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REAL ESTATE ALLIANCE & LEASE (R.E.A.L.) thanks you for looking to us for assistance with your residential and commercial rental needs. We feel an obligation to ensure that properties managed and represented by R.E.A.L. are rented and maintained in a manner that protects the quality of the dwellings and of the neighborhoods where our tenants reside. For this reason, R.E.A.L. utilizes a thorough screening process of all applicants for tenancy based on a set of objective criteria listed below.
Once you have selected a rental, complete, sign and submit a Rental Application Form. Each person 18+ who intends to reside at the property must submit a separate Rental Application, regardless of the familial/marital status or relationship to any other applicant for tenancy. A $30.00 PER APPLICATION FEE covers the costs of initially processing your application. (Legally married couple submitting on one application is $30.) Some properties, but not all, may consider a non-resident guarantor (aka “cosigner”) if the applicant has limited or no credit, is supported in full or part by sources other than personal income, or lacks sufficient tenancy and/or employment history. Guarantors must meet specific requirements to qualify. Guarantors are required to submit a complete application and pay the applicable $30.00 fee. Application fees must be paid by money order or cash, and are due upon submission of each application. We begin application processing upon receipt, so PROCESSING FEES ARE NONREFUNDABLE. In order for any applicant to be considered for tenancy, the applicant must meet the following minimum requirements:
COMPLETE APPLICATION - The application must be completed in its entirety. Failure to fill out the application properly and legibly may delay processing, increase security deposit or result in denial of the application.
SUBMIT APPLICATION - Scan and email to firstname.lastname@example.org or fax to or mail to P.O. Box 561, Middletown CA 95461. Indicate arrangements to remit application fee if you are not delivering documents at the time of showing. We will not begin the verification process until the processing fee has been paid; processing fees are nonrefundable.
RED FLAG COMPLIANCE – Section 114 of the FACT Act of 2003 requires that we verify the accuracy of information or documentation provided on the application(s) and ensure its consistency with any information derived from other sources, such as credit reports.
"FACTORS OF THREE:” In order to qualify for any specific property, the combined gross income of all individuals applying must equal at least three (3) times the monthly rent. At the time application is submitted, 3 most recent paystubs must be provided for each applicant/cosigner; if self-employed or sole proprietor, provide 3 most recent years’ tax returns. Self-employment income is classified as Form 1040, Schedule C, line 31: “net income” plus line 13: “depreciation”. If documenting alternate assets or income, provide 3 most recent asset statements. Applications will not be accepted without suitable documentation.
VERIFIABLE GOOD CREDIT REPORT & SCORE – Credit report will be obtained from a national credit bureau. Credit scores above 600 are expected; however, not required in all situations. If you have a unique situation that you want to share, please provide an additional statement in writing with the submitted application.
SUFFICIENT EMPLOYMENT AND/OR INCOME HISTORY – We require 3 years’ job history, or applicant’s 3 most recent employ positions, whichever is less.
SUFFICIENT RENTAL HISTORY – We require three years’ residency history or the 3 most recent tenancies, whichever is greater. R.E.A.L. makes diligent effort to verify present and prior landlord and/or lender information as submitted by Applicant; however, final responsibility for ensuring access to this data rests with Applicant.
The approval or denial of any application will be determined based upon multiple factors including credit, employment verification, residency references, stability in tenancy and employment, pets, bankruptcies and/or short sales. R.E.A.L. may increase security deposit amount, require a guarantor, or decline applications if credit scores are below 600, if unable to verify references provided, or on the basis of derogatory information received.
Only select properties allow pets; permission to have pet(s) may result in an increase to security deposit. The presence of unauthorized pets in a dwelling unit is a violation of the rental contract, and grounds for termination of tenancy under the standard rental agreement.
R.E.A.L. makes every effort to process applications within 3 business days of submission; however, processing time can be negatively influenced (or halted) due to Red Flag alerts, the inability to contact previous landlords, employers and/or other references. Applicants are encouraged contact the references, employer, and previous landlords to advise them of our intent to contact them with respect to your application. Applicants are also encouraged to check on the status of an application, particularly if you have not received a response from R.E.A.L. within 96 hours (4 business days) of submission. Applications will not be “pre-screened” outside the standard process under any circumstances and incomplete or falsified applications may be rejected without further notice. All applications submitted become property of R.E.A.L.
We cannot guarantee any unit that you have previewed will still be available by the time your application is submitted and/or processed. Units are rented to the first approved applicant who has paid the required “Deposit to Hold.” A Deposit to Hold will not be accepted until the Rental Application is approved. THE DEPOSIT TO HOLD AND ANY OTHER MOVE-IN COSTS MUST BE PAID BY CASHIER’S CHECK OR MONEY ORDER.
Copyright © Real Estate Alliance & Lease - Your R.E.A.L. Estate Marketplace! Katherine "Kat" McDowell, Real Estate Broker/Owner, CRS, CNHS, e-PRO. All rights reserved.