Tip of the Month - December 2010


Source: The Landlord’s Handbook-2nd edition
              Daniel Goodwin & Richard Rosdorf

Never take an application over the telephone. You should always meet the prospects and discuss the lease terms in person. You want to be sure that they understand  and agree to the rules and regulations that pretain to the property before they sign a lease.

A married couple can fill out a joint application using only one form, but roomates or co-tenants should fill out individual applications. Check and verify employment for all joint tenants, including husband and wife if they are listed together on the lease as being jointly and severally responsible. 

At the time of signing the rental application, explain to the applicants that they will receive a refund of the security deposit if the application is not accepted, but that the entire deposit will be forfeited if they cancel.  When an applicant submits a security deposit and is later rejected, he or she should expect to wait a few days for a refund unless the payment was in cash or a canceled check is submitted.  This time is required to ensure that the check or money order is backed by sufficient funds.

Tip from Crossett Real Estate Services

 We do not accept any deposits unless or until an application is  accepted, we meet with the applicants to discuss past and present rental histories, employment, past and present, financial ability, etc. We also discuss at our meeting, the terms of rental, explain disclosures, review known utility information, etc.

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This web page was updated on 11/29/2010.