It is a standard procedure for a mortgage lender to require verification that you have paid your rent when you apply for a loan. Regardless of whether you sign a rental agreement, real estate credit programs such as the U.S. Department of Agriculture`s Guaranteed Rural Housing Program need proof of rent payment if you have a rental history. A lender usually wants to see your last 12 months of rent checked. Proof of real estate ownership: Tenants may also require proof of real estate ownership, such as the deed of ownership or other documents justifying the owner`s right to approach the property. This must be signed and dated by you and your landlord. If you do not have a rental agreement, your landlord must write a letter confirming all the information mentioned above or if the rental service has registered your rent, you can provide your rental return file. If you are not a new tenant, you must prove your current rent, which is dated within four weeks of your right in addition to the one mentioned above. Most lenders accept a copy of your credit book. However, some need your mortgage broker to keep the original in the file. Police check: Have your tenant checked by the police to make sure there is no legal procedure against them. This can be done at your nearest police station. You must fill out a form and attach proof of identification to your tenants.
The police will go to your premises to check in person. A tenancy agreement should reflect a tenant`s name and signature and lease term. The address should also be displayed in the rental agreement. The provision of a photocopy of the rental agreement for the tenant should be useful in proving their place of residence. If you have a verbal agreement with your tenant instead of a rental agreement, the tenant may eventually provide your name and phone number to the person who needs the residence check. We can speak directly to your agent to receive a rental letter in accordance with the bank`s requirements! Our mortgage brokers will help you get your loan approved. Maintenance costs, water charges, etc.: When setting the lease, the landlord and tenant must decide on the payment of the property`s costs. While maintenance costs are paid by the landlord, water and rental costs are paid by the tenant. If the lease term is less than 11 months, registration for leasing is not mandatory. The rental agreement should also mention the amount of the rent increase and from when.
The agreement should also mention the method of payment. All interest payable in the event of a late payment must also be clearly stated.