This document records every financial transaction between a tenant and the landlord or property management, ensuring that all rent payments and financial obligations are accurately tracked.
This term refers to a residential building or complex that contains more than one distinct housing unit.
Property management fees typically range from 7% to 12% of the monthly rental value.
This written notice must include key details such as the tenant's planned move-out date, the lease termination date, and the precise address of the rental property.
A co-applicant shares financial and legal obligations with the primary applicant. They often boost the overall creditworthiness essential for securing a favorable loan.
A CRP is most commonly used for tax purposes, especially in places like Minnesota, where renters can claim property tax refunds or benefits.
A renter's property tax refund allows renters to claim a portion of property taxes they effectively pay through their rent on their individual income tax return, providing potential financial relief.
Ensuring that all parties have aligned investment strategies and clear ownership interests is crucial to a successful TIC agreement.
A tenant is considered a holdover tenant when they remain in a rental unit beyond the end date of their lease agreement without the landlord's approval.
