FAQ Categories: Prospect

When is rent due?

Rent is due on the 1st of the month and late on the 2nd. Rent must be in our office by the end of the business day on the 3rd of the month in order to not incur a late payment penalty. If you pay rent after the 3rd of the month there is a late fee that is assessed equal to 10% of your total rent. Any current month rental payments received after the 3rd of the month must be in the form of a certified check or money order; no personal checks will be accepted after the 3rd. Additionally, all payments made after the 3rd must include the applicable late fee.

What do you do with my security deposit?

All security deposits are held in strict accordance with the Texas Property Code.

How much security deposit is required?

We do require a security deposit. Usually, the security deposit is the same as one month’s rent. There may be exceptions to the amount of the security deposit required. After your application is approved you have up to 3 business days to pay your security deposit and sign the lease to secure your new home. This must be paid by certified bank check or money order.

How can I pay rent after I move in?

Rent can be paid by check or money order until the third of the month. After the third of the month, we will only accept rent in the form of certified funds. Additionally, late payments must include the late fees or they will not be accepted. We also offer a direct draft of your checking account, at no additional fee. Download a copy of our ACH Authorization Form. Or, you can pay your rent securely online.

What do I have to pay prior to moving in?

You are responsible for paying the security deposit within 48 hours of application acceptance. You will pay the first month’s rent and any pet deposit at the time you pick up the keys prior to occupancy. Should you move in up to seven days prior to month end, you will also be responsible for paying the following months full rent.

What am I responsible for as a resident?

Typically, all residents are responsible for :

  • Securing all utilities for the home, unless otherwise provided
  • Lawn care, unless otherwise provided
  • Maintaining a clean and sanitary property
  • Promptly disposing of all garbage in appropriate receptacles
  • Supplying and changing heating and air conditioning filters at least once a month
  • Minor repairs to your home, including, but not limited to, to replacing light bulbs and clogged drains
  • Changing the smoke detector batteries during residency (these are new when you move in)
  • Taking all necessary precautions to prevent broken pipes due to freezing or other causes
  • Replace any lost or misplaced keys
  • Paying any periodic, preventative, or additional extermination costs desired by the resident
  • Removing any standing water
  • Knowing the location and operation of the main water cut-off valve and all electrical breakers
  • Promptly notifying Landlord, IN WRITING, of all needed repairs
  • Complying with all Homeowner Association Rules
  • Following the terms of your lease

How do I turn on utilities?

It is the responsibility of our residents unless they are included in the lease, to secure utilities for their residence. It is the responsibility of every resident to supply confirmation from the utility company showing an active account prior to picking up the keys to their new home. At the termination of the lease, the resident is responsible for having all utility services disconnected and must submit receipts for water bills. Please see the utility section of our website for utility contact information.

Do I need Renters Insurance?

Yes, our residents are solely responsible for ensuring their own personal property that is located or stored upon the property leased. Any loss from the risks of damage, destruction or loss resulting from theft, fire, storm and other hazards and casualties are the sole responsibility of the resident and not the investor.

What is included in the lease agreement?

Please see our Forms page for a Sample Lease.

How long are your leases?

Most of our leases are for a minimum of 12 months; however, we do entertain offers for other terms, as determined by our investors. Approximately 90 days prior to the end of the initial term, lease renewal options will be mailed to your home for your selection. Should you choose not to renew your lease, your initial lease will continue on a month to month basis, usually at an elevated rent amount.