© Family Economics & Financial Education – November 2005 – Housing Unit – Securing a Living Space Funded by a grant from Take Charge America, Inc. to the

© Family Economics & Financial Education – November 2005 – Housing Unit – Securing a Living SpaceFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

Securing a Living space

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Introduction Application forms What is rent? Types of rental agreements

Lease agreements Security deposits Renter’s insurance

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Application form Once a person finds and inspects a living space,

they should complete an application form Application form is a document used to

determine a person’s credit history, financial stability, and references

Before returning this form, a person should know: Is there an application fee and if so, how much is it? Will the fee be returned if the application is denied?

First come, first served!

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Renting Rent is a payment made in exchange for

occupying another’s land or property Payments can be made to either a landlord or a

property manager Landlord is the person who owns the rental

unit Property manager is a person who works

for the owner Finds and screens tenants Collects rent Maintains and secures the property Responds to tenants’ needs and complaints

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Types of Rental Agreements

Lease agreement- Written contract specifying the legal responsibilities of both the tenant and landlord

Tenant-the renter, is the person who rents the property

Month to month agreement Certain period of time (6 months-1 year- two

years)

No-lease agreement- Not in writing

(NEVER NEVER NEVER DO THIS!)

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Types of Rental Agreements Continued

Written agreement- Short written agreement which is less formal and easier to understand than a lease Rent month to month Allows the renter to make changes to the lease

Oral agreement- Verbalized by the renter and the landlord/property manager-

NEVER NEVER NEVER Risky

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Lease Agreements A lease must identify the following before

signing: Rent amount Payment procedure Late rent payment penalties

Sometimes tenants can be evicted. Eviction occurs when the tenant does not voluntarily move out after the landlord has given required notice to the tenant

Security deposit amount A security deposit is a one time fee paid in advance to

moving into a living space to cover the costs of repairs or damages to the space beyond normal wear and tear

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Fees and Deposits Fees are non-refundable (application fee,

carpet cleaning fee) Deposits are completely refundableSecurity deposit, last month’s rent, pet

deposit

© Family Economics & Financial Education – November 2005 – Housing Unit – Securing a Living SpaceFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of

Arizona

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Lease agreements continued

Length of the lease Number of people in the rental unit Names on the lease Payment responsibilities for all amenities

Amenities in a living space include water, garbage, electricity, heat, telephone and internet service, and television.

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Lease Agreements Continued

Responsibility for repairs and maintenance Eviction procedures What happens when the lease ends What happens if the lease is broken early Furnishings available Pets Landlord’s access rights to the property Parking Moving-out procedures

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Items to identify in lease agreements include:

Hanging pictures on the walls (???) Policy on overnight guests Subleasing

Subleasing is when the tenant allows someone else to move in and take over the rent payments

Allowing the landlord to cancel the lease without notificationThis is illegal unless you do not have a lease!

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Allowing the landlord to hold the tenant liable for the remaining lease balance if one day late with payment (??????)

Allowing landlord permission to enter rental unit when tenant is not there

Holding the tenant liable for repairs and maintenance

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Security Deposits Security deposit is money paid in advance of

moving into a living space to the landlord to be used for repairs or damage done beyond the expected normal wear and tear

Be sure to know the terms regarding the security deposit

Examine the living space and create a list of all existing damage Take pictures or use a video camera

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Security Deposits Continued

Steps to take to get a security deposit returned: Send a certified letter to landlord/property manager

stating the desire to have deposit returned Send copies of all documents (rental agreement,

copy of security deposit receipt, list of previously existing damage, and pictures)

Take the individual to small claims court Remember, having everything in writing is the

best way to ensure the return of a security deposit

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Renter’s Insurance Renter’s insurance is not required of tenants, but recommended ($27

dollars a month) Renter’s insurance is used to protect the tenants’ personal belongings when

renting from a landlord Renters Insurance Covers: Fire or Lightning Windstorm or Hail Freezing of plumbing system

Theft

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The End!

Documents

© Family Economics & Financial Education – November 2005 – Housing Unit – Securing a Living Space Funded by a grant from Take Charge America, Inc. to the