A co-applicant is a person who applies alongside the primary applicant, sharing financial responsibility and legal obligations for a lease or loan, with both applicants' financial and credit backgrounds considered together.
A Notice to Quit is a formal legal document from a landlord to a tenant, requiring them to vacate the property by a specified date due to a lease violation or other reason, often preceding eviction.
A Writ of Possession is a court order that authorizes law enforcement to remove a tenant from a property and return possession to the landlord following a successful eviction lawsuit.
Multifamily housing refers to residential buildings with multiple units, typically defined by organizations like HUD as having five or more units, although local regulations may define it as two or more. This post covers the defining characteristics of several multifamily housing types.
A Lease Termination Letter formally notifies the other party of the end of a rental agreement, providing the move-out date and important details like the property address and security deposit instructions.
DoorLoop is a property management software that streamlines lease tracking, rent collection, maintenance requests, and reporting for landlords and property managers.
Eviction timelines range from 2-6 weeks in landlord-friendly states like Indiana, to 3-6 months or more in tenant-friendly states like New York.
Property management fees range from 3%–12% of rent depending on the property type, plus additional charges for leasing, maintenance, and setup, depending on the property type and services needed.
In real estate, MDU stands for Multi-Dwelling Unit, referring to buildings with multiple separate housing units, such as apartment complexes or duplexes. MDUs are distinct from single-family homes and often require different management for utilities and services.
A Tenant Ledger is a detailed financial record tracking all rent payments, charges, fees, and other transactions between a landlord and tenant.
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