Housing Vocabulary

11/18/14

LandlordO Person who owns the property

O Collects Rent

TenantO Person who lives in someone else’s

property

O Pays rent

ApplicationO 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-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

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

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

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

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

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

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

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

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

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

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.