LANGUAGE TO NOTE

Key Terms

Application:

A document a potential tenant fills out so a landlord can decide if they're qualified to rent the apartment

As-Is Condition:

The tenant agrees to rent the apartment in exactly the condition that it's currently in.

Broker:

A broker is a professional agent who works on commission and helps negotiate lease agreements between the landlord and the renter.

Certificate of Occupancy:

A certificate that verifies the spaces available for rent have been inspected, approved for occupancy and deemed as a quality place to live

Common Area: Areas of the apartment complex such as the gym, laundry rooms, clubhouse and outdoor spaces that are for common use.

Landlord:

The landlord is the owner of your property, or an agent of the owner, who leases out the apartment

Co-Tenant:

Co-tenants are two (or more) people who sign the lease with the intent that both or all will occupy the apartment and be equally responsible for rent and other lease provisions. Co-tenants have equal and shared accountability and legal rights under the agreement.

Eviction:

The formal process where your landlord terminates your lease and asks you to vacate your apartment in a period of time decided by local laws and statutes. You can be removed from your apartment for failure to pay rent or breaking the other terms of your lease.

Co-Signer:

A secondary signer of your lease who won't be residing in the apartment, a co-signer is usually needed when the tenant has a short or poor rental or credit history and requires someone (usually a parent or employer) to vouch for them