Rental Criteria
TENANT RENTAL APPLICATION CRITERIA
Thank you for choosing Platinum Key Realty Inc. to help you with your new rental. Please take the time to review the rental application approval criteria before you apply. The following information is offered as a guideline to help you pre-qualify yourself. If you have any questions about our policies or about the information in this document, please contact our office.
We will not discriminate against any person in the rental because of race, color, religion, national origin, sex, age, familial status, sexual orientation, or mental or physical handicap.
Please also note that these are our current rental criteria; nothing contained in these requirements shall constitute a guarantee or representation by us concerning current or prior residents or occupants. Our ability to verify whether these requirements have been met is limited to the information we receive from the various consumer reporting services used.
Monthly rent must be equal to or less than 33% of monthly income after deducting the monthly payments from the credit report.
APPLICATION FEE: Each applicant must pay a non-refundable application fee. Because there are no exceptions, it is important that you review this information carefully before submitting an application, making certain that, to the best of your knowledge; you meet the rental application approval criteria stated.
ROOMMATES/CO-RESIDENTS: In the event there are multiple applicants to reside in the same apartment/house, i.e., roommates or co-residents, the information on all applicants will be combined during the verification process.
SOCIAL SECURITY NUMBER: Each applicant must have a United States government issue Social Security number in order for the verification process begin. For all application verification, employment history will be required as well as residence history stated bellow. For Non-U.S. Citizens, a copy of a valid passport and or work visa with validity dates through the term of the lease will be required.
CREDIT HISTORY: Applicant(s) must have a credit report, which reflects a positive payment history on at least 70% of the total accounts reported for the past three (3) years. A credit score of 600 or above. Bankruptcy or unpaid foreclosure/eviction/skips/money owed to a previous landlord more than three (3) years in the past is acceptable under certain conditions.
INCOME TO DEBT: Must be verified through a direct supervisor, payroll, or human resources department, or from the applicant’s last 30 days paychecks stubs. Self-employed applicants will be required to provide either the previous year’s tax return or bank statements for the last six (6) months. Proof of retirement benefits, disability income, or full-time student status is required.
RESIDENCE HISTORY: Applicant(s) must have a current residence reference, reflecting a prompt payment record and acceptable rental history for the past three (3) years.
Any record of disturbance of neighbors, destruction of property, living, or housekeeping habits at prior residence which may adversely affect the health or welfare of other residents, illegal occupants or unauthorized pets may result in the denial of application.
EMPLOYMENT: A company representative must verify applicant’s employment. In event of a job change, the previous employment will be asked to provide a copy of an employment contract or written job offer from the new employer.
CRIMINAL HISTORY: Applicant’s must not have a criminal history which reflect any prior felony convictions or deferred adjudication for felony offenses. Please remember that this requirement does not constitute a guarantee or representation that residents or occupants residing at this community have not been convicted of a felony or are not subject to deferred adjudication for felony. Our ability to verify this information is limited to the information made available to us by the reporting services used.
FALSE INFORMATION: Falsifying any information on the application will result in denial of the application and may result in termination of any lease executed as a result of reliance upon false information on an application.
VALIDITY PERIOD: Approved applications remain in good standing for a period of sixty (30) days from the approval date. If the lease is not signed and/or the applicant fails to occupy the property within the viable time period, the application must be resubmitted for verification and approval and a new application fee must be paid.
CONFIDENTIALITY: We maintain a strict policy of confidentiality and privacy for our applicants and residents. Furthermore, we do not discuss individual credit reports with an applicant in accordance with the provisions of the Fair Credit Reporting Act. If you would like to discuss or dispute anything in your credit report, you will need to contact the Consumer-reporting agency that made that report. We will provide you the name and address of that Consumer-reporting agency.
ALL FEES PAID PRIOR TO MOVING IN AND MUST BE PAID IN MONEY ORDER or CERTIFIED CHECK. Keys to the rental property will not be given out until each person listed on the lease has signed and monies are paid in full.
Resident Benefits Package Explained:
The Platinum Key Realty Resident Benefits Package (RBP) delivers savings and convenient, professional services that make taking care of your home second nature. By applying, Applicant agrees to be enrolled and to pay the applicable cost of $50.00/month, payable with rent.
Your RBP may include, subject to property mechanicals or other limitations:
- Renters Insurance that meets all lease requirements from an A-rated carrier
- HVAC air filter delivery directly to your door approximately every 30 days
- Move-in concierge service: one call set up your utility services, cable, and internet services
- A resident rewards program that helps you earn rewards for paying your rent on time
- Credit building to help boost your credit score with timely rent payments
- $1M Identity Protection for all adult leaseholders
- 24/7 online maintenance reporting
- Home buying assistance for when the time is right to buy your “forever” home
- Online portal: Access to your account, documents, communication, and payment options
- Vetted vendor network: we find the technicians who are reputable, licensed, and insured
Renters Insurance requirements and options:
The Landlord requires Tenant obtain liability coverage of at least $100,000 in property damage and legal liability from an A-rated carrier and to maintain such coverage throughout the entire term of the lease agreement. Tenant is required to furnish Landlord evidence of the required insurance prior to occupancy, at the time of each lease renewal period, and upon request. To satisfy the insurance requirement, Tenant may either (1) be automatically enrolled into a policy that satisfies the coverage requirements as part of the Resident Benefits Package; or (2) obtain alternative liability coverage from an insurer of Tenant’s choice. The option Tenant chooses will not affect whether Tenant’s lease application is approved or the terms of Tenant’s Lease.
Option 1: Do nothing. Tenant will be automatically enrolled into an insurance policy as part of the Resident Benefits Package. No further action is required. Coverage will begin on the effective date of Tenant’s lease and continue throughout the lease term. Please refer to the evidence of insurance that is supplied by Platinum Key Realty for additional coverage details. The Resident Benefits Package monthly rate will be adjusted by the premium amount in the policy.
Option 2: Buy a policy. If Tenant prefers, Tenant may find, purchase, and maintain another policy that satisfies the Landlord’s requirements. The Resident Benefits Package monthly amount will be adjusted accordingly. Visit http://insurance.residentforms.com/ and follow the instructions listed there to provide evidence of the required insurance coverage to your landlord.
Please be sure that your policy meets the following criteria prior to submitting:
? Policy is purchased from an A-rated carrier
? Policy meets or exceeds the required $100,000 in property damage and legal liability
? Platinum Key Realty is listed as additional interest
? Platinum Key Realty address is listed as: PO Box 660121 Dallas, TX 75266
It is Tenant’s responsibility to pay premiums directly to your insurance provider. If the policy is terminated or lapses, Tenant will be subject to a lease violation fee of $55 and agrees to be subsequently enrolled into the policy referenced in Option 1 above.
NOTE: The total monthly cost of the Resident Benefits Package is all-inclusive, and no discounts will be given if any element of the package is unavailable due to a lack of HVAC or another limitation at a specific property.