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What does lease approved mean?
Approved Lease means each Lease executed on or prior to the date hereof and assigned to Buyer in connection with Buyer's acquisition of the Project, and each Lease for Vacant Space which is approved by Buyer, as conclusively evidenced by Buyer's execution thereof.
What happens after apartment application is approved?
If your rental application gets approved, then you'll sign the lease. You'll also have to pay the first month's rent and any move-in fees or security deposits required by your landlord and the building.
What does it mean when your apartment application is approved?
You were approved means that you landlord thinks you can be a good pennant, and he is willing to sign a contract with you as long as you : pay security deposit, first month rent and last, if required. Sing the lease. Receive the key.
Will my apartment application be approved?
Typically, waiting time for an apartment application approval is 24 to 72 hours. In some cases, you can be approved the same day you applied. Keep in mind, at the end of the day it will depend on the individual landlord or property management company.
How long does it take for a landlord to review an application?
Understanding the rental application process But typically, most applications will take between 48 72 hours for a decision. In some instances, however, it may take longer. Hot tip: If you haven't heard back from the agent after 48 hours, it's a good idea to follow up by phone or email.
How long does an apartment background check take?
Criminal background takes anywhere from 30 minutes to 3 days. I spend about 2 hours in research for your application. Checking landlord references can run anywhere from the same day to two weeks later.
How is leasing different from renting?
The difference between lease and rent is that a lease generally lasts for 12 months while a rental agreement generally lasts for 30 days. That means the landlord can't raise the rent without your written consent or evict you without cause, and you can't stop paying rent or break the lease without consequence.
How is lease different from rent?
Lease vs. Rent. In real estate, a lease is a contract for a specific period of time often 6 or 12 months after which the contract expires, while rent is the payment made under the terms of the lease. Real estate leases are also commonly known as “rental agreements.”
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