The Know List:
> Before you move in [refers to each room]:
Rent Security Deposit = $300
Common Area Maintenance/Utilities Security Deposit= $100
= total security deposit charges =$400.00*
*due before you move in – to hold the room for you & proceed with the security credit check**. If the credit check does not prove to be in your favor or if we can no longer offer the room to you, we will refund the deposit to you. However, if you decide that you no longer want the room, we will not refund the deposit to you.
**credit check charges are in addition to the security deposit charges and the methods accepted (above, I have mentioned a free option) will be stated when requested of us.
Each room normally has an individual lease starting from August 1 of each year and ending August 1 of the following year. In & Out by noon on both dates. If you move in after August 1st, the rent amount will be prorated & the pre-payment of Utilities/CAM will remain the same as per the explanation above.
Also, if you move in after August 1st, the lease will be for what’s left of the original lease period (August 1st of current year to August 1st of the following year). [For example, if you move in October, your lease will still end August 1st.] There is some flexibility, only with pre-approval, but you’ll have to state your preferred Move In & Move Out Dates ahead of time, in writing. Condo is not available for subleases. Though, in certain conditions it can be re-assigned/re-leased to another tenant with prior written approval from landlord.
– Payment Methods: If you have a Bank of America (BOA) account, payments will be transfered into the account directly from your BOA account (you will be provided with the account/routing numbers). If you don’t have a Bank of America account, or your bank charges you for online bank transfers) payments will be made by depositing funds into our BOA account at a local branch of BOA (you will use BOA deposit slips on which you MUST write your name clearly for the payments to be credited in your name). [For example, They'll ask you for the name of the account holder on the slip: You'll need to write: {Your Landlord's Name} (Payment from {Your Name})
Another option is to send payments via paypal.com to lstrentals@gmail.com (pick the send to friends and family option)
It has the same immediacy of depositing cash into the BOA account and you can pay via bank account for free or credit card for a (paypal) charge. It was also provide you with a receipt for the transaction and an emailed receipt to us for proof of remittance.
>Once you move in [refers to each room]:
Rent = $300***
CAM/Utilities charge = $100/month****
= total monthly charges =$400.00
***(*)Rent & CAM/U charges are due on the 1st of each month. At 12:01pm on the 5th day of the month, 5% of the current ‘balance due’ amount will be assessed. Any rent charges that are prorated will be calculated as follows: $300/[number of days in that month] = daily rate for that month * [the number of days that are not part of your lease] = the amount that you don’t owe which should be subtracted from 300 = your prorated rental rate for the first month. (rounded up & with two decimal places) ex.: 300/31 = 9.68*5 = 48.39, 300 – 48.39 = 251.61
**** Utilities are covered using a new payment system called the CAM/Utilities charge. This charge is actually a pre-payment of the utility charges (water, electricity, sewage, wireless high-speed internet, & cable television).
Each month, the CAM/Utilities charge will be assessed along with the rent. All tenants will be able to view a copy, online, of their updated Utilities Ledger (detailing your portion of the actual utility charges & any balance credited towards the CAM/Utilities Security Deposit) along with copies of the actual bills for that month (which will help you keep track of your expenditures).
If the tenant spends less than the $100 pre-payment/month (as I’ve noticed for the last two years since I’ve been managing they have), the balance will be transferred to the CAM/Utilities Security Deposit account and held there. At the end of the terms of the lease, the balance will be returned to the tenants (minus any balances due/damages). To ensure that the funds in the CAM/Utilities account are kept at a reasonable level, there will be a per tenant cap of $400. Once the account exceeds that cap, an email will be sent to the tenants informing them either that they will not need to
send in their next $100 pre-payment or that a refund will be posted/sent to them until, once again, their portion of the account is at $400 or below.
If the actual expenditure per tenant is over the $100 payment/month, the tenants will be given one week to reconcile their ledgers and the future pre-payments will increase by the overage amount (I’ve never had to increase the pre-payment in the two years of my management term).
I hope that clears up all the legal bits n bobs. If you have any questions or concerns – feel free to ask.
A copy of a previous tenant’s ledger
(so you will know the type of monthly updates you can expect – the balance that he had was discovered after check drafting and instead was transferred to his next lease the following august).. Remember to zoom in to 100% so you can actually view the page properly.
Posted on September 3, 2010
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