you begin to search for an apartment or home. Also, know exactly what you will be entitled to for the monthly rent. Some units included all utilities and some include very few. This will greatly affect how much you can afford to pay. You can afford to pay more on a unit that has all utilities included in the monthly price than for a unit for which you will pay for all utilities. If a washer and dryer are included with the unit, this will save you time and money because you will not need to go to the Laundromat. A quick way to determine what you can afford to pay for rent not including utilities is to calculate your total monthly household income and multiply it by 30%. This will give you a general idea of how much you can afford to pay in rent.
If you are looking for an apartment in a complex make sure that you see the actual apartment that you will be renting. Generally, complexes show prospect tenants models that have newer fixtures, cabinets, and carpeting. These units may be in much better condition that the unit that is actually available.
If you are looking for an apartment in a complex make sure that you see the actual apartment that you will be renting. Generally, complexes show prospect tenants models that have newer fixtures, cabinets, and carpeting. These units may be in much better condition that the unit that is actually available.
Is there public transportation in the area?
Especially if you do not have a vehicle or you chose to use public transportation. It is important to know what type of transportaion is offered in the area and how much it will cost to use that transportation. You must also consider whether the available transportation will provide you with access to work, church, shopping and other activities important to you. It is also important to know if there is transportation offered to schools in your area, or if children in the area walk to school.
Saturday, October 6, 2007
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Finding the Best Rental (continued)
Families consider many variables when evaluating which school is best for their child. Some of these considerations include:
· How close is the school to the apartment?
· If they will ride the bus, where do they catch it?
· Does the school offer before or after school care?
· Does the school meet the special needs requirements of my child?
· How do the schools in the district measure up on test scores?
· Has the school kept up with current technology?
· How close is the school to the apartment?
· If they will ride the bus, where do they catch it?
· Does the school offer before or after school care?
· Does the school meet the special needs requirements of my child?
· How do the schools in the district measure up on test scores?
· Has the school kept up with current technology?
What size rental best suits your needs?
The size of your rental depends on the number and make up of your family. For example: If you have a family of four with parents and one male and one female child, you would probably want a three-bedroom unit. If you are single you might choose a studio or a one-bedroom unit. The larger the unit the more you will be charged in rent and utilities. Therefore, a single person on a very limited budget would be better able to afford a studio apartment.
Finding the Best Rental
Before beginning your search, it's important that you take time to consider what ype of apartment or house will best suit your needs. Give serious thought to this before you start looking.
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