Applying for and Signing a Lease

Once you have found an apartment, the next step is to apply and then sign the lease. A few things to keep in mind:

• Bring all paper work and money required including: employment and income verifications, pay-stubs, tax returns, stock portfolios, and at least one month's rent in form of a check.
• When filling out the application, make sure you keep in mind all the specific requirements that the landlord was looking for: your income, employment, living preferences, etc. Try to convince the landlord that you are the right tenant for him/her.
• Generally, you will need to leave a deposit equal to one month's rent which is fully refundable in case you get rejected.
• Once you apply you are bound to the apartment you are applying for, unless you get rejected.
• When paying a deposit get a receipt that specifically states that your money will be refunded if rejected.
• It usually takes anywhere from an hour to a week to hear back from a landlord.
• If accepted, try to sign the lease as soon as possible.
• Make sure you understand what kind of a lease you are signing. There are many different types: standard, self-extending, short-term, rent stabilized, etc.
• Read the entire lease and make sure you understand key elements such as: rent amount, term of lease, escalations, utilities, maintenance, pets, garbage, etc.
• Make sure the landlord also signs the lease and that you receive a copy.
• Look for and read all lease addendums and any other additional forms that may come with the lease.
• If you have any questions- ask. If you still feel unsatisfied have a lawyer look at it.
• Expect to pay anywhere from 2-4 month's rent in advance, part of which will go to a security deposit.
• The initial deposit that is attached to the application is usually equal to one month's rent.
• At the lease signing you must pay the remainder. This typically consists of the last month's rent and the broker's commission.
• In almost all cases the landlord will ask you to pay a security deposit. This is refundable at the end of your lease term plus interest accrued. Security deposit money cannot be used as rent at any during the course of the lease.
• Make sure you get receipts and specific explanations of what your money is for and where it is going to be kept.