What are the "up-front" cost to get into a rental?
The rental application requires applicants to submit a $25.00 cash NON REFUNDABLE application fee for each person applying
for the lease. Applicants may apply for “Approval Only” if no specific property has yet been selected.
Our policy is "first to apply, first in line." In other words, once we accept your completed Real Estate Investment
Sales or rental application for a property and your application fee, we do not permit another applicant to move ahead
of you in line, provided of course that you are making a good faith effort to provide all of the information and
material needed for processing. Most applications are processed within one business day.
After we approve your application, we can hold the property for you up to 5 days while you figure out your moving schedule,
provided that you submit the full amount of the refundable security deposit within 48 hours of being notified of approval.
The payment of the Security Deposit balance must be in the form of a Cashiers Check or Money Order.
At or before the end of the 5 days you must take occupancy and begin paying rent. At that time, we will collect the
initial rent (prorated to the 1st of the month), the cleaning fee, and, if applicable, your none-refundable pet deposit.
Thereafter, your monthly rent will be due 4 days before the 1st of each month.
What are the criteria used to qualify for a lease?
The combined, verifiable gross household income must be 3.5 times the monthly rental amount. Example: Monthly Rent is $1300.00. The combined and verifiable gross income of all applicants must equal or exceed $4550.00. It is not necessary to document income above the 3.5x requirement.
Good credit and a satisfactory rental or mortgage payment history is required. Applicants may not have open balances with any previous Landlord for past due rent or claims of property damage. Bankruptcies must be discharged and explained.
An eviction history, or a collection history for any housing payments or public utility account may be grounds for disqualification, depending on the circumstances.
How much is the Security Deposit and is it Refundable?
Security deposits can vary by property, but the typical Security Deposit is equal to one month's rent amount. In addition to the refundable deposit, we will collect a non-refundable cleaning fee ($250 on most units... see the next FAQ).
Under VA Law, Security Deposits are FULLY REFUNDABLE at the termination of the lease as long as the Tenant causes no damage to the unit, and is not negligent in reporting needed maintenance where the neglect leads to damage. Within 30 days of the termination of the lease, you are entitled to receive your Security Deposits, or Security Deposit Adjusted Balances together with receipts or other documentation of the repairs.
Under VA law, tenants are responsible for "damage" to the premises, while the landlord is responsible for costs associated with "normal wear."
Why do you charge a None Refundable Cleaning Fee?
We are a professional Property company and experience has taught us that the single most-disputed issue between landlords and tenants is whether the property is as clean when surrendered as when it was first occupied. TMT has completely eliminated this issue by taking away from our tenants any responsibility for cleaning the unit. We will have a professional house-cleaning crew do the cleaning, just as we did before you took possession. All you have to do at the termination of your lease is just take everything that is yours (your trash too, please!). Then you can deal with the unit you are moving to, and not worry about cleaning the one you are leaving. Ask your spouse or partner if this is a good thing...?
What is the typical lease period?
With rare exceptions, TMT-managed properties are priced based upon a minimum lease term of two years. Most leases can be extended for an additional year or more if the tenant desires. Shorter terms (minimum 1 Year) are considered by our managment. Submit your offer together with your completed application and application fee. We will not process your application and spend your fee until we accepted your terms.
Are Pets Allowed?
In some cases, a unit may not be functionally suitable for pets. However, many of TMT rental properties DO consider pets under certain circumstances. TMT allows a maximum of one pets (Cats and Dogs only) per property with a MAX weight 40lb, and the tenant must place an additional Pet Deposit of $250.00 for pet. Pet Deposits are NOT Refundable at the termination of the lease. Tenants can expect to be charged for urine odor remediation and feces clean up. PHOTOS OF PETS ARE REQUIRED WITH THE APPLICATION..