New Jersey Rental Guide 2022

you will be told you have been approved to rent. The lease-signing will usually occur in the landlord’s or broker’s office (if you are working with one) within the following 48 hours. When renting a condo or co-op building, the lease is signed when filling out the board package. Once you submit to the board for approval, you and the owner have committed to the agreement; however, you will still have to wait for a notice of final approval from the board to schedule your move-in. This wait can last up to 3 weeks, depending on the building. What Should I Bring to My Lease-Signing? 1. “Bank-certified” checks for rent and security. Bank-certified checks are issued by a teller at a bank, not handwritten by an applicant; therefore, they cannot be refused or “bounce.” Typically, owners will request these funds as two separate checks so they can deposit the rent money into one bank account and the security deposit into another. You will only need “bank-certified” funds for the lease-signing; all subsequent months’ rent can be paid with personal checks, and some owners may even accept rent via credit card, ACH or direct debit. 2. A bank-certified check for brokerage commission. If you have worked with a broker, their commission is only due at the lease-signing, never before. 3. A state or government-issued photo ID. What Will My Lease Look Like? It is important to read through the entire lease before signing it. The landlord will likely try to protect himself against tenant default by using a lease that works in his favor. In other words, the content of the lease may show a clear bias toward the interests of the landlord. This is a “usual and customary” practice in New Jersey, seeing as most courts will rule in favor of the tenant(s) during a lawsuit. Additionally, it is not unusual for the owner to state that the lease will be void if the tenant modifies it in any way. In reality, it is not illegal to modify a lease; it may simply be the landlord’s policy. What Are All These Documents Attached To My Lease? Any supplemental documents that are attached to the lease are known as Riders. Some may be from the owner, like additional policies or rules, and government riders are always included with a lease agreement as well. Riders will always take precedence over a lease. For example, if your lease and a rider attached to your lease contradict one another, the rider is the document the law will follow. If you and the owner have agreed to terms you do not find contained within the lease agreement, be sure they are added as a rider. These terms will not be considered binding unless they are shown in writing. Why Must I Sign a W-9 (W-8 for Non-US Citizens)? By New Jersey state law, the owner of any residential rental property must place your security deposit in an interest-bearing account. At the end of the lease, assuming no damage to the property, these funds will be returned to you with any interest accrued. Although this is typically not a large sum of money, the government dictates that the owner must report any interest via a W-9 tax form (W-8 for those without a Social Security Number).

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Rental Guide: New Jersey