March 15, 2010
Dear George: My husband and I want to lease a home, and we're working with a property management company. We provided the company with an application and deposit and also signed a lease agreement—all of this happened before we were even approved for the lease. The management company also requested banking documents in addition to the income statements, employment verification, and rental history that are already in our application.
The company said it would take two or three days to process our application, but it's been longer than that. What do we do?
Answer: It's not unusual for a property management firm to take your application, run a credit report, require you sign a lease agreement, and collect a deposit before you've actually leased a property. That's a good business practice for the firm, so it can deliver to a property owner a well-qualified rental prospect. However, until the owner of the property or the property management firm signs the lease, you're not bound by it. If the company hasn't told you that you have an agreement, you can withdraw your offer by calling the management company.
It is unusual for the property management company to leave you hanging without an answer. Contact the management firm and ask if your lease has been approved. If it has not, withdraw your offer to lease and request the immediate return of your deposit. Be sure to make a record of your call's date and time. In the future, let someone else manage your relationship with the property management company and ensure you find the right home for you to lease: Contact a
Texas REALTOR®.
E-mail a question to ask George & Chuck or fax it to 713-978-6684. The answers to questions in this column do not contain legal advice. If you wish to obtain legal advice, you should consult your own attorney.
