RENTING 9 th Grade Business

Application Application form a document used to determine person’s credit history, financial stability, and references

Rent Payment made to the owner/landlord for living on the property Tenant- the one that rents the property Landlord- the owner of the property Property manager- employee of the owner

Agreements Lease agreement Written contract that outlines the responsibilities of the tenant and landlord No-lease agreement- month to month agreement Not in written form Not advised High risk

Lease Written agreement- brief agreement that is not as formal and easier to comprehend than a lease The tenant rents the property from month to month Oral agreement- verbalized agreement by the renter and the landlord Not advised

What’s in a Lease Name on the rental lease Number of people on the property Length Time at the property Rent amount Payment procedure Late payments Can lead to eviction- tenant involuntarily moves out after receiving written notice Security deposit amount One time fee paid up front to occupy the space to cover the costs of repairs/damages

Components of a Lease Repairs Evictions Lease expiration Broken lease Animals Parking Moving out Landlord’s access rights

Insurance It is recommended that renters purchase rental insurance Covers personal items, theft, fire, vandalism