Trying to Find a Rental… Let Real Estate Wealth Advisors help you find that perfect place…
Real Estate Wealth Advisors provides free rental services to locate an apartment, townhome, condo or single family residence. Our services are covered by the listing property owner. Our office is equipped with the latest technology through the use of the MLS (Multiple Listing Service), to access all Realtor rental listings currently available to assist in finding the perfect home that suits your every need.
Our agents are knowledgeable about each community, such as pet restrictions, move-in policies, homeowner association restrictions and school districts, which will make your search easier. We accompany you to the property of your choice and when you decide on a property, we will prepare all necessary documents and contracts to ensure the landlords review. All the necessary paperwork is processed in a timely fashion to ensure your scheduled move-in.
This is a crucial step in your rental search. Don’t waste your time looking for a rental without knowing your credit score. Most Landlords and Homeowners Association will require a credit report to be submitted with your income documentation and offer to lease. They require this documentation in order to assess the likelihood of a tenants default. Homeowners Associations can require a minimum credit score for prospective tenants.
Consumers are entitled to one free credit report annually from one of the three leading credit bureaus-Experian, Equifax and TransUnion. You can obtain a copy from AnnualCreditReport.com. There are many other sites on the internet to obtain your credit report, just make sure to read the fine print as some agencies require you to sign up for a credit monitoring service. Credit reports are only considered up to date for up to 30 days prior to offer submission, so be cognizant of this time frame.
Ok, now you know your credit score, so it’s time to find the perfect rental. A Real Estate Professional is key to this step. They will assist you with any additional information needed in order to make an informed decision; homeowner association restrictions, move in requirements, pet restrictions, and minimum credit scores. Make sure to inform your Realtor about any special circumstances, must haves and absolutes. A tenant application could be requested by the Realtor. This application will provide basic information regarding you and your family. It will also serve as the first information the landlord will have to review with your offer.
You have found the perfect rental, so now it’s time to place an offer. The Realtor will fill out all parts of the contract to lease offer as per your instructions. This contract to lease offer will contain; tenants name, monthly offer amount, security deposit obtained, pet deposit if applicable, move in funds requirements, lease period, landlord and tenants responsibilities and any other special considerations. You will be required to sign the offer and provide supporting income documentation; credit report, last two most recent paystubs and any letter of explanations necessary. All of these items will be submitted to landlord for review.
The Realtor will require you to submit a security deposit with the Realty Company to be held in escrow until final walk through is completed. The security deposit is equal to one month’s rent. It shows the potential landlord good faith as it relates to the offer submitted. At times the landlord will approve the security deposit being held in escrow after contract to lease offer is executed by all parties.
The landlord must accept the prospective tenants contract to lease offer in writing in order for it to be valid. Technically, at this point the landlord has a willing and able tenant to lease the property. This begins the tenants due diligence period. Due diligence involves the tenant submitting all the requested documentation as per realtor, landlord, and or Homeowners Association in a timely manner.
A one year lease agreement must be signed by all parties. All persons and or pets occupying the property must be noted on the lease. The landlord, lawyer or landlords Realtor will complete the lease agreement. The tenant must review the lease with a legal professional if needed prior to signing. The Realtor is not legal counsel, therefore cannot provide any legal opinions.
If applicable the tenant must submit a homeowner’s association application package. Homeowners Association management companies typically require 30 days to process the application, so make sure to allot for this time as it relates to an anticipated move in date. Associations have the right to require a minimum credit score, run a credit report, run a background check and have minimum income requirements. Tenants need to ensure their Real Estate Professional educates them as to the process for approval. Tenants must also read the Homeowners Association Rules and Regulations prior to submitting the application.
You have been approved by the landlord and Homeowners Association! Now it’s time to complete the final walk through of your new rental. The final walk through is typically completed one to two days prior to move in. Your Realtor will assist you with this stage by documenting any deficiencies and obtaining any necessary pictures.
This last step in the rental process is very important for the tenant as it will serve as legal documentation as to the condition in which the property was delivered. This is the time to note any and all repairs required prior to move in. Once repaired be sure to provide written documentation as to its satisfied condition. At the Final Walk through the balance of all move in funds are required in certified funds or money order. The tenant will be informed as to the correct disbursement of funds to bring to the walk through.
Get ready its moving time! Be sure to check with the homeowners association regarding any move in restrictions as it relates to when a moving truck is allowed on the premises. Enjoy your new place!