Here are some key points to help you have a wonderful rental experience and avoid any confusion with the terms of your lease:
1) Initial Inspection and Walk Though Items
All properties are rented ‘As Is’ and you accept the property when you sign the lease. However, you of course may forward a list of any items to Classic prior to signing the lease to be included for repair or replacement, etc.
Once you have signed the lease, you then have three days to identify any items as ‘Prior Existing Conditions’ to be duly noted in your tenant file. These items are then ‘exempt’ form being charged for on your exit inspection when you vacate.
Thereafter, once you have taken occupancy you are responsible for the care and upkeep of the property per the exact terms of your lease.
2) Rent Payments
It is YOUR responsibility to ensure that rent is free, clear and available in your designated bank account on the 1st of each Month. Rent is collected via the Automated Clearing House (ACH) through direct withdrawal from your bank account. The ACH is initiated on the first business day of the month and usually funds will not be ‘cleared’ until the 2nd or 3rd business day, so funds must be free and available until withdrawn. If your rent ‘bounces’ for whatever reason, you will be charged a $50 Non Sufficient Funds fee (NSF), if rent is not collected by 5pm on the 4th of a month you will be charged a flat $75 late fee plus $5 per day until rent and all fees are paid in full. We usually make contact with you if your rent bounces in order to give you the opportunity to become current prior to being issued a ‘three day notice’. Please be aware that a $100 fee is due for each and every three day notice issued, also $500 is due if you do not bring your account current or vacate by the notice due date.
3) Maintenance & Repairs
Once you take occupancy you are responsible for the care and upkeep of the property per the exact terms of your lease.
Any request for maintenance and repairs need to be submitted to Classic in writing (email, letter or online). We advise all tenants to budget 10% of their monthly lease amount towards maintenance and upkeep. Tenants are responsible for the first $300 of any maintenance or repairs in a month. This is the ‘tenant deductible’ and any amounts beyond $300 are covered per the terms of your lease. You must receive authorization from Classic for any maintenance or repairs above $300 PRIOR to having the work completed. It is not acceptable under any circumstance for needed maintenance/repairs to be unreported or postponed.
4) Lease Renewals
If the lease has been performed as agreed, we shall be very happy to extend you the opportunity of renewing your lease for another year. It is important that you let us know your intention to renew or vacate with no less than 30 days written notice. It is reasonable to expect leases to increase between 5% to 10% per year, it is very rare that any increase greater than that will apply.
5) End of Lease and Vacating
You MUST give us no less than 30 days written notice of your intention to vacate, regardless of if this is your lease end date. Once we know you are vacating we will list and place ads for a new tenant and arrange with you for showing instructions. Failure to give the required notice carries a one month rent penalty.
Please be sure to leave the premises in a good, clean and acceptable condition. Once we have regained possession we will send in our cleaning crew to bring the property back to a ‘ready to rent’ condition.
One of our agents will complete an exit inspection and any repairs, damages or unattended maintenance items shall be noted and deducted from the security deposit on file. Assuming no deductions apart from any agreed items in your lease, your deposit shall be mailed to your last know address (or given forwarding address) no later than 30 days from the end of the lease. Usually about 2 weeks.