Condo renting is an exciting decision many people make today, but the required documents for condo leasing can be confusing. Most landlords will require you to prove your credentials before they rent out their place to you. Although preparing the required documents may seem a little inconvenient at first, doing so is actually a good thing for you as well. It will provide a clear picture of your own capacity to rent your own choice of condo. Just what are the documents that you need for your smart condo renting plan? Here are the 5 key documents to prepare in renting a condo.
1. Your basic information
One of the basic documents that the landlord will require is a rental application form. It’s a document for basic personal information such as your birthday, age, marital status and other relevant details. With this document, it will be easier for the landlord to choose you as their tenant. Think of it as a resume for condo renters. It’s your basic way of showing, for instance, that you are of age to rent the condo unit you want. Expect other pertinent data to be required, such as if you’re bringing a pet with you or if you have any special needs.
As a renter, it’s important to know that this process should not be used to discriminate based on race, ethnicity, sexual orientation, marital status, religion or disability. Also, the landlord has the obligation to take reasonable steps to protect your privacy. The landlord should have to get your consent before releasing your personal information, say, during an emergency situation. If you feel uncomfortable with some of the questions, one of the best ways to know if they are relevant is to ask yourself this: Is this particular information necessary for the landlord to decide whether or not I’m fit to rent their property? To be sure, you may discuss with the landlord or a legal counsel certain personal questions you find uncomfortable.
2. Annual income and proof of employment
The landlord can require a copy of your recent pay check to know if your income is sufficient to pay the rent and other related expenses. Usually, your last three pay stubs should be enough to show how much your earn. Expect the landlord to call your employer as well. This is a typical practice among landlords who need to get the low down on prospective tenants. Believe or not, many landlords are sometimes misled by applicants on financial matters. So if you’re uncomfortable with the idea of the landlord calling your employer, try to look at it from the landlord’s point of view. If you were in his position, you would also want to verify your tenants’ capacity to shoulder the expenses. Be honest about your income. This will not only save you from the potential embarrassment of being exposed, but will also eliminate the chances of you getting kicked out of the condo because of insufficient finances.
3. Bank statement and credit check
In addition to pay stubs and verification from your employer, the landlord will likely ask a copy of your bank statement and credit check. These two additional condo requirements will demonstrate that you have enough money in the bank and are in good financial standing. Landlords want financially reliable and stable tenants. With your bank details, the landlord can know that you hold an account and that you have a good bank record. Sometimes, the landlord will also ask about your bank account number as a security measure against defaulting on rent. There are instances where the landlord would sue a tenant for lease violations and the court may issue an order allowing him or her to take money directly from the tenant’s bank account. Of course, we don’t want things to go this far. So it’s important to provide the landlord the necessary financial information to convince him that you’re the best tenant for him. With regard to credit check, the idea is for the landlord to know about your financial past. Knowing that you’re responsible with your finances will build the confidence that you will not default on financial commitments.
4. Co-signer agreement letter with a guarantor
Apart from requiring you to pay a security deposit, the landlord can also require you to submit a signed document of a guarantor. This document is not difficult to do, and there are good templates available which you may use as guide. A guarantor is someone who agrees that he or she will pay your rent in case you cannot. Given this, the guarantor you choose must be a financially-secure third party. He or she will serve as a backup to take on the financial responsibility of the rent if for some reason you can’t pay. Reasons don’t necessarily have to do with tenants consciously evading their duties. Emergency situations related to work, family or health may occur. In many cases, the co-signer agreement is ideal for students who rely on their parents as their financier. Condo renting has become popular among students who value the convenience of being near to school, establishments, and transportation points. The co-signer agreement can also be useful in rent situations where the tenant becomes unemployed for a time or has poor or no credit history.
5. Strong reference letters
Condo requirements for leasing can also include one to three references of people who can confirm that you’d be a good tenant. These references should contain the names and contact information of, say, former landlords, colleagues or friends. Think of references as statements of good character and reliability. As such, when preparing your references, it’s a plus when the referee is of a respectable position and of good financial standing. References should be written in business format and should be able to provide a sufficient picture of your standing as a colleague, relative, friend or tenant. Avoid providing a long reference document and try to fit everything in a single page.
Knowing the key documents to rent a condo can definitely make your move-in faster and smoother. Although preparing these documents requires effort, they’re not at all that hard to accomplish. Provide them to the landlord as soon as possible so you don’t have to wait long before you can enjoy your new space and everything condo living can offer.