What Documents Should I Prepare As A Tenant?
When submitting an offer for lease, most landlords request the following documents to determine your rental qualifications. Here is a handy list that will help you prepare a strong application, in advance, and make for a smooth and (hopefully) successful offer process:
1. Rental Application (OREA Form 410)
The first document includes your basic information, previous rental and employment history (ask us for a blank copy). Filling this out provides the landlord with a basic understanding of your qualifications and references before moving to the next step...
2. Recent Credit Score & Report
Most reliably obtained from Equifax or Transunion and are usually valid for 30 days after procurement. Make sure you obtain the entire credit report and score for completeness' sake!
3. Letter of Employment & Proof of Income
Your current work situation is usually demonstrated with written confirmation from your HR department or direct supervisor, accompanied by two or three recent pay stubs. For applicants who are self-employed, recent NOAs or redacted client invoices may suffice as adequate demonstration of income. Essentially, the goal here is threefold: to provide the landlord with verification of your position and salary, provide assurance of good standing, and provide an additional professional resource.
(If your qualifications are less than stellar, it may help to include a well-qualified guarantor to improve your offer's chances of acceptance. Your guarantor will need to prepare the same qualifying documents as you).
Once the offer is accepted, you typically have 24-Hours to submit First and Last Month's rent as a deposit in the form of a bank draft (or direct deposit, in light of COVID-19 protocols).
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