RENTING 9 th Grade Business Application Application form a document used to determine person’s credit history, financial stability, and references.

Renting

Renting9th Grade BusinessApplicationApplication form a document used to determine persons credit history, financial stability, and references

RentPayment made to the owner/landlord for living on the propertyTenant- the one that rents the propertyLandlord- the owner of the propertyProperty manager- employee of the owner

AgreementsLease agreementWritten contract that outlines the responsibilities of the tenant and landlordNo-lease agreement- month to month agreementNot in written formNot advisedHigh risk

LeaseWritten agreement- brief agreement that is not as formal and easier to comprehend than a leaseThe tenant rents the property from month to monthOral agreement- verbalized agreement by the renter and the landlordNot advised

Whats in a LeaseName on the rental leaseNumber of people on the propertyLengthTime at the propertyRent amountPayment procedureLate paymentsCan lead to eviction- tenant involuntarily moves out after receiving written noticeSecurity deposit amountOne time fee paid up front to occupy the space to cover the costs of repairs/damages

Components of a LeaseRepairsEvictionsLease expirationBroken leaseAnimalsParkingMoving outLandlords access rights

InsuranceIt is recommended that renters purchase rental insuranceCovers personal items, theft, fire, vandalism