Tag Archives: landlord

Credit Reports for Leasing an Apartment

April 4, 2020   Auto Loans

Many responsible landlords are analyzing the credit reports of the people they rent. They are ensuring their potential tenants are having clean credit history. All the aspects in your credit report will be affecting your credit score. Different weights are applied to different portions of your information such as, Bill Payments, length of credit history, outstanding debts, new credit applications and your credit mix.

All the information available in your credit reports has an implication for your apartment leasing process. When you approach to your landlord, they will be asking your credit report to analyze your financial ability for paying rent appropriately. Some apartments doesn’t lease if you have a bad credit history. They often emphasis you on the following elements of your credit report.

• Payment history

• Amount owed

• Length of credit history

• Types of credit

Effective credit score helps you in acquiring the right Apartment

In the present real estate market, you should be well prepared and organized, to lease the right apartment of your choice. This could be possible when your credit reports are clear and when your credit score is quite higher. Therefore, when you plan to lease an apartment, get a copy of your credit report. You should analyze your credit report as early as possible, so that you have enough time to rectify your errors, before your landlord evaluate your credit.

How to get a free Copy of your Credit Report

To get a free copy of your credit report, you should approach any of the credit bureau that provides the credit reports and obtain a copy of it. They are available at a free of cost. You have to check whether all the information mentioned in the report is correct or not. It would be better to obtain the information on the regular basis, to get an efficient plan for evaluating your credit score and all can you do for improving your credit score. You have to make sure that the information provided to the credit bureau is accurate, as the credit score influences on several things like, mortgage loans and apartment rentals.

Identifying Fraud in Credit Report

You can identify the occurrence of fraud in your credit report by looking and identifying on the top of your report information. Especially the following errors, which indicate false details in your file:

• Name on the report which is not yours
• Addresses where you have never lived
• Incorrect date of birth
• Social Security numbers that don’t belong to you

This information helps you to understand the importance of credit report while leasing an apartment that fulfills all your requirements. Besides, it also helps you in analyzing your credit score regularly.

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A Renter’s Guide to Commercial Leasing!

January 19, 2019   Personal Loan

A commercial lease is a legal or binding agreement between an owner and a tenant. Even though renting is a simple business relationship, it is still crucial to follow certain guidelines during this process. Without the proper guidance, this procedure can be long and somewhat unpleasant.

  • Consult a Lawyer – A rental document is not just a piece of paper; it is a compilation of legal agreements that consists of an average of 25 to 70 pages. Some clauses that may be included on these documents are standard, while others may not be familiar to the renter. Other standard forms may not have the essential elements for both the landlord and the tenant. Therefore, seeking the advice of a lawyer is important. In addition, attorneys can handle all of the negotiations and technicalities as well as assess any specific requirements the tenant may need and provide a final legal agreement.

  • Choose a Suitable Location – The success or failure of a business can be determined by where it is situated. Once all of the commercial leasing requirements have been determined, it is time to proceed to research and look for a suitable space. In addition, it is important to check the market and determine that the potential office space is available and suitable for the occupancy.

  • Find a Reputable Broker – It is important that the finalization of a commercial lease be handled professionally. Such an important undertaking requires the services of a reputable broker. An agent should be chosen who has many years of experience in commercial leasing. Real estate brokers can help find the right location as well as examine the market.

  • Negotiate the Lease Agreement – Everything is negotiable in a lease agreement; however. this can be a daunting task. It is necessary to understand and assess the agreement to avoid any problems in the future. Both parties should arrive at acceptable terms that meet individual needs. All agreements should be verified for correct terms and conditions as well as the total costs involved prior to endorsement by both parties. It is essential to remember that once the agreement has been signed, it binds both the landlord and the tenant equally by law. This is why once an agreement has been negotiated; it should be thoroughly inspected for accuracy.

  • Insurance – An insurance policy from the landlord may be required by the tenant prior to final execution of the contract. If payment of the insurance premium is required of the tenant, a comparison of normal costs for such a charge from other insurance companies should be done. This way the tenant can be sure that they are not being overcharged by the landlord for this cost. It should also be determined if the coverage afforded by the insurance is anticipated to change any time in the future.

  • Providing all Pertinent Information – Every tenant should ensure that all relevant information regarding this agreement has been provided; it should also be verified that the use of the commercial space complies with the agreement. In addition, it must be confirmed prior to the execution of a lease if there are any alterations that must be performed prior to occupancy by the tenant.

    A legally binding contract, such as an office lease, should be beneficial to both involved parties. It should not be automatically presumed by a tenant that the landlord is willing and able to comply with all the terms written in the contract. Even the lease code does not provide a renter with the full protection necessary for a business to function. Any tenant should be pro-active and obtain a renter’s guide to effectively manage their commercial lease – then there will be no upsetting surprises!
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