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Key money is one of several forms of payment made to a landlord. [1] The term has various meanings in different parts of the world. It sometimes means money paid to an existing tenant who assigns a lease to a new tenant where the rent is below market. It sometimes means a bribe to a landlord.
Most landlords rely on a tenant screening company to produce a tenant screening report - to compile relevant credit, [1] public records and other information needed to adequately vet prospective tenants. Information gleaned from the application, tenant screening report, and the landlord's research is used to arrive at a decision based on the ...
The security deposit is often handled as an escrow deposit, owned by the tenant, but held by the landlord until the premises are surrendered in good condition (ordinary wear and tear excepted). In some states, the landlord must provide the tenant with the name and account number of the bank where the security deposit is held, and pay annual ...
Private sector renting is largely governed by many of the Landlord and Tenant Acts, in particular the Landlord and Tenant Act 1985 which sets bare minimum standards in tenants' rights against their landlords. Another key statute is the Housing Act 2004. Rents can be freely increased at the end of a usual six-month duration, on proper notice ...
The property owner in this case signs a property management agreement with the company, giving the latter the right to let it out to new tenants and collect rent. The owners don't usually even know who the tenants are. The property management company usually keeps 10-15% of the rent amount and shares the rest with the property owner.
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