application

RENTAL APPLICATION. Click to download PDF.

Rental Application

What is the difference between a rental application and a lease agreement?

• A rental application, is a form, that requests preliminary information about the potential tenant.
• The application requests information about all tenants, including former residences, tax identification numbers and monthly income.
• The application is a screening form, that does not, guarantee you the apartment.
• The lease contains all details about the rental, including the term (such as six months or a year)
  • The amount of rent due each week or month.
  • The duties of the landlord and also, basic rules that you must follow as the new tenant.
• When a landlord gives you a lease to sign, excellent, that means the apartment is yours.

Lease agreement

Can I negotiate the terms of my lease agreement?

Yes, you can negotiate the terms of your lease agreement. Here are some tips to help you negotiate your lease agreement:

• Make sure the timing is right.
• Respect the landlord’s rules (policies) first before you start with your negotiations.
• Don’t be greedy in your negotiation requests.
• Remember that negotiations are two-sided, therefore everyone benefits.
• Rent is not the only thing you can negotiate. For instance, parking.

Here are some tips on how to negotiate your lease agreement: 6 Tips to Negotiating Your Lease Agreement.

What happens if I break a lease agreement?

If you break a lease agreement, you may face the following consequences:

• Hefty fines: Signing a lease means agreeing to pay a certain amount, in exchange, for occupancy over a specified time. When you break the lease, you may attract fines, which may equal one or two months’ rent.
• Face lawsuit: If your landlord is litigious, you could get sued for early termination of lease.
• Negative credit scores: Breaking a lease could hurt your credit score.

Contact us if you have any questions about this topic.