GUIDELINES USED TO QUALIFY RESIDENTS AND GUARANTORS OF OUR RENTAL HOMES
Income You must have verifiable income that is at least 3 times the amount of rent in gross income.
Employment You must be presently employed with job history that includes at least 2 years of stable income.
Rental All prior lease agreements must have been fulfilled. You must have had no more than 1 late payment and no more than 1 insufficient funds recordation in the past 6-month period. You must not owe money to another rental property. Your rental references reflecting the last 3 years must be favorable.
Credit Your credit history must not have judgements, bankruptcies, foreclosures, repossessions, write-offs or collections within the last 12 months. Applicant(s) with a credit history reflecting evictions will be denied. A minimum score of 550 is required. However, each Property Owner may establish their own credit requirements. You must have no federal tax liens. Total past due debt cannot exceed $5,000.00, excluding medical and student loan debt.
Convictions Certain felony convictions against you or other proposed occupants of your dwelling may disqualify you.
Application Each applicant must fully complete this application package and pay a non-refundable $50 fee (per applicant) and Application Deposit in separate certified funds (Cashier’s check or money order). The number of occupants in your rental dwelling may not exceed two persons per bedroom. CBE prohibits the rental of a single-family dwelling unit to more than three (3) unrelated adults.
Insurance Proof of a renter’s Liability Insurance policy for a minimum of $100,000.00 coverage will be required prior to move-in for the entire lease term. CBE must be listed as an interested party to ensure CBE receives all pertinent insurance updates. All pets must be insured as well. This coverage will remain in effect for your lease term and a certificate of insurance retained in our files.
Any false information on the application AUTOMATICALLY DISQUALIFIES the applicant(s).
Please fill out the application completely and submit the required documentation and certified funds. Processing of Application/s includes Credit Check, Employment, and Background and Landlord Verifications. Processing a Rental Application may take up to five business days depending on the property owner’s location and the application requirements & information received for processing. All Rental Application information must be complete and verifiable. Incomplete forms will prevent processing. Sometimes approval of Homeowners or Condo Associations, Property Owners, or unavoidable circumstances may cause processing to take longer. While CBE will make reasonable efforts to verify the information provided and will attempt to contact the applicant if there is a delay in verification, incomplete or unverifiable information may result in declining a Rental Application. Upon completion of processing the applicant will be notified immediately that the Rental Application has been approved or declined. Please also submit a copy of your client’s valid DMV Issued Driver’s License or DMV Issued ID Card with the application(s).
Agents, please include your business card in order to be compensated. Please also submit a copy of your client’s valid DMV Issued Driver’s License or DMV Issued ID Card with the application/s. You will need a copy of all items in the below checklist for your brokerage/DTR to receive compensation. There will be a $25 fee for any requested copies from CBE PM office.
Rental Applications from other applicants are accepted until a Rental Application is approved. CBE cannot guarantee that any home viewed will still be available by the time the Rental Application is processed. Because of the fiduciary relationship CBE has with Property Owners, if more than one Rental Application is submitted before approval can be achieved, then the first qualified applicant will be approved for placement. Remaining qualified applicants may consider other properties available from CBE’s rental list without paying an additional application fee within 30 days.
FAIR HOUSING GUIDELINES
Fair Housing Policy
Coldwell Banker Elite is absolutely committed to compliance with fair housing laws. Fair housing laws do not require equal Treatment of all persons. Instead, they require that persons may not be discriminated against because of race, color, religion, national origin, sex, elderliness, familial status or disability. Under federal fair housing laws, it is legal and permissible for rental housing owners to treat persons differently for reasons other than those listed above reasons including, but not limited to, rental history, credit history, criminal history, employment history, and income. Local fair housing ordinances may include additional classes not protected under federal law, but may not eliminate or change federally protected classes.
Persons Per Bedroom
As per guidance from the United States Department of Housing and Urban Development (“HUD”), maximum occupancy is two persons per bedroom. Persons under two (2) years of age are not included in the count. CBE prohibits the rental of a single-family dwelling unit to more than three (3) unrelated adults. However, some city and county municipalities and/or Homeowners Associations prohibit more than two (2) unrelated adults to reside in a single family dwelling unit, in which case CBE will follow the prevailing community guideline. Applicants must qualify for the amount of rent as outlined in the Income Requirements section.
“Unrelated adults” are those persons who are not related to each other by blood or marriage or legal adoption.
REQUIREMENTS NEEDED TO PROCESS YOUR APPLICATION
- A Rental Application is required for each adult, eighteen years of age or older, intending to occupy the Premises. A clear and readable photo identification issued by a State Department of Motor Vehicles must be presented with each Rental Application. Each Rental Application must be filled out completely and signed by the applicant. If the applicant is applying to rent a home governed by a Condominium or Homeowners Association, the applicant may be required to submit a separate Rental Application and/or fee to the Association for processing and approval.
- Applicant must list each state in which residency has been established, including states where the applicant has attended school or received training, worked, or served in the armed forces for previous 36 month period.
- The full name of all intended occupants, to include occupants under the age of 18 must be listed on the Rental Application. Applicant must list every other name or AKA (Also Known As) that has been used for obtaining or attempting to obtain housing, or credit, or for any other business purpose.
- Applicants must provide documentation of U.S. citizenship or immigration status. Applicants must provide their Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN). Rental Applications from applicants who are not U.S. citizens and who do not have the legal right to be in the U.S. will be declined. Rental Applications from applicants who are legally in the U.S. but cannot prove that they have the legal right to be in the U.S. through the entire lease term will be declined.
- Application Fee is NON-REFUNDABLE and per applicant. $50 per adult application fee must be in certified funds. No checks or cash will be accepted. The application fee must be made payable to CBE.
