housing vocabulary 11/18/14. landlord o person who owns the property o collects rent
TRANSCRIPT
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Housing Vocabulary
11/18/14
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LandlordO Person who owns the property
O Collects Rent
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TenantO Person who lives in someone else’s
property
O Pays rent
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ApplicationO Form you fill out to request to live in
a rental property
O Screening tool for landlords to pick good tenants
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Refundable and Non-Refundable
O $$$ Fees that are charged when you submit and application for renting that may or may not be given back
O Most are non-refundable and DO NOT get applied toward future rent
O Show you are serious about being considered
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Co-SignerO A secondary person with well-
established credit who signs your lease with you when you do not have well-established credit and are working an entry-level job
O They are also responsible for unpaid rent or damage to property
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Rental HistoryO Any property for which you have paid
rent
O Landlords can ask for this information to protect themselves from irresponsible people
O If you do not list previous rentals they may not rent to you or will ask for additional information to clarify gaps and find out what you are hiding
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Background CheckO Landlords may conduct a
background check to make sure they are not renting to unethical people who have had trouble with the law
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Credit ReferenceO Landlords will run a credit reference
to determine your credit history, financial stability and if you are likely to not pay your rent
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LeaseO The legally binding contract signed
by the landlord and tenant that details all the responsibilities of each party
O Tenant is responsible for knowing EVERYTHING in the lease agreement
O Ignorance is not a defense
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Security DepositsO Money you put down to cover the
cost of damages you cause to the property while living there
O Refundable if the property is returned in the same condition as when you moved in; Ask for these conditions at move-in
O Does not count toward first or last months rent
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Pet DepositO Additional fee that you pay up front
to cover damage caused by a pet living with you
O Sometimes it is non-refundable regardless of the move-out condition
O May cost additional rent too
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Give NoticeO When you are required to give advance warning
to someone in certain situations outlined in your lease
O Example: Landlord must give you notice to enter property for routine maintenance
O You must give notice if you are going to have a house guest for more than 2 consecutive nights
O You must give notice when you plan on non-renewing your lease
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AmenitiesO Luxuries offered on the property
that would be perks to living there
O Pools, gym equipment, on-site video rentals, game room, covered parking, laundry facilities or laundry units
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Walk-ThroughO When you take a final tour of the
property after signing and lease and before moving in to document the condition of the rental property
O Get everything in writing signed by both parties to protect yourself from paying for damage you did not cause
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What do the orange-colored abbreviations in the following
rental listings mean?
O 3 BR, 2 BA, Trash and Water paid. CA/CH, DW, W/D hookups, all electric unit, wood floors, front porch. Available Aug. 1. $1200/month
O Well-maintained 3 BR 1700 sq. ft. townhouse with backyard in friendly neighborhood; 2-car/storage, 2.5 BA, FP and unfinish bsmt. W/D included.