If the property you are applying for residency at is currently under construction, you are agreeing to the following;
This is an agreement between (“Tenant”) and Redwood Living, Inc. (“Landlord”). The parties agree as follows:
1. Tenant wishes to lease the apartment located at a Property which is currently under construction.
2. Availability shall be when Landlord’s work on the Property is completed.
3. Tenant acknowledges that Landlord cannot and does not guarantee the date of Availability given the uncertainty associated with the construction process. Therefore, should the Property not be completed by the date stated above plus a thirty (30) day grace period thereafter (the “Delivery Period”), this Agreement and the Lease may be cancelled. If canceled, the hold fee will be returned to Tenant in full.
4. Tenant understands and agrees that, except for the return of the hold fee, Landlord shall have no liability whatsoever to Tenant, financial or otherwise, for failure to deliver the Property to Tenant for occupancy during the Delivery Period.
5. Tenant will have eleven (11) days after the first day of Availability to move-in. If Tenant does not take occupancy, the Property may be rented to others and Landlord may retain the hold fee.
APPLICANT APPROVAL CRITERIA
Redwood is committed to the Fair Housing Act prohibiting discrimination in rental housing based on Race,
Color, Religion, Sex, National Origin, Disability, Familial Status, and any other Protected Classes defined by local ordinance.
· Before leaving the office to begin the tour, a valid government-issued photo identification is required per visitor. If more than one visitor, then only one valid government-issued photo identification will be needed from someone in the group.
· The name on the identification must match the name given by the visitor and the photo should be a reasonable likeness.
· The identification must be left in the leasing center during the neighborhood tour and will be returned at the end of the neighborhood demonstration.
· Any prospective resident of the apartment that is at least 18 years of age must complete a rental application to be a leaseholder. If there are two or more applicants, regardless of marital status, each is to complete their own rental application and sign in the appropriate area. You may have up to 4 or 5 leaseholders per home in compliance with occupancy standards below.
· Each applicant must have a social security number, green card, or non-expired working or student visa. In addition, the rental application must be completed in its entirety.
· A non-refundable application fee of $30 per person is required at the time of completion. This application fee is never refundable, regardless of the circumstances, including cancellation.
· Falsification/omission of information on a rental application is grounds for denial, and all application fees and deposits will be forfeited.
· We reserve the right to request documentation of any information provided by the applicant on the rental application.
· If an application is cancelled within 72 hours of application, all monies (except the application fee itself) will be refunded. Cancellation after 72 hours will result in forfeiture of any monies paid. Cancellation must be submitted in writing.
· No resident will be permitted to take possession of the apartment without having paid all required move-in fees, deposits, and applicable rent. Your account with Redwood must be current at move-in.
· No more than two occupants per bedroom may occupy the apartment/home. If the apartment/home has a den in addition to a bedroom(s), then no more than two occupants per bedroom plus one occupant may occupy the apartment/home.
· Any new household members must be approved in writing from the office prior to occupancy.
· Total monthly household gross income (combined income of all leaseholders) must be at least two and a half (2.5) times the amount of the monthly base rent.
· If an applicant is unemployed or retired, proof of assets should be provided and must be equal to at least two and a half (2.5) times the contractual amount of the lease term.
· Acceptable proof of income will be required and verified.
· Income which does not come from employment (child support, alimony, etc.) requires written verification and 12 months of bank statements showing consistent income. Self-employment requires two (2) years of tax returns and 12 months of bank statements showing consistent income.
· Prior rental history is researched to ensure that the applicant(s) paid rent on time and any negative rental history may be grounds for denial. · Rental history must be with a non-relative landlord, and applicant may be asked to produce a copy of his/her lease paperwork. We will attempt to reference back three (3) years of rental history. · An eviction within five (5) years of application date are automatically declined. Property Management records with skip statuses are also an automatic denial. · Any balances owed within seven (7) years are automatically declined.
· Prior rental history is researched to ensure that the applicant(s) paid rent on time and any negative rental history may be grounds for denial.
· Rental history must be with a non-relative landlord, and applicant may be asked to produce a copy of his/her lease paperwork. We will attempt to reference back three (3) years of rental history.
· An eviction within five (5) years of application date are automatically declined. Property Management records with skip statuses are also an automatic denial.
· Any balances owed within seven (7) years are automatically declined.
· A credit report will be obtained for every intended leaseholder.
· Redwood has partnered with Yardi Resident Screening to assess the credit worthiness of its applicants based on a model designed by Yardi Resident Screening and Redwood.
· When scoring credit, the Yardi Resident Screening model will take into consideration several variables to determine an applicant’s willingness and ability to pay their rent. The Yardi Resident Screening model has been specifically developed to assess credit worthiness of applicants in the multi-family industry. The following are a few examples of the variables Yardi Resident Screening will take into consideration:
o Income to Rent Ratio, Income to Payment Ratio (Revolving Debt), Number of Recent Credit Inquiries, Average Age of Trade Lines, Revolving Debt to Limit, Percent of Bank Card Trades in Relation to Total Trades, Total Trade Lines, Percent Never Delinquent, Number of Major Derogatory Trade Lines, Economic Trends, Payment Histories, Accounts in Collection. A combination of all the variables is what determines the Yardi Resident Screening Score.
· If any applicant takes exception with any findings, the applicant is solely responsible for making any corrections and reapplying. If your application is “accepted with conditions” or “declined,” you will be given the name, address, and telephone number of the consumer reporting agencies that provided your consumer information to us.
· Medical collections and student loans are not taken into account.
