How does a transfer work?
The essential thing to remember about transfers is that they are really no different than if the tenant rented from someone else and they wanted to begin renting from us.
- The tenant needs to give their current landlord proper notice or 20 days prior to the end of the month.
- The tenant needs to put down the full deposit required to rent that property. There are no transfers of deposits between properties. The deposit at their current rental is for the security of that property. This is for the protection of that properties owner.
- The tenant will sign a lease for the new property as any other.
- If the tenants credit has been verified thru CPI in the past 12 months they do not need to apply. If the tenant has a good rental history with CPI we may waive the requirement with PM approval. Otherwise the tenant has to apply as any other prospective tenant.
There needs to be clear understanding about how the tenant plans to be out of one unit and into the next unit in the short timeframe allowed, i.e. they need to vacate their current unit and be in the new unit essentially on the same day (first of the month).
Catlin Properties will work with tenants to achieve their goal of moving but we also need to protect our owners from shortfall.
What is required for a new owner to start the process for Catlin Properties to rent/lease a property for you? Please see our Property Owner page for more information.
Here are the steps:
- We sign a management agreement prior to us renting/leasing a house for you. This document creates agency between us much like between an owner and a real estate agent. Essentially you are giving us the legal authority to rent your house, collect and distribute funds on your behalf and it spells out responsibility for both parties.
- You will need to provide information about the house, room descriptions, heating type etc.
- You will need to contemplate whether you want to allow pets in your house and if so, what type and size.
- You will be asked for a minimum account balance check (escrow) of $200.00; this will be the beginning of your minimum account balance that we will always maintain for you in your owner account. In the event your account falls below the minimum we will either call you for more funds or take it out of your next month’s rent.
- If the property needs repairs or has outstanding bills that we will be paying on your behalf we will request more money in this initial phase.
