How to Make Thousands Spending Only Hundreds - Options Over Land
Wednesday, 30 December 2009 08:33
Author: Veronica Carrillo
When discussing mortgages, one term that often arises is "lien." A mortgage is not a loan, but a lien on the property that keeps the loan secure. It is important to understand this confusing term in order to properly understand mortgages and property ownership.
When discussing mortgages, one term that often arises is "lien." A mortgage is not a loan, but a lien on the property that keeps the loan secure. It is important to understand this confusing term in order to properly understand mortgages and property ownership.
There are several steps to a good tenant screening process. First, you must verify that the applicant is who s/he says they are. The best way to do this is to require each adult applicant to completely fill out a rental application. You should also ask each adult to provide you with valid photo identification. Request a copy of the applicant's prior utility bill or cable bill as well. You want to ensure that the address on the bill is the same as the address listed on the photo identification and the rental application. You should also obtain the applicant's date of birth and social security number. Require that the applicant provide you with any prior names that they have used in the past few years such as maiden names if they were recently married, or married names if they were recently divorced. If you are renting to a business entity verify its existence with the Secretary of State's Department of Financial Institutions. Obtaining all of this information will greatly assist you during the screening process.
One common example of a lien is a construction lien. When a property needs repair, maintenance, or renovation, the property owner often hires someone to do the work. After the work has been completed, the property-owner is legally obligated to pay for the improvements to the property. The lien exists in order to help ensure that a construction worker can be properly compensated without having to sue the property owner.
If you have decided to purchase property, you should make sure that there is no lien on the property. A lien on the property may mean that the person attempting to sell the property is not the legally recognized property owner. Therefore, a lien can prevent you from securing a clear title, and you may not fully own the new property you have purchased.
A common misconception is that you cannot reject an applicant because they smoke, becasue they have a money judgment against him/her, or becasue they have been evicted in the past. Smokers, debtors, and people who have been evicted are not members of any protected class under federal or Wisconsin law and therefore your screening criteria can exclude them without violating Wisconsin or federal discrimination laws. Other examples of legal screening criteria in Wisconsin may include the following: (1) Applicant must have gross monthly income of 3 times the monthly rental amount; (2) Applicant must have no unsatisfied money judgments against them; (3) Applicant must have a credit score of at least 600; (4) Applicant must complete all questions on the rental application; failure to answer all questions or provide an acceptable reason for not answering all questions are grounds for denial of your application. What type of screening criteria you have often depends on the location of the rental property, the type of renter you are looking for and a landlord's willingness to tolerate risk. Third, you should run every applicant's name through Wisconsin's Consolidated Court Automation Program (CCAP). This website lists all criminal and civil legal actions filed throughout Wisconsin. By becoming adept with CCAP's search capabilities you will be able to discover if a prior landlord has started an eviction action against your applicant, if your applicant has ever been charged with a crime, or if they have been sued for owing money to someone and whether or not they have satisfied that judgment. Best of all CCAP is free and open to the public (at least as of this writing however one Wisconsin Assemblyman has introduced a bill that if passsed will significantly restrict CCAP's access to landlords).
Fourth, you should obtain a credit check on any applicant that is still under consideration after you have completed the above three steps. A landlord may require the applicant to pay the actual cost of the credit check up to $20 in Wisconsin. In order to charge this fee however you must obtain the credit report from a consumer reporting agency that compiles and maintains files on consumers on a nationwide basis (TransUnion, Experian or Equifax) and you must notify the applicant of the cost before ordering the report and provide them with a copy of their credit report after it is received. These four steps for screening and qualifying a prospective applicant for your rental property are the bare minimum that a landlord should to to ensure that s/he is protecting their investment.
When discussing mortgages, one term that often arises is "lien." A mortgage is not a loan, but a lien on the property that keeps the loan secure. It is important to understand this confusing term in order to properly understand mortgages and property ownership.
There are several steps to a good tenant screening process. First, you must verify that the applicant is who s/he says they are. The best way to do this is to require each adult applicant to completely fill out a rental application. You should also ask each adult to provide you with valid photo identification. Request a copy of the applicant's prior utility bill or cable bill as well. You want to ensure that the address on the bill is the same as the address listed on the photo identification and the rental application. You should also obtain the applicant's date of birth and social security number. Require that the applicant provide you with any prior names that they have used in the past few years such as maiden names if they were recently married, or married names if they were recently divorced. If you are renting to a business entity verify its existence with the Secretary of State's Department of Financial Institutions. Obtaining all of this information will greatly assist you during the screening process.
One common example of a lien is a construction lien. When a property needs repair, maintenance, or renovation, the property owner often hires someone to do the work. After the work has been completed, the property-owner is legally obligated to pay for the improvements to the property. The lien exists in order to help ensure that a construction worker can be properly compensated without having to sue the property owner.
If you have decided to purchase property, you should make sure that there is no lien on the property. A lien on the property may mean that the person attempting to sell the property is not the legally recognized property owner. Therefore, a lien can prevent you from securing a clear title, and you may not fully own the new property you have purchased.
A common misconception is that you cannot reject an applicant because they smoke, becasue they have a money judgment against him/her, or becasue they have been evicted in the past. Smokers, debtors, and people who have been evicted are not members of any protected class under federal or Wisconsin law and therefore your screening criteria can exclude them without violating Wisconsin or federal discrimination laws. Other examples of legal screening criteria in Wisconsin may include the following: (1) Applicant must have gross monthly income of 3 times the monthly rental amount; (2) Applicant must have no unsatisfied money judgments against them; (3) Applicant must have a credit score of at least 600; (4) Applicant must complete all questions on the rental application; failure to answer all questions or provide an acceptable reason for not answering all questions are grounds for denial of your application. What type of screening criteria you have often depends on the location of the rental property, the type of renter you are looking for and a landlord's willingness to tolerate risk. Third, you should run every applicant's name through Wisconsin's Consolidated Court Automation Program (CCAP). This website lists all criminal and civil legal actions filed throughout Wisconsin. By becoming adept with CCAP's search capabilities you will be able to discover if a prior landlord has started an eviction action against your applicant, if your applicant has ever been charged with a crime, or if they have been sued for owing money to someone and whether or not they have satisfied that judgment. Best of all CCAP is free and open to the public (at least as of this writing however one Wisconsin Assemblyman has introduced a bill that if passsed will significantly restrict CCAP's access to landlords).
Fourth, you should obtain a credit check on any applicant that is still under consideration after you have completed the above three steps. A landlord may require the applicant to pay the actual cost of the credit check up to $20 in Wisconsin. In order to charge this fee however you must obtain the credit report from a consumer reporting agency that compiles and maintains files on consumers on a nationwide basis (TransUnion, Experian or Equifax) and you must notify the applicant of the cost before ordering the report and provide them with a copy of their credit report after it is received. These four steps for screening and qualifying a prospective applicant for your rental property are the bare minimum that a landlord should to to ensure that s/he is protecting their investment.
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