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Commonly Asked Questions about Property Lease Applications

The form provided by a prospective lessor that, often combined with a credit application , is filled out and returned by the prospective lessee to provide the lessor with basic information about the lessee and the intended lease transaction is a lease application .
A rental application is what you submit to be considered as a tenant. A lease agreement is the binding contract you sign once youre approved. This is where it spells out everything about your pad from monthly payments to how long youve got until renewal time, plus a list of whats cool and whats not.
Although this step may raise some concern, providing your social security number is a standard part of the application process since its needed to conduct an in-depth credit and background check.
Common contents of a lease agreement include: Names of the lessor and lessee or their agents. Description of the property. Amount of rent and due dates, grace period, late charges.
Pros of leasing: No big down payment. No closing costs. No hassle or major expense for maintenance, replacements, and repairs.
What do apartment complexes look for in a background check? Your rental history. The background check will include a rental history report. Your employment history. Landlords typically want your income to be three times the monthly rent. Your credit history. Your criminal history.
Explanation: A gross lease is a type of lease agreement where the landlord pays all the property expenses, including the property taxes, insurance, maintenance, and repairs. This type of lease is most often used with residential property (Option A).