Tip of the Month - December 2010
APPLICATIONS FOR RENTALS
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
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.
to prior page
This web page was updated on 11/29/2010.