Rental Application Criteria and Procedures
“We are pledged to the letter and spirit of the U.S. Policy for the Achievement of Equal Housing Opportunity throughout the Nation.We encourage and support a program in which there are no barriers to obtaining housing because of Race, Color, Religion, Sex, Handicap, Familial Status, National Origin, or Sexual Orientation.”
All applicants must see the interior of the property before a Residential Lease can be submitted and accept the property in an AS IS condition, except where there is written agreement for repairs with the owner. If so, that agreement will become a part of the lease. Verbal representations are non-binding.
ALL INFORMATION COLLECTED FOR THIS APPLICATION IS CONSIDERED CONFIDENTIAL IN NATURE AND FOR WATSON REALTY CORP., PROPERTY MANAGEMENT DIVISION USE ONLY.
- Applicant - All persons applying who are 18 years of age or older. All applicants must complete an application, including submission of all supporting documents required and pay the application fee. All applicants 18 years or older are financially responsible unless excluded under the definition of Occupant.
- Occupant -
- Any person applying who is 18 years of age or older and who is a dependent of the tenant must provide proof of dependency (last year’s tax return or medical documentation). Occupant(s) will not be financially responsible for the lease, must complete an application, and pay the application fee or,
- Person(s) under the age of 18, need not complete an application and will not be financially responsible for the lease.
- Tenant - All persons applying who are 18 years of age or older and who will be financially responsible for the lease. All tenants must complete an application, including submission of all supporting documents required and pay the application fee.
- Guarantor - Any person who guarantees payment should the applicant default on their financial responsibility. Guarantor(s) cannot reside in the property, must live in the state of Georgia, be 18 years of age or older, pay a separate application fee and be approved without contingencies.
- PROCESSING TIME FRAME: Processing an application may take up to 2 business days. Due to unforeseen circumstances, some applications may take longer to process. You will be contacted immediately upon determination of approval or denial. You will have 2 business days from notification by a Watson Property Management representative to complete all lease requirements for the property for which the application is submitted.
- TO APPLY THE FOLLOWING IS REQUIRED: All applicable fields on the Rental Application Form must be filled out and form signed by the applicant.
- The application fee is $50 per adult person 18 years of age or older.PLEASE NOTE APPLICATION FEES ARE “NON-REFUNDABLE”.
- Each person 18 years of age or older must complete the application process.Approved applicant(s) must sign the lease as a responsible party(s); occupant(s) must be listed as part of the lease.
- Valid current photo documentation is required; some examples are driver’s license, State issued I.D. or passport.
- A valid social security number is required of each applicant.For applicants without a social security number, proof of a permitted stay in the US with a visa is required as well as the last 3 months rent paid in advance.
- All applicants will be evaluated by a third party screening company’s computerized model.
- CRITERIA REQUIREMENTS:
- Proof of Current Income: It is important that you provide the source of income that will cover the term of the lease. If you are beginning a new job or if current job is not local, a signed letter from your employer that includes employment status and pay rate is necessary.
- Acceptable proof of income: Pay stubs, LES, W2, retirement, court decree on child support or alimony, letter from CPA on company stationery stating economic standing.
- Self-employed or retired applicants must provide last 2 years of tax returns.
- Income Requirement:
- Applicant: Gross monthly income must meet or exceed three times the monthly rent amount. Multiple applicants’ income will be combined.
- Guarantor: Gross monthly income must meet or exceed four times the monthly rent amount.
- Credit History: Must have satisfactory credit. The most common reasons for denial are:
- Landlord debt in the last 7 years
- Collection accounts exceed 24% of your credit profile
- Delinquent accounts exceed 24% of your credit profile
- Applicant has an initial filing or eviction with in the last three (3) years or has multiple evictions with in the last ten (10) years.
- CRIMINAL HISTORY:
- Must have satisfactory criminal background. The most common reasons for denial are:
- Applicant has falsified information on the application.
- Applicant has been convicted, has a felony record, or a 1st degree misdemeanor that was adjudicated guilty or had adjudication withheld in the past ten (10) years.
- Applicant has ever been convicted of any sexual related offense or VCAP (Violent Crime Against Person) that was adjudicated guilty or had adjudication withheld.
- POLICIES AND PROCEDURES:
- Applications will be processed on a “first come, first served basis” with time and date denoted on the application to act as receipt. If more than one application is submitted before approval can be achieved, the first approved application would be selected by the screening company and all applicants would be notified of procedure.
- If application is approved, you must pay a $50 processing fee in certified funds and reservation fee in certified funds within 2 business days of notice. If applicant fails to execute a lease after processing and reservation fee is collected, the applicant may be rejected, the property returned to the open market and money will become non-refundable.
- No properties are held for more than 2 weeks from application date unless approved by owner in writing.
- Keys will be released on the first day of occupancy and under NO circumstances prior to date of occupancy as denoted in the lease.
- Regardless of move in date, an amount equivalent to a full month’s rent is required upon move in. The first full month’s rent must be paid in certified funds. Any pro-rated rent amount will be applied to the second month of occupancy.
- SECURITY DEPOSIT AND FIRST FULL MONTH OF RENT MUST BE PAID WITH CERTIFIED FUNDS (TO INCLUDE PET RENT WHEN APPLICABLE).
- If applicant(s) are approved with conditions, those conditions supersede all conflicting statements in this document.
- APPLICATION - EARLY TERMINATION: If the applicant has submitted the security deposit and signed the lease, he may terminate the lease by 1) giving a written notice to the Property Manager, and 2) if the termination is within 14 days of the lease signing, the applicant must give an amount of money equivalent to the security deposit to the Landlord or if the termination is more than 14 days after the lease was signed by giving an amount equivalent to the security deposit and one month’s rent to the Landlord. This provision applies only to those tenants who have NOT taken possession of the rental property.
This Rental Criteria and Procedures handout is provided to everyone seeking an application for a property managed or Tenant Placement where Watson Realty Corp, Property Management Division has a signed agreement with an Owner to provide these services.Applicants should not proceed with completing and submitting an application unless they have received and read this document.
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