General Rental Processing and Lease Policy
Becton Properties, LLC requires that all prospective tenants fill in a written application prior to lease consideration.
Becton Properties, LLC requires applicants have a gross income level appropriate for the property. We recommend but do not require that rent to gross income level not exceed 42%.
Becton Properties, LLC strives for transparency and shall publish its general rental requirements in a dedicated public space, such as a web page.
Becton Properties, LLC shall use information from sources provided by applicant to select renters. The selection process may also use information obtained from public records and third party agencies.
All information in the application or derived from sources obtained through the application shall remain confidential. We shall not share your personal information (including Email addresses) with any third parties for their promotional use. We reserve the right to use application information in the aggregate to help us tailor our products and offerings to provide a more useful product and/or service
Becton Properties, LLC requires a conditionally refundable deposit for security and cleaning on all rental property. For single family houses, condos, and townhouses, the deposit starts at one month's rent. For 'apartment condos' and apartments the deposit is up to two month's rent, based on market conditions.
Becton Properties, LLC requires a one-time, non-refundable pet fee on all rental property where a pet will reside. For single family houses, the pet fee shall be up to one half months rent. At our discretion based on the pet, floor covering age, and lot layout, the pet fee may be reduced to a minimum of $250 for all properties. Pullen Park Loft (PPL) Apartment pet fees start at $100. Becton Properties, LLC may set the pet fee on PPL apartments up to $250 based on the pet and floor covering age.
Becton Properties, LLC requires lease pre-payment for all "semester" leases at PPL Apartments. Semester leases include leases of three months duration or less.
For leases initiated as "month-to-month" leases (with a defined duration of 1 month) Becton Properties, LLC requires tenant pre-payment of the last month's rent.
Becton Properties, LLC will keep a property on the market until applicant secures a binder by performing the following:
When applicant meets the above, the property becomes on the market-on hold
Becton Properties, LLC will process applications as they are received. We may reject applications at any time based on the findings in the application process. When an application is accepted, the property becomes off the market and the tenant has up to 10 days to sign the lease. Time is of the essence. In the event the applicant does not sign the lease the property becomes on the market again and Becton Properties, LLC retains the binder as compensation.
New applications received for a property that is on the market-on hold are considered contingency applications. If the property associated with a contingency application goes off the market, Becton Properties, LLC will refund any consideration (binder, rent, or deposit money received) associated with the contingency application. If the property associated with a contingency application goes back on the market, the contingency application will be processed.
If applicant answered "yes" to any of the "eviction", "willful refusal", or "criminal history" questions, the application will be conditionally rejected. Becton Properties, LLC reserves the right to interrogate further as to the nature of the "yes" answer or answers and may later, after satisfactory additional processing, accept the application.
Generally, Becton Properties, LLC will process application information in the following order if applicant answered no to the eviction, willful refusal, or criminal history questions or has received satisfactory additional processing results (per the prior item):
- Completely fills in a rental application
- Makes a binder payment equal to a full month's rent
- Pays the application fee for all adult candidates
- We will contact applicant's employer(s) to ensure applicant has worked for the duration and in the capacity stated on the application. We shall attempt to verify salary (or range of salary or salary minimums) through phone interviews or other contacts or employment verification agencies.
- We will contact applicant's current landlord to ensure application validity. At the request of applicant, we will only initiate a credit check request from the current landlord without indicating that it is an inquiry for a new rental application.
- We may contact applicant's financial institution to ensure account information.
- We may contact references listed on the application or application addendum.
- We may run a credit check. Our process does not use agency scoring methods (e.g. FICO scores) as a determining factor. Our "roll up" screening provider may supply a risk indicator, such as "serious credit risk", that becomes a determining factor in our decision making.
- We will run a criminal background check. We will also use NC DPS databases in screening and pre-screening applicants.
If applicant has not paid a full application fee, one or more of the items above may be processed after the applicant secures a binder. Specifically, Becton Properties, LLC will frequently defer processing of items we outsource on a fee basis until applicant secures a property with a binder.
All Becton Properties, LLC leases consist of two parts; a fixed (property independent) component and a property specific component. The fixed component of the lease consists of the following requirements:
All leases shall be in writing and shall contain all pertinent information as found in the NC Bar association standard lease agreement. Becton Properties, LLC may use its own branded leases or leases created by off-the-shelf document preparation software provided by the landlord or its management agent.
All residents of the property must be identified on the lease. The lease shall be consistent with the application. All residents over age 18 must sign the lease.
All residents of the property over 18 must provide valid identification before lease signing. Identification verification should be performed at the time the application is submitted.
The landlord (or agent) shall make all efforts to meet all responsible parties to the lease face-to-face before the lease is signed.
All residents over 18 must meet the requirements (e.g. financial, rental history) of the leased property.
All leases shall incorporate the Becton Properties, LLC pet policy.
All payments shall be paid as stipulated in the lease or by means identified by Becton Properties, LLC. As a policy, we shall provide multiple methods of payment that cover banked tenants, unbanked tenants, tech savvy tenants and tech-phobic tenants. When we employ third party collection managers, e.g. via a broker, we require bank auto-draft as the payment method. In the event that the tenant's bank does not provide auto-draft, payments shall be made with money order, cashiers check, or third party payment. Payments should be paid or auto-drafted on or before the due date to ensure timely payment. The auto-draft requirement may be waived if Becton Properties, LLC uses a management agent that does not support or provide auto-draft. Personal checks that are NSF will be charged a processing fee, and subsequent payments by tenant must be with certified or cashiers check.
The property specific component of the lease consists of property specific requirements that replace or supplement the fixed part of the lease. All property specific information shall be well defined in writing to allow uniform processing of rental applications. Generally property specific requirements are lease addenda, such as a drug free housing lease addendum, septic maintenance, or HOA specific rules and regulations. All residents and their guests must abide by the rules and regulations defined by governing Home Owner's Associations (HOAs).
When policy is changed
We provide a policy version and effective dates as part of all of our written policies. Material policy changes are communicated via our website. Version and date information are identified at the bottom of policy statements.
Questions or Comments
Please address all questions and comments about our lease policy to
$Date: 2005/10/13 07:47:58 $ $Revision: 1.4 $