Before we will rent a property, a tenant must first fill out an application. An application is required for each adult that is going to move in any property. With the application, a prospective tenant is required to submit a copy or their drivers license (or state ID or Passport), and the most recent pay statement. There is a $40.00 non-refundable fee for each application. We will typically have the application process completed within 48 hours unless there are issues that take additional time to correct. Once approved, a tenant has 24 hours to sign a rental agreement and pay the full deposit. After that we will continue to show the property until both are completed. We will hold a property up to 30 days with a fully paid deposit and a signed lease. The deposit will be forfeited if the tenant fails to take possession within 30 days.
We are property managers and we manage each of our properties for and have responsibilites to the owners. We may receive additional applications for a property before we have made a final decision and before we sign a rental agreement. We will generally select on a first-come first-served basis. However, it is our obligation to the owner to select a tenant we feel is the most qualified. If we choose to rent to another applicant after receiving an initial application, we may, at our discretion, refund the application fee to an otherwise qualified applicant.
After the application is approved, we will give the keys over to the tenant once we have confirmation the utilities have been changed over to the tenant and the first month’s rent has been paid.
We will provide a move-in inspection form that must be filled out within 3 days of moving in. This not only documents issues that may need to be addressed, but also gives a record of problems so the tenant may not be liable for them when moving out.
A maintenance addendum is supplied with and is part if the rental agreement. This outlines the responsibilities of the tenant. It is not comprehensive nor is everything listed applicable to any particular property. It is more of a general guideline as to what kind of things the tenant is responsible for while renting.
Rent is due on or before the first of each month (unless another arrangement has been made).
There is a 5 day grace period for unanticipated situations. After the grace period, there will be a late fee assessed of 5% of the rent. If we receive the rent after the 5th, it is late.
If we don’t receive the rent along with the late fee by the 6th of the month, we will demand payment either verbally or in writing. This will give another 5 days before the rental agreement is terminated and immediate surrender of the property is requested. If the property is not turned over or the rent and late fee is not paid by the end of the 5 day waiting period we will initiate court action to have a judgement brought against the tenant. This can result in additional costs to the tenant.
Tenants are not required to obtain renters insurance, however, it is strongly suggested that they do. The landlord or the landlord’s agent is not responsible for any damage caused to the tenants possesions. Also, if there is any damage to the property caused by the tenant, the tenant will be responsible for paying for the damage. If that damage is excessive, as in the case of a fire, it could be very costly to repair.
We will inspect each property for damage beyond normal wear and tear. If the property is in good condition, we will send the security deposit out within 30 days to the tenant.
Call SLT Properties at (336) 291-0254 for any repair or maintenance issues or questions you may have. We try to keep our properties well maintained and make repairs as soon as possible.