What does "Pending rented" mean?
“Pending rented” refers to the status of a rental home when the rental application from a prospective tenant has been processed and approved, with a mutually agreed specific amount time for the applicants to renew and sign off the lease, and have the funding in place to secure the home.
At this stage, the key terms of the lease agreement, such as the rental amount, lease duration, and other conditions, have been communicated and agreed upon verbally with the applicant. Additionally, the applicant has been requested to make the security deposit and provide the first month’s rent.
During the “pending rented” phase, the prospective tenant is given a specific amount of time to complete the necessary paperwork, typically using online platforms like DocuSign, and arrange the funding required to secure the home. While the home is still technically available to the public during this time, the likelihood of it being rented out is high.
To ensure that interested parties do not waste their time and energy on homes that are likely to be rented soon, in our confident community, we make it a practice to update both the still-interested prospects and those who have booked viewings with the status change of “pending rented.” We also temporarily halt any further activities related to the home until its status is updated again, either as rented out or back on the market due to the agreement falling through.
By providing these updates, we aim to streamline the rental process and help prospective tenants focus on more promising housing options.
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