Frequently Asked Questions
What is the standard household gross income for an application?
The total household gross income must be at least three times the amount of one month’s rent. Applicants who hold jobs that are commission-paid only—base salary plus commission, tips, or bonuses—are considered self-employed. Those applicants must provide the previous year’s personal income tax return and the previous two months personal bank statements as evidence of sufficient income. Bank account balances, child support payments, SSI, entitlement income, pensions, and other streams of income outside of salaried, wage, or business income can be taken into consideration when we weigh your ability to pay the monthly lease amount.
Do I need renter's liability insurance protection?
All applicants understand that upon application approval, they are required to obtain and maintain renter's liability insurance protection for the property with coverage in the amount of two hundred and fifty thousand dollars ($250,000.00) for damages to the owner’s and third party’s property with provisions covering at least perils of fire, explosion, sewer backup, smoke, and accidental water discharge.
What are the standard regulations?
Management shall comply with and enforce any applicable governmental and company limitations on the number of persons who may reside in a unit or any portion thereof, imposed by statute, code, ordinance, or regulation.
Can I apply having an outstanding obligation?
Applicants owing an outstanding obligation without verifiable justification will be required to pay that debt or provide proof of payment before their application will be considered. If the applicant owned a home as a previous residency, the applicant must furnish mortgage company references and proof of title ownership or transfer of ownership.
Do I need a specific credit score to apply?
Applicants are required to have a credit score of at least 650. Any applicants who receive a score of 649 or below will be subject to application denial or an additional deposit, whichever management and the homeowner agree upon.
Is a lease time for long-term rentals required?
We require a minimum of a 12-month lease for long-term rentals. Any applicant pursuing a lease term longer than one year may do so upon submitting an application.
What are the identification methods accepted?
All applicants for residency must provide proof of a valid Social Security Number or Individual Taxpayer Identification Number.
How long do I have to sign the lease?
Please be prepared to sign a lease and pay all the move-in monies within 3 days of application APPROVAL, including, but not limited to, a security deposit, full first month's rent, any prorated rent (depending on the day you move in), a non-refundable pet fee (if applicable), and administrative fees.
What is the application fee?
Your application fee covers the cost of a credit report from one of the national bureaus, a nationwide criminal background check, and a nationwide eviction report. Application fees are Non-Refundable.
Do I need to provide proof of income?
All applicants are required to provide the two most recent pay stubs as proof of income.
Do I need to provide rental and employment history?
It is the applicant’s responsibility to provide information necessary to contact previous landlords and employers to verify rental and employment history. Management reserves the right to deny the applicant’s application if, after making a good faith effort, it is unable to verify the applicant’s rental or employment history.
What happens in case of falsified information?
Providing any false, misleading, or incorrect information on the rental application will be sufficient grounds for rejecting the application and forfeiture of the application deposit. Discovery of falsification of the application after move-in will be sufficient grounds for immediate termination of the lease contract. All information provided by the prospective resident may be reviewed with appropriate state and local government authorities and/or consumer credit reporting agencies as permitted by law.
Is it possible to apply with a criminal history?
An applicant with a felony or misdemeanor conviction or who has received deferred adjudication for crimes involving the actual or potential threat of physical harm to a person, firearms, illegal drugs, theft, or destruction of property in the last ten years or any crime involving a minor or that is sexual in nature will not be accepted.
Is cosignation allowed?
Legacy Rose Company does not allow cosigners.
Are there any non-discrimination policies?
Non-discrimination on the basis of race, color, religion, sex, handicap, familial status, or national origin is the comprehensive policy of this company.
Is there a minimum age to apply?
All applicants for a lease must be at least 18 years of age. Occupancy is without regard to age; however, all occupants at least 18 years of age will be held financially responsible and therefore must be listed as leaseholders and complete the application process. Our rental application fee is $55 per adult and can be paid online. Application processing times are 1-2 business days.
Fee Detail
Legacy Rose Company provides full-service property management for a percentage of all rental receipts collected each month. Here’s how it works:
- Rent Collection: We collect rent at the beginning of the month and deduct our management fee before sending you the payment.
- Management Fee:Long-term Rentals: Up to 10% of all rent collected.
Furnished Rentals (Legacy Rose Company, Mid-term Rentals): 20% of all rent collected.
Included Services
The following services are included in the monthly management fee:
- 24-hour emergency contact resource.
- Legacy Rose Company staff available to receive tenant calls.
- Professional representation as landlord.
- Maintenance of security deposit trust account.
- Proper handling and distribution of security deposit trust funds.
- Monthly income/expense reports for property owners.
- Proper accounting of maintenance expenses and records.
- Scheduling, supervision, and accounting of maintenance staff work.
- Periodic property inspections throughout the lease term.
- Collection and distribution of rental proceeds.
Leasing Fee
We charge a leasing fee for vacant or unoccupied properties that need to be marketed for a new tenant.
- Leasing Fee: First month's rent; capped at $3000. Example: If your property rents for $2,000/month, our leasing fee will be $2,000. This is a one-time fee.
The leasing fee covers the following services:
- Professional and aggressive marketing of your property across dozens of industry-leading websites and pay-service media outlets.
- Licensed real estate brokers to show your property.
- Rental Comparative Market Analysis.
- Processing criminal, credit, and eviction background checks on all applicants.
- Showing service cost.
- Pre-move-in tenant inspection and documentation.
- Weekly feedback showing reports.
- Rent payment schedule with tenants.
- Execution of lease agreements and other paperwork to protect the landlord’s interest.
- Professional consultation with tenants to ensure they understand all aspects of the lease and payment policies.
- Professional signage and photography.
Payment Options: Leasing fees are being paid 50% upfront with the execution of a contract and 50% remaining balance is deducted from the first month’s rent paid by the tenant.
Lease Renewals: We charge a flat fee for lease renewals.