How to Understand Apartment Applications and Leases

Transcription

1 Apartment Basics Book How to Understand Apartment Applications and Leases Presented by Friends Housing, Inc.

2 Page 2 Friends Housing, Inc. Table of Contents Introduction 3 What to Look for in an Apartment 3 Visiting Apartments 4 The Apartment Application 4 What is a Lease? 5 Basic Items Included in a Lease 6 Items Which May Be Included In a Lease 7

3 Apartment Basics Book Page 3 Introduction Before you start to search for your new apartment, there are a few things you should know about the process of applying for, and renting an apartment. The first thing you should to do is take a look at your budget. Determine how much money you have to spend on an apartment. Don't forget to include money for your savings. You may need to make some changes in the way you spend money in order to afford an apartment. For example, you may cut back spending money on things like movies or fast food in order to afford your apartment. Write out your budget first so you know what to look for in an apartment. When you first start searching for an apartment, make a list of the things that are important to you. Keep in mind that many things, such as garages and balconies, will add to the cost of the apartment. You may want to consider some of the following items when looking for the apartment that is right for you. Features Yes No Features Yes No Disability Access Garage available Air Conditioning Any Utilities Paid Balcony Cable Ready Short term lease available Extra Storage Dishwasher Fitness Center Washer and Dryer in Unit Pets Allowed Washer and Dryer hookups Access to Public Transportation Walk-in closets Garbage disposal

4 Page 4 Friends Housing, Inc. Visiting Apartments First off, whenever you visit an apartment that you think you might be interested in renting, it is important to have certain items with you in order to complete the application. What you should bring when visiting apartments:!" Your current credit report OR your social security number and money for a credit check fee!" Any reference letters from your past landlords OR the landlords contact information (phone number and address)!" Money for the application fee, if required!" Money for rent and security deposit, if you decide to sign the lease that day!" A folder to carry all of this information and to carry your new apartment lease home When you find an apartment that you are interested in renting, the landlord will usually ask you to fill out an application, which is a form asking you for information about yourself. The Apartment Application When you turn in the application, the landlord may ask you for a copy of your credit report or for money so that they can run your credit report. In some cases, the landlord may ask you for an apartment deposit fee to hold the apartment as yours until the application is processed and the lease is signed.

5 Apartment Basics Book Page 5 Though many applications are different, the following can be used as general rules for what to expect on an apartment application:!" An application is a written document that states your interest and commitment to the apartment.!" It is not a lease, which means if you fill it out, you do not have to rent the apartment.!" If you decide not to rent the apartment or if the landlord turns down your application, you may lose your apartment deposit fee.!" If you sign the lease, the apartment deposit can usually become part of your security deposit.!" Turning in an application usually gives the landlord permission to check your credit history.!" You may be asked to offer information on your bank accounts, past landlords, and personal references, so that the landlord can check your qualifications. If the application for an apartment requires you to pay an apartment deposit fee, it is best to turn in the application only if you really believe you want the apartment and are going to sign the lease. What is a Lease? A lease is a legal document which gives one person the right to live in a property in exchange for a certain amount of rent money. Just like apartment applications, no two apartment leases are the same. Leases can be as short as one page, or up to seven or more. They usually include a variety of rules or requirements for both the landlord and the tenant.

6 Page 6 Friends Housing, Inc. Once the lease is signed, it becomes a legal contract or agreement between the tenant (you) and the landlord. Although they can be long and often confusing, it is not a good idea to sign a lease without reading the small print. The following list may be helpful in reading and understanding a lease. Basic Items Included in a Lease When you receive your copy of the lease, make sure the following items are included. No lease is complete or legally binding without them. The names of anyone who will live in the apartment. You do not want to be responsible for your roommates in case something happens to the apartment. Since the lease only applies to the names listed, make sure that all of your roommate s names are listed before signing the lease. Address of the apartment. Look for the specific address and apartment number. Security deposit. The amount the landlord asks as a deposit for cleaning, repairs, etc. Start and end date. This is the length of the lease, which means that the lease is only good for this period.!" Lease: The length of the lease, shown as the start and end date. This means that you must pay the rent and that the landlord is not allowed to rent the apartment out to someone else during this time.!" Month-to-month lease: Means that your lease is month-to-month and should say how much notice you must give before you move out. If the landlord decides to rent to another person, he/she must also give the same amount of notice to you.

7 Apartment Basics Book Page 7 Amount of rent and monthly due date. The lease should include the total monthly rent to be paid and also the due date for rent payments. Many times, landlords will offer a grace period, a few days after the due date, during which your rent payment will still be considered on time. Signatures. Both the tenant and the landlord must sign the lease. The lease is not valid if only one party signs. Items Which May be Included in a Lease!" Pet policy: States whether pets are allowed and what kind.!" Late Rent Policy: Usually if you turn your rent in late you will be charged a fine. Sometimes, there are more serious penalties if you are late more than once. Check to see if the landlord reports late rent to credit bureaus, and the length of your grace period. Always check the due date to be sure that it will work with when you receive your monthly income (work or SSI). If rent is due on the 1st, and you do not receive your check until the 15th, you may want to ask if you can change the due date on the lease before signing.!" Paid Utilities: Some landlords pay utilities, which can include water, electricity, garbage, gas, or all of the above. Whatever is not included in the rent is your responsibility to pay.!" Apartment Alteration Policy: This describes what you may be allowed to change in the apartment such as paint, wallpaper, adding walls, railings, etc. Most landlords allow small changes, such as painting, but not major construction.

8 Items Which May Be Included in a Lease!" Subletting Policy: Whether you will be allowed to rent your apartment to another person or allow a new roommate to move in after you sign the lease. Sometimes this is not allowed at all, or you may need the permission and approval of the landlord.!" Repair Policy: What to do when repairs are needed, who should complete the repairs, and who is responsible for paying for the repairs. Check to see what you will be responsible for fixing.!" Renter s Insurance: Some landlords may require you to buy renters insurance, which often covers your personal items as well as carpet or appliances, in case of damage such as fire or flood.!" Landlord's Right of Entry: States whether your landlord needs your permission to enter the apartment and what type of advance notice they must give you before entering.!" Unusual Fees: Some landlords charge you for special arrangements or the use of building services. There can be pet fees, key deposits, gym fees, storage fees and parking garage fees. To stay within your budget, find out the total amount of these fees before you sign the lease. If you have questions about any of the topics discussed in this book, or need more information about housing resources, contact Friends Housing, Inc.. Phone: W. Adams Blvd., Los Angeles, CA Consumer and Family Education Project