· An application will be automatically declined if the applicant has an open bankruptcy within 7 years. An application will be automatically declined if the applicant has a closed bankruptcy within three (3) years.
· An application will be automatically declined if a high-risk collection (Apartment Community or Landlord) is detected.
· A criminal background check will be completed for applicants at least 18 years of age. Criminal background may be cause for denial of an application.
· An application is automatically declined if a conviction is evident for any of the following:
o Decline for any Felony Conviction within 7 years for the following offenses: Arson, Assault & Battery, Burglary, Crimes Against Animals, Crimes Against Children, Crimes Against Government, Destruction of Property, Homicide, Kidnapping, Organized Crime, Robbery, Sex Crimes.
o Decline for any Felony Conviction with 5 years for the following offenses: Theft/Larceny, Weapons Related.
o Decline for any Felony Conviction with 3 years for the following offenses: Alcohol Related, Bad Checks, Cyber Crimes, Disturbance of Peace, Domestic Crimes, Drug Offenses, Embezzlement, Fraud, Gambling, Harassment, Petit Theft, Purposely Obstructs the Law, Traffic Violations, Trespassing, Incarceration (Due to Conviction) Release Date, Any Other Offense Not Listed.
o Decline for any Felony/Misdemeanor Conviction within 2 years for the following offenses: OUI, OVI, DWI.
o Decline for any Misdemeanor within 7 years for the following offenses: Arson, Homicide, Kidnapping.
o Decline for any Misdemeanor within 5 years for the following offenses: Burglary, Crimes Against Animals, Crimes Against Children, Crimes Against Government, Destruction of Property, Organized Crime, Sex Crimes.
o Decline for any Misdemeanor within 3 years for the following offenses: Cyber Crimes, Domestic Crimes, Drug Offenses, Embezzlement, Fraud, Gambling, Harassment, Petit Theft, Purposely Obstructs the Law, Robbery, Theft/Larceny, Trespassing, Weapons Related.
o Decline for any Misdemeanor within 1 year for the following offenses: Alcohol Related, Bad Checks, Disturbance of Peace, Incarceration (Due to Conviction) Release Date, Any Other Offense Not Listed.
If a significant history of making payments with non-sufficient funds is present; all move-in costs due at lease signing must be paid using certified funds.
An initial or full security deposit will be collected to hold the apartment/home. Once approved for move-in, all remaining funds must be paid at lease signing with all utilities in the resident's name at move-in. All residents are required to provide proof of active renter’s insurance on or before move-in. Coverage must include personal property and $100,000 in liability insurance.
Note: All deciding factors as to what is acceptable or not acceptable for any of the above qualifications are determined by The Managing Agent.
APPLICATION PROCESS DISCLAIMER
A non-refundable application fee of $30.00, photo Identification, and proof of income is required for processing this application. The undersigned expressly agrees that if this application is approved applicant herewith agrees to rent this property. Applicant further agrees that if applicant is accepted by Management and then decides not to move into the premises, then all monies paid herewith shall be retained as liquidated damages since other prospective tenants may have been turned away and it may be necessary for Management to re-advertise the property and evaluate other applicants. Processing of application shall be as timely as possible and the results may be delivered via telephone, fax or mail. Once approved, applicant agrees to pay the balance of funds and complete the paperwork within 48 hours, otherwise Management will assume that applicant has decided to forfeit the reservation/earnest money payment made herewith and will begin remarketing the property. If applicant is not approved, all monies given herewith, less application fee shown above shall be returned to the applicant.
I declare that the application is complete, true and correct and I herewith give my permission for anyone contacted to release the credit or personal information of the undersigned applicant to Redwood Living or their authorized agents, at any time, for the purposes of entering into and continuing to offer or collect on any agreement and/or credit extended. I further authorize Redwood Living or their Authorized Agents to verify the application information including but not limited to obtaining criminal and credit records, contacting creditors, present or former landlords, employers and personal references, whether listed or not, at the time of the application and at any time in the future, with regard to any agreement entered into with Redwood Living. I understand if Redwood receives this application within 60 days prior to date of desired occupancy, Redwood will obtain credit and criminal records once. I further understand if Redwood receives this application more than 60 days prior to date of desired occupancy, Redwood will obtain credit and criminal records twice: the first time upon Redwood receiving this application, and a second time within 60 days prior to desired move-in date. Any false information will constitute ground for rejection of the application, or Management may at any time immediately terminate any agreement entered into in reliance upon misinformation given on this application.
* The hold fee will be refunded in the event Redwood Living is unable to offer an apartment home to a waitlist applicant within the timeframe of 30 days or less prior to the date of desired occupancy. In such event, Redwood has up to thirty (30) days from date of notifying waitlist applicant of unavailability to process and mail a refund to waitlist applicant.
If any of my payments are returned to Redwood by its bank for any reason, I understand I will be responsible for a service charge of $50.00 in addition to any monies due. I further understand due to the returned payment, all monies due prior to move-in shall be submitted in certified funds only.
I fully understand that after approval, if I decline to move in, it is my obligation to deliver in writing a letter to the leasing office within seventy-two hours. In such event, Redwood has up to thirty (30) days from date of cancellation to process and mail a refund to applicant. If I fail to take possession of the apartment, then I understand that my hold fee will be retained by Redwood Living as liquidated damages since the damages sustained by Redwood Living for, but not limited to, advertising, lost rent, etc. are difficult to ascertain. In addition, I understand once I’ve entered into a signed lease agreement with Redwood Living, the non-refundable hold fee is applied towards a security deposit. I also understand this is an application and does not constitute a lease agreement in whole or part.
**Availability subject to change, stated move in dates are an approximation only.**