FAILING TO DISCLOSE EVERY POSSIBLE CHARGE, FEE, COST ETC. TO AN APPLICANT AND FAILING TO GIVE THE APPLICANT A SAMPLE LEASE CAN BE DEADLY

 

1.   An Applicant MUST know everything they will be charged to become a Tenant and during the tenancy.

 

2.   You CANNOT take any deposit or fee from an Applicant and KEEP it if the Applicant gets approved and fails to sign a lease or fails to move in.

 

3.  FULL disclosure of every charge, fee, deposit amount, rent amount, mandatory resident benefit package etc. MUST be made prior to taking any money form the Applicant if you intend on KEEPING the money if the Tenant gets approved, changes their mind, fails to sign a lease, or fails to move in.

 

4.  An Applicant MUST know exactly what they are getting into.  

 

5.   You should create a CHARGES SHEET that fully discloses everything before any money is accepted from the Applicant.

 

6.  You should be able to prove that the Applicant received the CHARGES SHEET.

 

7.  If your Application, Holding/Good Faith Deposit or any other document states that the Applicant will LOSE any money paid if they get unconditionally approved and/or sign a lease, you MUST be able to prove the Applicant knew every single charge.

 

8.  A SAMPLE LEASE should be provided to the Applicant prior to taking any money from the Applicant.

 

9.  Proper procedure will be to give the Applicant a SAMPLE LEASE and a CHARGES SHEET.

 

10. FAILURE to provide the Applicant with a SAMPLE LEASE and CHARGES SHEET and then attempting to make the Applicant forfeit any money the Applicant has paid if the Applicant gets approved and/or fails to sign a lease is ILLEGAL.

 

11. If an Applicant is approved and you have failed to give the Applicant a SAMPLE LEASE and a CHARGES SHEET, the Applicant can legally back out, refuse to sign the lease and you will have to refund the money paid by the Applicant.

 

Do not make the common mistake of not telling the Applicant all the charges or not providing them a SAMPLE LEASE BEFORE they give you any money.

 

Just because it is common practice to NOT disclose everything at application, be aware that your owner and your company could be charged with bait and switch, false advertising and commission of an unfair and deceptive trade practice that could subject your owner and your company to a lawsuit including but not limited to a Class Action Lawsuit.

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