DISCLOSURE OF APPLICATION PROCESS
Thank you for your interest in one of our properties and allowing Intracoastal Realty the opportunity to provide rental services to you. To insure the process goes smoothly for all parties and that the governing laws of the North Carolina Real Estate Commission are met, the following guidelines are in effect for all applications.
1. Disclosure of Landlord
Sub-agency: When showing you and assisting you in leasing a property, the agent and firm will represent the LANDLORD.
2. Application Submission
Application must be completed in its entirety and signed by all parties involved in the lease.
All applicable fees must be paid in full at the time of application submission. We accept credit cards (MasterCard & Visa), money order and personal check only. Fee is non-refundable.
Single applicant $85.00
Married couple $130.00
Multiple applicants $85.00 for 1st applicant, $45.00 for each additional applicant
Guarantor/co-signer $50.00 each applicant
3. Application Processing
Upon receipt of completed application and applicable fees your application will be sent to processing.
On average applications are sent to management for approval within 48 hours, provided all the information you provide is correct and can be verified. In the event that your information cannot be verified as submitted, you may be asked to provide additional information to complete the processing.
Applications remain in processing until the following requirements are received and processed:
(a) Employment/Income: When the applicant is a full-time college student, a co-signer will be required to guarantee performance of the lease. Otherwise, a co-signer may be allowed (at the owner’s discretion) only if an applicant does not meet the income requirements. If retired or unemployed, provide a printed statement indicating the source and amount of income. Phone and fax numbers are required on all verification sources.
(b) Rental History: Previous and/or current housing information will be obtained from previous and/or current landlord or Mortgage Company. References should reflect the applicant’s ability and willingness to comply with lease terms and community guidelines. Any money judgment or Updated 8/13/12
collection from an apartment community within the past three (3) years will disqualify an applicant. Phone and fax numbers are required on all verification sources.
(c) Criminal Background: A criminal background check will be run on all occupants over the age of 18. Application rejection will occur for any of the following reasons, including but not limited to: felony conviction, misdemeanor, active probation status or any active status as well as any sexual related convictions.
(d) Eviction Search: An eviction screen will be run nationally.
(e) Credit History: Each applicant must have an acceptable credit report with no judgments, collections, or charged off accounts within the past twelve (12) months. Credit history should positively reflect the applicant’s ability and willingness to make payments as required by the lease. Exceptions may be allowed for medical bills and student loans.
(f) Occupancy No more than two (2) persons per bedroom and no more than six (6) unrelated persons are allowed in a dwelling. It is an ordinance within city limits no more than three unrelated persons may occupy a dwelling.
4. Application Approval
Upon receipt of all required verifications and references applications will be sent to Management for approval. Once approved by management, the applicant will be notified that they are approved and arrangements for lease preparation and move-in will be made.
5. Security Deposit
I understand that I must pay a security deposit in certified funds equal to one month’s rent within (24) hours of approval of application. If I decide I do not want to rent this property and cancel my application, I must call Intracoastal Realty within (24) hours of the date my application is accepted, or the property will be available for the next applicant.
6. Multiple Applications
In the event a property that you have interest in has an application(s) currently in process at the time you submit your application, you will be told that we have an application in process. We encourage you to submit your application and to complete the approval process. If this property is taken before your application process is completed and approved, there are others to choose from and you will be able to move forward quickly.
Properties are not placed on hold or made unavailable to other applicants because an application is in process. It is our responsibility to the owner to make their property available to all applicants until an applicant is approved and has accepted the property.
In the event there are multiple applications processed and approved for a property, management will present all applications to the owner for review.
I/We hereby authorize Intracoastal Realty, Inc. to verify my/our credit history, employment/income, criminal background, eviction screen, and previous rental and housing information. It is understood that this information will determine my/our acceptance for rental with Intracoastal Realty, Inc.