Condo Approval & Fees
To an unsuspecting tenant, a condominium looks a lot like an apartment unit. Yet tenants moving into a condominium face an environment that’s quite unlike a typical apartment building. First the application process is often thought to be a long and complicated procedure but it doesn’t have to be. Once your offer is agreed with the landlord you can start gathering the requested documents, fees and filling out the application. A few days later your final lease agreement will be ready and we can submit the application package for approval.
Initial money owed
When you put in your application, you’ll need to pay an application fee, a credit check authorization fee, and you’ll likely pay a deposit. If your application is denied, you’ll get the deposit back, but not the application and credit authorization fee.
The application and credit check authorization fees
These two charges are sometimes grouped together or broken out into two separate charges. The fees will run you $100 – $150 for condos. Every person on the lease needs to pay the fees, so if you’re applying with a roommate, you both need to pay. The cost covers the expense of running a credit check, verifying employment, rental history and more.
Deposits (aka Good-Faith Deposit)
Most landlords require a deposit to secure an apartment and take it off the market. The price ranges from $500 to the cost of one month’s rent. Until the money is in, the apartment won’t be taken off the market; the agent may give you a nod or a handshake that it’ll be taken off, but we don’t trust that.
Be prepared to pay
Regular checks, cash and credit cards are rarely accepted, so be prepared and get an official bank check or do a wire transfer if requested.
Time for approval & qualification
Most condo association approvals take an average of 2-3 weeks time so make sure that you plan your move in date ahead of time, your agent will advise as the specific polices for your particular building before you apply. The most important thing is to get that application properly filled out and turned in to the condo association office as quickly as possible. Generally it is the responsibility of the tenant to submit this directly to the condo association office, in some cases your agent may assist you if you are out of town or in an emergency situation.
Generally the only reason the condo association will decline a tenant is because of a criminal record, they do check your credit but most condo associations leave the credit approval at the discretion of the landlord. If you have a question let your agent know before you apply.
And more fees
In addition to your leasing fees and application fees above some but not all condos charge some of the following:
$150-$300 Non-refundable move in fee
$500- $1,500 Refundable fee, usually they don’t even cash the check this is only to make sure no damage is done to the common areas by your movers
$500 and up to an extra months refundable deposit which the condo holds until you move out. We often negotiate to have the landlord pay this fee if applicable but is not guaranteed.
$100-$300 pets fee, if applicable.
$100-$200 per month for an extra valet or assigned parking space if requested.