CRITERIA FOR TENANCY

BASIC REQUIREMENTS

1. All move in funds (rent, deposits and or fees) must be paid by money order or cashier's check. Cash is allowed only if prior arrangements have been made. Personal checks will not be accepted under any conditions. Personal chocks will be accepted starting with the second rental payment.

2. All rental payments are due on or before the first business day of each month and are late if not received by the 5th. This means they must be received by the due date. Cornerstone Property Management’s late fee is ten percent/ (10%) per month, it is important that your payment is received by the close of business on the due date. There ore no exceptions to this policy.

3. In order to protect their personal belongings, and as a condition of your lease, all tenants must carry Personal Properly & Liability Insurance and name the Landlord as an additional insured in the policy.

4. Possession and move in inspections are scheduled during normal business hours (Inspections are conducted only during Monday -Friday. 9:00 am to 5:00 pm). Should you require your manager to arrange move in after hours there will be an additional charge of $50 per hour, with a two-hour minimum? This charge must be paid in advance with other move in funds. Please make advanced arrangement with your Property Manager.

GENERAL REQUIREMENTS

1. Picture ID is required.

2. Each applicant must qualify individually unless they are a married couple or can show positive references for joint tenancy for 5 or more years.

3. Application must be completely filled out and signed by all parties.

RENTAL CRITERIA

1. Twelve months of verifiable residence history from a third party landlord required.

2. With good credit, rental history demonstrating residency, but not by a third party or not for a sufficient term, will require an additional Security Deposit equal to one half months rent, or a co-signer.

3. Home ownership will be verified through the lax assessor's office or credit report.

4. Three or Four late payments or NSF checks for rent or mortgage within a twelve-month period will require an additional Security Deposit equal to one month's rent.

5. Two late payment or NSF check for rent or mortgage within a Twelve month period will require an additional Security Deposit equal to one half month's rent.

6. Any unlawful detainer action or eviction within the past three years results in denial unless, perfect credit and current good rental references can be added or obtained, in which case one month’s additional security deposit will be required.

7. Rental history showing between $50.00 and $750.00 in damage will require an additional Security deposit equal to one month's Rent, if the amount has been paid in full.

8. Rental history with complaints (disturbance or other) will be denied, if the previous manager would not re-rent or if there are more than three complaints.

9. Added Security Deposit equal to one month's rent is required for any instance of unauthorized persons or pets in a unit rented by the applicant.

10. First time renters, with no established credit, will require an additional Security Deposit equal to one month's rent or a co-signer. Generally no out of state co-signors will be accepted.

11. First time renters with established credit may be require to pay an additional Security Deposit or require a co-signer.

INCOME REQUIREMENTS

1. Monthly household income must be equal to or greater than three times the monthly rent. (Household income will be considered for Joint tenants showing 5 or more years of positive rental history). In most cases, roommates are qualified individually.

2. Monthly household income of two and one halftimes the rent or better, but less than three times the monthly rent, can be approved with an additional Security Deposit equal to one month's rent or co-signer, if total debt does not exceed 66% of income.

3. A current paycheck stub will be required if we are unable to verify income over the phone or fax.

4. Some form of verifiable income will be required for unemployed applicants.
Self-employed applicants will require proof of income by tax returns or bank statements.

EMPLOYMENT REQUIREMENTS

1. Verifiable employment is required.

2. Added Security Deposit of one month 's rent will be required when employment does not meet the stated criteria.

3. Self-employed individuals must be verified through tax returns or bank statements.

4. Prepayment of last month 's rent is needed (or temporary or seasonal employees.

5. Military income may require an allotment.

CREDIT CRITERIA

1. Good credit required.

2. Outstanding bad debts being reported on credit report which total more than $100.00 but less than $1,000.00 will require an additional half-month's rent Security Deposit.

3. Outstanding bad debts being reported on credit report totaling more than S 1,000.00 but less than $2500.00 will require added Security Deposit equal to one month's rent.

