Any landlords or investors out there? If you are, how many days do you need to provide an answer to a perspective tenant once you have received their rental application? Some landlords wait and delay responding to the perspective tenant with the hope of getting another or better applicant. TAR Legal Staff states that once a completed application is received by the landlord, they have 7 days to make a decision. If the landlord does not make a decision, that is equivalent to a rejection and the app fee is to be refunded. If an application form was not provided by the perspective tenant but a deposit was provided and the landlord accepts it, the landlord has has 7 days from when the deposit was received to provide a decision. In addition, when an application form is provided to the tenant, the tenant criteria must also be provided. TAR states that if the landlord fails to provide the criteria and the applicant is rejected, then the application fee and deposit must be refunded.
The points above are very interesting. If you are thinking of leasing your property, its best that you hire a property manager to take care of these for you.