- Application Deposit must be a separate payment in certified funds made payable to ‘CBE and/or applicant’s name.’ No cash or checks will be accepted. This money must be in the amount of one month’s rent. The application deposit will convert to the Security Deposit and be deposited within five days upon lease execution. In Owner/Landlord’s sole discretion, a higher security deposit, and/or additional pre-paid rent, may be required in lieu of acceptable credit or landlord history. If the application is approved and the applicant fails to sign the lease within 48 hours of receipt of the Lease, and/or rent the dwelling unit, the Landlord shall be entitled to retain that part of the Application Deposit equal to Landlords actual damages (lost rent for days the home was taken off the market) and expenses as provided in Section 55-248.6:1 of the Virginia Residential Landlord Tenant Act (“VRLTA”)
- Income Requirement is based upon the individual applicant, with the exception of married couples, to earn three times the monthly rent amount. All unrelated lease holders must earn three times one half of the monthly Rent. Reliable documentation and telephone numbers, including work fax numbers, for all income sources must be provided. Employment and income will be verified on all applicants. Self-employed applicants will be required to produce the two most recent years of personal tax returns. Non-employed applicants must provide proof of income and/or financial ability. Official documentation for sources of income must be provided if such income is being used for qualification for the applicant. Applicant must provide Military Orders & LES or payroll check stubs covering a minimum of the last three pay periods as additional documentation to assist in verifying current employment and income. All applicants must fill out the top portion of the Employment Verification Form and sign. If an Applicant has more than one employer, separate Employment Verification Forms must be filled out for each employer. Applicants, including all others who are applying to rent the Premises as one household unit, must have a combined and verifiable gross income of at least three times the monthly rent.
- Applicants must fill out the top portion of the Landlord Verification Form and sign. Residency must be verified for a minimum of the last three years with no interruptions. Rental history references must reflect timely payment, appropriate notice of intent to vacate, no complaints regarding disturbances or illegal activities, no history of violence or threats and/or intimidation of others, no insufficient funds, no damage to previous rental units, and no failure to leave the premises clean and without damage at the time of lease termination.
- Credit history. A credit report from a national credit reporting agency will be obtained on all applicants. A history of bankruptcy is cause for rejection of a Rental Application unless the bankruptcy has been fully discharged and the applicant has established satisfactory credit history for at least one full year after discharge. Also, additional security deposit may be required. All Bankruptcies must be final and discharge paperwork must be provided. Re-establishment of good credit history must exist since the Bankruptcy. If a short sale or foreclosure situation are present on credit report, this must be the only default on the credit report. If an open mortgage is found on the credit history, applicant must qualify to cover three times the monthly mortgage payment total plus three times the monthly Rent. It is prohibited for CBE to provide a copy of any credit report to any person(s).
- Co-Signers. Coldwell Banker Elite does not permit co-signers.
- Guarantors. A few homes within our portfolio will permit a guarantor on the Lease for full times students, who will reside in that home. A guarantor must complete a Rental Application packet, pay the application fee, and be qualified in order to be a guarantor.
- Criminal history. A criminal history report from a national background reporting agency will be obtained on all applicants.
- Pets are permitted only on certain properties at the sole discretion and approval of the Property Owner. Only small to medium sized, non-violent, common domesticated animals will be allowed on any property that permits animals. Farm animals, snakes, other reptiles, exotic animals, ferrets, and any large or aggressive animal will not be permitted. Akita, Chow, Pit Bull a.k.a. Staffordshire Terrier, American Bull Terrier, Presa Canario, Rottweiler, Sharpei, Wolf Hybrid, and mixed breeds including any of the above mentioned will not be approved. If an animal is approved, an additional security deposit of a minimum of $500.00 per animal is required. Additional non-refundable animal fees or additional security deposits may be required at the sole discretion of the Property Owner. Current evidence of all required registrations and inoculations, as well as a clear and current color photo (print) of each animal expected to reside on the premises must be submitted with the Rental Application.
- Renters Insurance. All animals of any kind, vehicles of any kind, and water-filled furniture, including aquariums, must be disclosed on the Rental Application, and proof of insurance covering Property Owner’s interest must be provided for any and all animals of any kind, vehicles of any kind, and water-filled furniture/aquariums. CBE must be listed as certificate holder and/or additionally insured on the insurance policy.
- Utilities are connected and effective on the date of lease commencement. Proof of connection is required by date of occupancy.
- Lease Signing If approved, the applicant must sign a Lease Agreement within two business days, and all monies due. A full month’s rent, security deposit, animal fees, transaction fee, and any other sums due, if any, must be paid in full with certified funds (official bank cashier’s check or money order) at the time of lease signing and prior to taking possession of Premises. In the event the applicant fails to sign a Lease Agreement within two business days after approval, it will be assumed that the applicant has withdrawn and the Premises will be offered to others. The Owner will be entitled to liquidated damages if the approved applicant does not move forward with signing the Lease within 48 hours of receipt of the Lease.
- If the applicant fails to move in after the Lease Agreement has been signed the Security Deposit will be forfeited as liquidated damages and the property will be placed back on the market to mitigate damages due for current Lease obligation.
APPLICANT RELEASE & CONSENT: Applicant(s) hereby understand the application screening process, and release & consent to Coldwell Banker Elite through its designated agent, broker, Landlord, and its employees, to obtain and verify my credit information, criminal information, and/or eviction information, to the credit agency and to Coldwell Banker Elite and its, owners, Landlord, credit worthiness in renting a property. Applicant further agrees to indemnify and hold harmless, Coldwell Banker Elite from any and all claims in regards to decisions, denials, claims, liability determining whether or not to lease a rental property to me based on the rental application, payment history and occupancy history for account review purposes and for improving application review methods.