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FREQUENTLY ASKED QUESTIONS
IN NO PARTICULAR ORDER
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HOW MUCH DO I HAVE
TO PAY TO HOLD THE PROPERTY? - Good question.
Each property and situation is different. Usually we require
the entire Security Deposit to hold a property for longer than
2 weeks. These funds are subject to loss if you should change
your mind and not take the property since we will be taking
the property off the market and holding it just for you. Once
you complete the lease and take possession, then these funds
will be applied to your refundable Security Deposit. Normally
a Security Deposit is approximately 90% of the rent. That is
not always the case, but is a general rule of thumb, and there
are times when it can even be more than the rent.
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MY SPOUSE WORKS,
CAN I JUST SIGN THE LEASE SO WE CAN MOVE-IN?
- Unfortunately no. In fact this would be just the opposite
of something that might even be remotely considered. If anything,
initially we might allow not having the spouse that doesn't
work not sign for some reason, and then have them come in later...
not the other way around. Our standard policy is that everyone
over the age of 18 that is going to live in the property, signs....
before keys are released.
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HOW LONG DOES IT
TAKE TO PROCESS SECT 8 PAPERS? - It only takes
us a matter of a few minutes to complete what we need to. Unfortunately,
that isn't what holds up the process. It's the inspection process
by HUD that takes all the time. You need to bug them and stay
on top of the HUD office to get things moving as quickly as
possible. Even then it can take 2-3 weeks.
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HOW
MUCH IS THE SECURITY DEPOSIT AND WILL I GET IT BACK WHEN I LEAVE?
- The Security Deposit varies with each property and is usually
around 90% of the rent. Sometimes it can be more and sometimes
it is less. It depends on the situation and the owners requirements.
Getting your Security Deposit back depends entirely on you.
If you stick to all the requirements of the lease, give proper
notice, and leave the property in a condition that we can immediately
rent it with out having to do any repairs or cleaning, then
you should get your Deposit returned.
Here is the excerpt from the Lease Agreement
as it pertains to the Security Deposits
SECURITY DEPOSITS
LESSEE pays herewith as a security deposit the above stated
sum. Upon lawful termination of the tenancy by either party
for any reason, the LESSOR may claim, of the security, only
such amounts as are reasonably necessary to remedy LESSEE defaults
in the payment of rent, to repair damages to the premises caused
by the LESSEE other than normal wear and to pay the reasonable
costs of cleaning in excess of the amount of any non-refundable
cleaning charge as set above. Should the LESSOR feel that the
tenancy or property is at risk due to late payments or other
detrimental factors, LESSOR at his option can increase/adjust
the Damage/Security Deposit requirements. Should the
LESSEE vacate the premises, or be evicted, prior to the end
of the term, or give improper notice, all security deposits
are forfeit. The excess portion of the security deposit
not used as set forth herein shall be refunded to the LESSEE
according to law.
**This clause is subject to change
without notice. Be sure and read your lease agreement and understand
it in its entirety.
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