Process of Real Estate Leasing

Process of Real Estate Leasing

Step 1
Tenant’s Property Criteria
Prospective Foreign Tenant
The tenant’s criteria (e.g. location, budget, etc.) for property Search.
Step 2
Potential Properties
Property Management Company
or Broker
A list of properties that satisfy the tenant’s criteria.
Step 3
Property Viewing
Prospective Foreign Tenant
Property visit with or without a property manger/real estate agent.
Step 4
Written Application
Prospective Foreign Tenant
Filling out an application form to rent the property. The tenant is asked to find a guarantor (individual of guaranty firm.)
Step 5
Tenant Qualification Review
Property Management Company
or Broker
Review of the tenant and guarantor’s immigration status and financial capacity.
Step 6
Disclosure Statement
Property Management Company or Broker
Preparation of a disclosure statement in accordance with the law.
Step 7
Contract
Prospective Foreign Tenant
Closing of the contract.
Closing costs include the security deposit, key money, agent fees, fire insurance and first mont rent 9no stamp duty levied).
Step 8
Possession
Landlord and Foreign Tenant
The landlord to deliver possession of the leased premises to the tenant after the payment of the closing costs.
Step 9
Moving-in
Foreign Tenant