Goldstar Advantage Realty

Summary of Services
Fee Schedule Summary
Frequently Asked Questions

Summary of Services

1. Each prospective tenant must complete a financial information disclosure sheet. This is the standard Maryland Association of Realtor form used by all realtors throughout the state of Maryland. This form contains prospective tenant information such as:
     Present address/Previous Address
     Work Information/Current and Previous with phone numbers for confirmation
     Assets/Liabilities
     Number of dependents, etc.

2. Rental application fee of $40.00 per adult tenant over the age of 18 years is collected. This is collected to cover the costs for the credit report and evaluation.

3. A credit report is requested through a major credit reporting company for each adult prospective tenant. Using the credit report, the prospective tenant's qualifications are evaluated based on the following:

     Income – Determine if the prospective tenant has sufficient income to pay as agreed on a monthly basis based on
    income to debt ratio reporting.
     Credit Report Evaluation – Determine if they have any liens or judgments for non-payment of rent.
    Determine if they have a credit history – good or bad.
     Verify Employment – Through two pay periods of pay stubs and a copy of the previous years W2s.
     Copy of license – To validate the identity of the applicant.

4. Complete rental lease agreement using the most current Maryland Association of Realtor Lease Agreement.

5. Provide all required state and federal documentation to the tenant. Disclosures such as:
     The Lead Poisoning Prevention – Notice of Tenants' Rights Pamphlet (MDE)
     Protect your family from lead in your home (EPA)
     Lead Free Certifications

6. Provide the tenant a check list to report existing problems with the rental unit -- must be returned in 30 days.

7. Collect and hold the security deposit escrow in an interest bearing account that is not co-mingled with other funds.

8. Provide client a statement with check for rental proceeds minus management fee and any other approved costs incurred on behalf of client by the 25th of each month. A tax reporting summary will be provided by January 31 st of the following year.

9. Maintain and provide copies of all pertinent documentation on behalf of client regarding occupancy of designated rental property. Information such as:
     Ratified Lease Agreement
     All correspondences sent to tenant and received from tenant.
     All legal notices received by property manager.

10. Initiate eviction if necessary – file required documentation based on jurisdiction and attend court proceedings if necessary.

11. Monitor condition of property on an ongoing basis. This will be accomplished by driving by the property and by semi-annual inspection of condition of property – inside and outside.

12. Provide for first line on call for any problems with the property. Owner will be notified prior to any repairs being initiated unless the repair is an emergency and does not exceed the repair reserve amount.

13. Upon termination of the lease agreement – complete a thorough walkthrough of the property to determine condition.

14. Process the return of security deposit (minus any repair costs) to tenant.


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