SUMMER (Seasonal Rentals)
Litchfield and Fairfield Counties are very popular areas for seasonal rentals.
In most instances, the landlords are renting out their own homes, rather than what would be considered true rental properties. These homes are generally furnished nicely and may have personal possessions in view, making it a more “homey” experience rather than a hotel/motel feel.
You should expect to pay the summer -seasonal rental amount in full prior to taking possession of the subject premises. This is usually done in two payments: the first half on signing of the lease and the second half on June 1st. The first half is generally non refundable.
Utility, lawn & pool costs may or may not be included in the rental payment.
Rental payments are normally paid on a monthly basis unless otherwise negotiated. You should expect to complete an application form and provide a credit report/FICO Score. Pay check stubs, bank statements or 1-2 years previous tax returns may also be requested.
Rent and security are due, usually in the form of certified bank checks for the initial payment and payment by personal check from that time forward.
If you do not meet the financial requirements of the landlord, you may be required to obtain a lease guarantor. The guarantor will be required to be financially able and qualified to pay your rent as well as comfortably carry his or her financial responsibilities in case you default on the lease. Accordingly, the landlord may expect that the guarantor provide a credit report also. You should expect to provide a credit report for each person over the age of 18.
In this area, the tenant should expect to pay for all utility, lawn and snow removal costs.
Some landlords are more flexible than others when it comes to credit. You can also provide your own credit report available from an online service such as www.freecreditreport.com.
CT Law outlines the rights and responsibilities for both the landlord and the tenant regarding the collection, holding and return of rent security deposits. A good reference site for detailed information would be – www.jud.ct.gov/lawlib/law/landlord.htm.
The Landlord is not responsible for the insurance of your personal belongings. Their insurance only covers the building and the fittings. You will need to obtain a renters insurance policy to cover your liabilities and belongings prior to taking possession of the premises. You should expect the landlord to require public liability and fire, legal liability. Contact your insurance agent in this regard.
RENT WITH OPTION TO BUY
Renting with option to purchase in this area normally consists of a standard lease with a purchase option added in the lease or a separate agreement. This means that not only the purchase price is established, but the tenant is expected to carry out whatever building inspection testing they would opted to perform under a normal purchase agreement.
Including the option can benefit both the landlord and the tenant. Tenants can secure the right to a house that they like and get extra time to save for a down payment. Landlords can increase their odds of selling a house and may be able to charge a higher rent. Negotiations can include a non-refundable nonpayment and/or part of the rental payments going towards a down payment.