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I posted this as a reply in the Chicago forum, but I've realized that it's not really related to the original post so I thought I would post here since it's much more of a general question. The situation is this:
I am starting work in early July, my roommate in early August. I am going to be apt. hunting for a 2 br apartment with a lease that starts July 1. However, my roommate can't come with me apartment hunting, although she'll have access to email/fax/mail, etc.
I have two questions:
1. Will it be possible for her to sign the lease remotely? I've read online that a notarized power of attorney may do the trick.
2. Some have suggested that I just sign the lease individually first and then add her as a roommate come August 1. However, I am concerned I will run into income restrictions -- our combined salaries will well exceed 40x, but my individual salary will not be. Is there any way around this?
Explain to your future LL the situation We ask that the roommate call us, scan their photo ID, fill out an application and provide all the other info we need. We qualify them just as if they were there in person after making sure they're okay with basically renting something sight unseen. We don't require a Notary. Signature by fax or scan is fine. I would definitely not "add them later" because that may be more difficult than just getting them on the lease from the get-go, not to mention your income concerns.
A notarized Power of Attorney isn't necessary but having all signatures duly notarized for all parties' signatures is a good practice to follow where any contractual agreement is concerned.
If your looking at income restricted properties, the problem isn't when one signs the lease, its combined income, if you expect to exceed qualifing income, I would advise you to look at other options or rent this apartment alone.
Last edited by virgode; 05-10-2010 at 03:39 AM..
Reason: word/addition
If your looking at income restricted properties, the problem isn't when one signs the lease, its combined income, if you expect to exceed qualifing income, I would advise you to look at other options or rent this apartment alone.
virgode, I'm not quite sure I understand your advice. We're living together precisely because we want to save on rent so it's very likely that our combined incomes will exceed 40x rent (i.e., our combined incomes should be something like 100K, 50K and 50K together, and we'd like our monthly rent not to exceed 2K, which looks perfectly doable in the neighborhoods we're looking at and would have a 40x income req of 80K. but if I sign alone with my salary of 50K, then 2K is definitely way too much.)
The only reason I mentioned income restrictions is because if I sign alone, I don't want the landlord to think that I'm mentioning some phantom roommate who when combined with me will meet the income requirements and that I'm planning to pull a fast one or something to get the apartment which I don't really meet the reqs for.
What are your concerns...the post asks about income restrictions. I can't think of any place with income restrictions other than tax credit properties, which generally have a cut of point of 40k, "Any way to get around this" sounds to me as if your asking posters how to fraud. Is it a tax credit property?
Quote:
Originally Posted by andrewesque
2. Some have suggested that I just sign the lease individually first and then add her as a roommate come August 1. However, I am concerned I will run into income restrictions -- our combined salaries will well exceed 40x, but my individual salary will not be. Is there any way around this?
What are your concerns...the post asks about income restrictions. I can't think of any place with income restrictions other than tax credit properties, which generally have a cut of point of 40k, "Any way to get around this" sounds to me as if your asking posters how to fraud. Is it a tax credit property?
Virgode, I could be wrong but I think you assume Andrew is looking to qualify for income assisted properties by showing a low income and I think Andrew is trying to get a regular apartment for around $2000. He is unsure if he can qualify on his income alone and is looking for ways to get his roommate's income included on the application. That is my take anyway.
Andrew, KonaKat said what I feel. Talk to the landlord.
More than likely with 2k rent, but that was my take when reading the post, in that case, he has the answers he needed.
Quote:
Originally Posted by DowntownVentura
Virgode, I could be wrong but I think you assume Andrew is looking to qualify for income assisted properties by showing a low income and I think Andrew is trying to get a regular apartment for around $2000. He is unsure if he can qualify on his income alone and is looking for ways to get his roommate's income included on the application. That is my take anyway.
Andrew, KonaKat said what I feel. Talk to the landlord.
Can u be on 2 income restricted apartment leases,sometimes i live with my daugther,and i also have my own apartment also,im trying to find out asap, i dont want my daughter or me to get in any trouble
No, my understanding is that you cannot. I'm in an income restricted apartment, and my lease says this must be my primary residence. Check your leases to be sure.
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