While moving to a rental can be a thrilling experience, you’ll need some documents before signing the lease. This way, you’ll complete the application faster and you’ll increase your likelihood of securing the rental before other potential renters do.
Remember, your prospective landlord will judge you mostly on your personal background and financial history. To begin with, the landlord will need to establish whether you’ll be in a position to make timely rental payments.
Secondly, the property owner will need to know whether you’ll be a responsible renter. Here’s a list of documents you’ll need to have beforehand.
1. Employment Proof
Most prospective property owners will accept pay stubs or a letter indicating an employment offer. Some might even request tax records to reveal the amount of income you’ve generated over the last few years.
In the event that you work as a contractor, you might need to find another means to verify you can meet the rental payments. This might involve issuing statements from your personal or business account or your current tax returns.
2. Liability and Asset Information
Typical rental applications expect renters to detail the type and amount of assets they have. Be ready to provide your checking and savings accounts. In some instances, you might need to indicate the balance in the account.
You’ll also need to indicate your monetary obligations such as student or car loans as well as credit card balances. While the property owner might not require bank statements, you might want to carry them anyway.
3. Passport, Driver’s License, or other Evidence of Residency
It’s imperative you carry your driver’s license or other means of identification when hunting for an apartment or filling out a rental application. Bear in mind that some property owners are more stringent than others are when it comes to providing this documentation.
However, demonstrating proof of residency could always work in your favor when trying to secure a rental. Once you present your passport or driver’s license, the property owner can verify that you can live there legally. This will put the prospective landlord at ease and could help your application stand out.
Once you obtain approval to reside in a rental, the lease delineates all the rental terms and functions as a legally binding document. Therefore, the property owner can enforce it in a court, allowing him or her to reclaim the property through an eviction.
The lease will also state the rent amount, the due date, the mode of payment, as well as any fees for late payment. It will also comprise the lease term, for instance, whether it’s month-to-month for a set period.
Ensure your lease states the security deposit as well. This document is very important because it provides guidance on what’s expected of you as a renter. Moreover, it will inform you whether the property owner is in breach of the rental agreement.
5. Social Security Number
Under normal circumstances, you shouldn’t issue this information randomly. However, a potential landlord might require this information to conduct background and credit checks. This way, they’ll know whether you’ll make a good renter. It isn’t necessary to offer a copy of your social security card, so you’re better off memorizing your number instead.
If you’re thinking of moving into a new rental, you should beware of the legal documents you need to present if you wish to secure a rental without struggling. If you’re a new renter, check out this list.
For more information on the legal documents you need as a renter, contact us at Apartment Agents or leave a comment.