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[Chris] How's everybody doing today?
[Chris] How's class?
[Chris] Alright. Cool. My name's Chris. I'm the onsite representative there at University
Court Apartments, that's right across from Trader Joe's. Um, I'm a third year psycho-bio
major. I did not stay in the dorms my first year, but I did stay one day in Tercero.
[Chris] To the window, to the wall, yeah. Okay guys.
[Rihanna] Hi, I'm Rihanna, I'm a fourth year, double major here at uh, UC Davis in sociology
and math and my first year I stayed her in Tercero in Laben 414.
[Chris] Yeah.... Alright now, we're going to talk to you guys about leases, but before
that can anybody tell me what a lease is?
[Crowd] A lease is how much of you initially going to be paying.
[Chris] Can you repeat that again?
[Crowd] Uh, your lease, is how much will be initially be paying for the apartment.
[Chris] That's a component of the lease, but very good try. You still get a bag right here.
It's glows in the dark.
[Chris] Right there, you'll set it, you'll see it. But, uh, a lease is a uh, pretty much a legally
binding contract between two parties and in this case the renter and the managing property
and they pretty much landlord of the property as well. Um, before you start signing the
lease however you have to start with the application. Um, everybody, like your roommates, um, whoever
wants to apply has to finish an application including all guarantors. However, before
I go on can anybody tell me what a guarantor is? Oh yes, in the green.
[Crowd] Um, someone who will pay your rent if you can't afford it.
[Chris] She said someone that can can't pay your rent. Can pay your rent, excuse me. But
yes, it is person, parent or guardian who uses their own assets to cover somebody elses
financial debt if they cannot fill the financial obligations and then after that, with the
application you got, uh, take in mind what the associated costs and which is like processing,
screening fees, and administration fees. Uh, usually those range about 30 - 40 dollars.
Um and also, please inquire about holding deposits, see if they're required and if they're
refundable. Holding deposits can range from hundreds and hundreds of dollars so you do
not want to give everybody your money.
[Rihanna] Okay, so once you've filled out your application the next step is getting
approved, but in order to be approved you or your guarantor will need to provide your
rental property with proof of income. And what that this does is it shows them that
you'll be able to afford the cost of living each month. So can anyone give me an example
of something that will qualify as a proof of income? Back left.
[Crowd] Financial aid statement.
[Rihanna] Yes, absolutely. She said financial aid statement. Other things that could qualify
are a pay stub from your work, or monthly income statement from your bank. Um, (clears
throat) so, now that you've filled out your application and you've been approved it's
time to sign your lease, but before you sign your lease you want to make sure read though
it thoroughly and understand it completely. Cuz, like we said before it's a legally binding
contract between you and the rental property, which means once you sign your name to it
you are legally agreeing to all the terms that are stated in it. But some of the things
that you can expect to see in your lease are the names of all the occupants in your unit,
uh the length of the lease term, the monthly rental rate and any rules or regulations that
might specific to that leasing property or rental property. So can anyone give me an
example of a rule or regulation that might be stated in the terms of your lease? Blonde
[Crowd] Uh, whether or not you can have pets.
[Rihanna] Yes, absolutely. Pet policy will be in your lease agreement. Um, other things
might be gym rules or pool rules.
[Chris] Alright, now we're going to get into the types of leases. So there's four main
types, uh Hallmark did mention two of them, but I'm going to start at the first one. The
first one is a periodic lease. It's a flexible month to month type of lease, usually at a
higher premium as well because of the flexibility. Um, next is the fixed term. It's uh, states
the specific amount of time and the specific start and end date of you lease as well. That's
usually around 12 months and that's one of the most common we have here in Davis. And
then next is the joint lease. You guys heard that before, uh, multiple people on the lease
and everybody's responsible for that unit. Um, and like said, uh, late rent payments
do affect everybody, um, in that unit. The last one is the individual lease which is
usually just one person and it's associated with roommate programs. Um, and they usually
have one responsibility they themselves. Um, and these types of leases can definitely overlap,
including the periodic individual lease and fixed joint leases. And now we're going to
get into the do's and don'ts about signing a lease. So when raise up don't you guys say...
[Chris] Alright when she raises
[Chris] You guys say, oh you guys already got it. No wonder you're in UC Davis.
But yea, let's start this. Ready? First one.
[Chris] Sign the lease if you are absolutely certain. This is a legally binding contract
and it cannot be broken.
[Rihanna] Don't sign a lease if you are already involved in another leasing contract. If you
sign two leases you are responsible for two rents. So only sign one.
[Chris] Read the lease. And all of it's entirety before signing. You do not want to get yourself
into a bind that you do not want to be in.
[Rihanna] Don't feel pressured into signing your lease by anyone in the management team
or your potential roommates; only sign once you feel ready.
[Chris] Pay rent on-time. Remember that's very, very important. Everybody should be
paying their rent on-time.
[Rihanna] Don't sign the lease if you are settling. This is going to be the place that
you'll call home for more often than not a 12 month period of time. You want to make
sure you absolutely love it.
[Rihanna] And do make sure you ask any and all questions you have. The management team
is there to make sure you fully understand the entire process, so don't hold back and
ask your questions.
[Chris] Now with that, point of paying rent on time.
There's a question.
Bump, bump, bummm.
How long does a late rent payment stay on your rental history?
[Rihanna] In the back.
[Chris] Life? Good one. Um, no hahaha. It's only seven years. ONLY seven years.
[Chris] But now, congratulations everybody. You guys signed your lease and you totally
leased up. It's move-in day, usually a representative will take you through a walk through of the
unit that they're going to give you. (A walk through) it notes any type of existing damages
that should not, um, dock your security deposit at the end upon move-out.
[Rihanna] So some of the things you want to make sure get noted on your move-in inspection
form are any cosmetic damages, like dents or scratches, any permanent damage say to
the windows, screens or blinds. Uh, any paint or stains on the flooring, anything that you
wan them to know was there when you moved in, so you don't get charged for it when you
[Chris] And now we get into the responsibilities of being a tenant and when when I raise this
one (raises green paddle) guess what this is?
[Chris] Okay, good. I told you, you guys are so smart. UC Davis all the way. Um, and she
raises (lifts red paddle).
[Chris] Let's practice. Ready, one more time.
[Chris] One more time
[Chris] Alright, here we go. Now,
[Chris] Report any maintenance and pest concerns promptly, that means now, do it now, A-sap.
[Rihanna] Management should maintain the rental property in a habitable condition and should
respond to your maintenance concerns promptly.
[Chris] Pay rent on-time. Everybody how long?
[Crowd] Seven years.
[Rihanna] Management should collect and process your rent in a timely fashion.
[Chris] Maintain cleanliness. That's inside and outside of your apartment including all
the apartment amenities that they provide you.
[Rihanna] The management will collect your security deposits when you move out in order
to cover the cost of any damages that my have occurred during your tenancy.
[Chris] Return the unit back and even better than once you received it.
[Rihanna] And management will provide new units to residents in the best condition possible.
[Chris] Last one, read and understand your lease. We cannot stress this enough. You do
not want to break any rules and you don't want to have any confusions. Make sure you
read it, make sure you sign it well and, uh, yea that should the end of it. Thank you.