Online Consumer Economics Housng Vocab

Addendum

An additional document may be added to the lease in special circumstances that are not addressed in the original lease. Pet fees, cleaning fees, or property maintenance fees may be examples.

Application

A document filled out by the prospective tenant which provides the landlord with enough information to permit a credit and/or background check.

Credit Report

A report requested by a landlord identifying the prospective tenants purchasing and payment history. The purpose of the report is to determine the financial ability of the tenant to meet the terms of the lease.

Eviction

The legal process of removing a tenant or tenants from a property for not meeting the terms of the lease.

Co-Signer

A person who agrees to pay the expenses should a tenant not meet the financial obligations agreed to after signing a lease. This person is sometimes required when a tenant has no credit, a limited amount of credit, bad credit history, or a lack of suitable income.

Landlord

The owner and/or property manager of a unit or collection of units. This person may also be called a lessor.

Notice

Tenants must tell a landlord as to whether they will be renewing their lease for an additional period of time, or moving out at the agreed upon date. A time frame for notifying the landlord of said decision should be defined in the lease.

Ordinance

A law created by the city to address issues pertaining to city living. Noise levels, trash locations, and parking locations are examples that may fall under this.

Pro-rated

Costs may in some cases be split based on the time living in the apartment. For example, a person moving into an apartment the last week of the month may not be required to pay for the full month, but instead pay fora each day calculated out proportionately.

Security Deposit

An amount of money paid at lease signing to cover any damages or overages incurred while leasing the apartment.

Sublease (Sublet)

A tenant may find a suitable person to take over the apartment and rent costs provided the landlord allows this and has conducted a credit and/or background check on the potential tenant. Tenants should contact their landlord directly to discuss these options.

Tenant

The person renting an apartment or house. This person may also be called the lessee.

Waiver

Agreeing to give up a right or action defined in the lease.