Before Renting
Part of the costs that are prepaid by the renter to the lender at the time of the application being submitted.
Application Fee
People you choose to live with to reduce rent.
Roommates
In a shared living situation, you may be expected to split costs with those you live with. Name an apartment expense likely to be shared by roommates.
Utility costs (electricity, water, heat, ac, etc.)
WiFi
Cable, streaming apps, etc.
Formal legal document or agreement between the landlord and the tenant, whereby the landlord agrees to rent property to the tenant for a period of time in return for payment from the tenant.
Lease
A place where people live such as apartments, duplexes, mobile homes, condominiums, and single-family houses, etc.
Property / Living Arrangement / Dwelling
An agreement between two or more parties, such as a lease or contract, that is written and enforceable by law.
Binding Agreement / Rental Agreement
Person who offers to sell or lease an apartment, home, etc. May give you tours prior to signing, find various listings, and usually requires a commission fee on any sales made.
Real Estate Agent
A charge assessed to the tenant if they miss a rent payment.
Late Charge / Late Fee
Services provided by public utility companies such as water, gas, electric and phone. Usually must be transferred to tenants name upon agreement of renting.
Utilities
The length of lease/rental agreement.
Term
An amount paid to the landlord in advance of your move in date. Typically equal to each months rent.
Security Deposit / Damage Deposit
A person or organization that signs a lease and rents a property from another.
Lessee / Tenant
On the first day of lecture, Mr. DeLuca shared what happened to a friend of his after they signed a lease with someone they had only known for a month. What was the situation? What does this stress the importance of?
That person committed a crime. Stresses the importance of choosing the right roommates.
Compensation or fee paid for the occupancy and use of any rental property. The amount charged by the landlord, to occupy the unit, and usually charged monthly.
Rent
A type of On-Campus housing that typically houses students throughout their college years.
Dormitories
Used by lenders to determine a potential renters credit worthiness.
Credit Report / Credit Score
A person, corporation, or a group of persons or corporations that own land or a building and rents some or all of it to someone else.
Landlords / Lessors
Notice given by the landlord to the tenant to leave the premises, either by a certain date or to pay the overdue rent or correct the issue, within a short period of time (14 days on average in MN).
Eviction Notice
Explain the process of "Rental Inventory". Why is it important / what is it?
It's a detailed list of current property conditions. Rooms, appliances, etc. Important for proving maintenance level when moving out.
In most states, you are required to give how many day’s notice of intent to vacate a rental unit?
30 days notice
List 3 of the most important things to consider before moving in / choosing a new place.
How much do you have saved? What is your income / what can you afford? Location / Proximity to work, family/friends, etc. Roommates or no roommates? Is the landlord trustworthy?
This person signs the lease and promises to pay the other person's rent as stated in the lease if the other person fails to do so.
Co-signer.
Legal notice from the landlord to the tenant stating that the tenant has not met the conditions of the lease terms and therefore the agreement has ended and the tenant must leave the dwelling.
Termination
What are three examples of an "impaired" living situation?
Answers will vary: Tornado, Earthquake, Fire, Flood, Gas Leak, etc.
What are three advantages of renting vs owning (use examples discussed in class)
Mobility, Convenience, Minimal Responsibilities, Social Life, Lower Cost.