4. Outstanding bad debts being reported on Credit report totaling more than $2,500.00 will result in denial, unless the poor accounts are more than three years old and positive credit has been established since then. In this case, an additional Security Deposit equal to one month's rent will be required.

5. Excessive unpaid collections (6 or more) will result in denial.

6. After a discharged bankruptcy, applicant must show six months of positive established credit. Any negative credit after a discharged bankruptcy will result in denial. Rental history will be considered for established credit

CRIMINAL ACTIVITY

Any criminal offense that has taken place within the last seven years is a consideration for denial based on the following:

If there is a criminal conviction and the applicant has been out of jail or prison less than five years they will be denied.
If the criminal offense was of a physical or violent nature against person or property, the applicant will be denied.
If the criminal offense took place more than seven years ago, or if the person has been out of jail or prison more than five years and has perfect credit and rental history, they may be approved. (They may only be approved if this was a one-time offense and was not of a physical or violent nature. Multiple offenders will be denied no matter what the credit and rental history shows.)

CO-SIGNER REQUIREMENTS

Co-signers must have good credit and must earn five times the monthly rent.

AUTOMATIC DENIALS

1. Any collection or judgment tiled by a property management company or landlord within the last three years for over $300.00 will result in denial. If longer than three years and paid, will result in one month's added Security Deposit.
2. Rental history reflecting more than $1000.00 damage will result in denial.
3. Any current 3-day notice or unlawful detainer action or eviction will result in denial.
4. More than four late payments or NSF checks for rent or mortgage within a 12-month period will result in denial.
5. If unemployed and unable to verify sufficient income to pay rent, applicant will be denied.
6. False information or a gross distortion of the truth will result in denial.
7. Any applicant with a bankruptcy not showing as discharged is denied until shown otherwise.
8. Any criminal activity involving selling or possession with intent to sell drugs will result in denial, unless it was a misdemeanor and only one case over 3 years old
9. Any criminal activity of a physical or violent nature will result in denial
10. An employment reference, in which the employer indicates that the employment will end and /or the income level will drop below 2.5 times the rent, will result in denial.
11. Any undisclosed previous rental address will result in denial.
12. An incomplete application will result in denial
13. Lack of response from the applicant for additional information after the 2nd business day will result in denial.

GOOD CREDIT

Good credit means that all accounts are in good standing and paid as agreed and that total debt: to income, including rent., does not exceed 66%.

TENANT INFORMATlON AND INSTRUCTIONS

Welcome to your new home . We hope you will be safe and comfortable.

Please treat the property as if it were your own. We believe that most misunderstandings can be avoided and consequently, a better working relationship will be established between us.

We believe we can best serve the interests of our tenants by offering complete, courteous and prompt service. However, both parties to any lease or rental transaction have certain obligations and responsibilities.

At times we are forced to use some or all of the tenant's deposit for one of the following reasons: failure to give thirty (30) days written notice when you intend to vacate the property; damage to the building or built-in appliances through negligence, misuse or maliciousness; cleaning not done, yard not maintained; all keys and remotes not left in a kitchen drawer at last date of occupancy.

Your rent is due on the first (1st) day of each month, payable to Cornerstone Property Management of Virginia, Inc. If your rent is not received at the mailing address provided for rent payments by 12:00 midnight on the fourth (5th) day of the month, a LATE FEE ACCORDING TO YOUR RENTAL AGREEMENT WILL BE ASSESSED. If any check is returned to us for insufficient funds, there is a $100.00 NSF FEE. If there is an NSF FEE assessed to you, future rent will be accepted by certified funds only. If the home is occupied by more than one person, rent is only payable with one (1) check. We cannot accept business checks, or checks from someone other than a tenant named on the rental agreement.
The first Walk through Inspection of the property will be scheduled approximately two (2) months after you move in, and then normally every six (6) months thereafter. Part of our service to the Owner's of the homes we manage is to provide photographs and a report of the home's condition during our Walk through Inspections. Many of our Owners live out of the area and wish to see visually on a regular basis how their home is being taken care of. If you have personal items you do not wish to be included in a photograph, please place them in an area such as a closet during our Inspection, as we will only take general interior room photographs and photographs of the yard. These photographs only go to the Owner of the home. We will notify you a minimum of 24 hours in advance of when we will be arriving.

