Housing Vocabulary 11/18/14

Landlord O Person who owns the property O Collects Rent

Tenant O Person who lives in someone else’s property O Pays rent

Application O Form you fill out to request to live in a rental property O Screening tool for landlords to pick good tenants

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

Co-Signer O 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

Rental History O 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

Background Check O Landlords may conduct a background check to make sure they are not renting to unethical people who have had trouble with the law

Credit Reference O Landlords will run a credit reference to determine your credit history, financial stability and if you are likely to not pay your rent

Lease O 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

Security Deposits O 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

Pet Deposit O 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

Give Notice O 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

Amenities O 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

Walk-Through O 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

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.