What Is Involved in Renting a House?
The process of renting a house can be somewhat time-consuming, be it on the side of the landlord or the renter. From the initial application to the lease document itself, and including everything in between, the process doesn't always move fast, depending on how thorough the landlord wants to be in doing his background checks. Understanding the process is the best way to ensure that both parties get through it successfully.
Application
Once a tenant expresses interest in a rental property, the first thing she may do is view the property. If she is still interested, she may then fill out an application. This gives the landlord core information on the prospective tenant so he can begin doing some background checks. He may run the information through the credit bureaus (if the tenant gives permission to do so) and through local court systems to make sure there is nothing unsavory about the renter.
Reference Checks
Another aspect of renting a property is the process of reference checks. For a tenant, this is similar to a job application, where a prospective employer may check with past employers to ensure she was a good employee; landlords want to make sure of the same thing when it comes to rental history. Landlords use this process to find out if past landlords had problems with the prospective tenant, what the tenant's payment history was like and if the past landlord would rent to this person again.
Rental Offer/Negotiation
Once the landlord has checked out references and determined that the rental candidate is desirable, then he may make an offer to the prospective tenant. During this time, the tenant may then negotiate concessions associated with renting the property. Perhaps she found something during the walk-through that needs to be fixed, or she may ask for a lesser rent price because of a lack of certain amenities. Before the lease is drafted is the best time for this sort of conversation for both parties.
Lease Signing
This is the final step of the process. The landlord will put together a lease that includes clauses for any concessions he may have made during the negotiation process. He will also stipulate rental procedures in this document, from when the rent is due each month to late fees for late payments and anything else the tenant may need to know. The tenant then looks over the lease (tenants should always take their time looking over this document before signing) and if she agrees with what's included, she may sign it and receive the keys.
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