In cold weather it is your responsibility to take precautions to protect the pipes from freezing. Turn off and drain the outside pipes and wrap exterior water faucets. If temperatures get below 32 degrees, leave the inside water faucets dripping to keep the water flowing. If you experience broken pipes due to freezing, it is your responsibility to repair them. You must keep your drains free of grease, hair, lint or foods which can clog them. Once a month use a good drain cleaner (that will not harm pipes) or a cup of household bleach down each drain. This should keep them running smoothly under normal use, unless you have a septic system.

If you have a garbage disposal, be sure to run it long enough to work properly, and once a week run HOT water and a tablespoon of dish soap to cleanse the pipes of any grease buildup.
The only stoppages the owner will pay for are those that are caused by faulty construction, mortar, stones, or tree roots. If you should have a stoppage that you are personally unable to eliminate, OR ANY OTHER REPAIR PROBLEM, PLEASE FILL OUT A MAINTENANCE REQUEST FORM ( WORK ORDER REQUEST FORM), HERE ON THE WEBSITE AND SUBMIT IT TO OUR OFFICE.
We will send out a repair person who will analyze the problem. We will then determine who is responsible for the repair bill.
The maintenance of the lawns and flower beds is your responsibility. This includes mowing the grass, necessary weeding, and watering. If the yard is not maintained, you will be notified and given fourteen (14) days to complete the work. If not done, a professional landscaper will be hired and you will be billed.
No dogs, cats or other pets are allowed without written consent of the Owner/Agent.

If the Resident keeps a pet in violation of the rental agreement, the Owner/Agent may terminate the agreement and fees to re-rent along with damages may be assessed.

Owner/Agent shall not be liable for damages or Residents' losses of any kind caused by lack of heat, refrigeration or other services to the premises arising out of any accident, act of God or occurrence beyond the control of the Owner/Agent.
Resident shall be responsible for testing smoke alarm/detector, changing the battery when necessary, and reporting in writing any malfunction to the Owner/Agent. Owner/Agent shall not be held liable in any civil action for damages or death or injury to persons or property resulting from the mechanical failure of a smoke detector as required under Virginia Law.
Residents will be required to discard garbage in sealed plastic garbage bags in order to insure sanitary conditions.
If the mailbox is keyed, tenant is required to arrange for and pay for a key through the post office.
To insure there are no furniture indentations left in the floor coverings after you vacate, we require that you place felt pads under furniture that is placed on hardwood and/or vinyl floors, and plastic or similar casters under furniture placed on carpeted floors.
Please fill out the Maintenance Request Forms on our website, if needed.
At the end of your tenancy, we will make arrangements to have the home cleaned. Attempting to clean on your part, will not preclude us from sending professional cleaners to the home to complete a thorough clean and sanitize for the next tenant.
Please keep this information and your copy of our agreement after you read them. Do not hesitate to ask questions; we prefer to have a clear understanding at the outset rather than a misunderstanding later. Also, if you are aware of a repair that needs our attention, please I et us know. We can only take care of items that we are aware of and we appreciate your letting us know. Any and all requests for work to be done need to be in writing, and turned in to our office.

Regarding Move-in documentation of the condition of your home, we allow a total of 7 days from your lease signing date to send additional documentation to our office.
We firmly believe that the best way to be successful in property management is to give tenants fair, businesslike and courteous service. If you have suggestions on how we may improve our service, please feel free to give us a call.