39 Questions
What type of notice is required from the Resident for a move-out?
60-Day written notice (30-Day for Affordable)
When does the notice period begin if the current lease has expired?
The day LPM receives the notice in writing at the LPM office
What must be included in any written notice from the Resident?
Name, signature, and move-out date
If LPM receives a notice to vacate during the lease term, how many days in advance must the notice be?
At least 60 days (30-Day for Affordable)
How long must items of value over $500 be stored before disposal?
Up to 30 days
In the event of a lockout, who will continue with changing the locks and ensuring all windows are locked on the property?
Manager, Maintenance, and Sheriff
What is the requirement for terminating the lease in case of health issues or death?
Provide a 3rd party health care provider's statement and give a written 30-day notice to vacate
Who is entitled to the protections and benefits of the Soldiers’ and Sailors’ Civil Relief Act of 1940 (SSCRA)?
Active Duty Members, Public Health Service Officers, and Reservists
What does the Lease Termination Overview emphasize on working with residents for?
Situations beyond their control
In the event of military leave, how long is the notice required during a time of peace?
30-day notice in writing
What will be done by the Attorney’s Office if the resident moves out?
A judgment for attorney fees incurred
Who will be billed back for all fees charged to the Property from the Attorney if the resident continues to live in the apartment?
The Resident
What happens to any costs still not paid by the Resident upon move out?
They will be turned over to the collection company
What does the Soldiers’ and Sailors’ Civil Relief Act of 1940 (SSCRA) aim to protect?
Persons on active duty and activated reservists
What does the SSCRA enable persons on active duty and activated reservists to do?
Temporarily suspend civil proceedings that might prejudice their civil rights
What is the required notice period for transfers within the community?
30 days
What must residents do if they move before completing their lease?
Repay any special promotions received
What is the timeframe for the proper return of security deposits by Property Managers?
Within 14 days, following state laws
What is the requirement for security deposit disposition after move-out?
Prepared and issued within 14 days
What is the fee for transfers within the same property?
$200 transfer fee
What is required for transfers to another LPM Property?
Lease buyout fee and repayment of concessions
What must residents have for a transfer approval?
Good reference for housekeeping, payment history, and infractions
What is the timeframe for security deposit disputes to be handled?
In a timely manner
What is the exception for new security deposit requirement for approved transfers?
Preferred employers
Who must approve all transfers at HOME/LIHTC/Tax Credit properties?
Compliance
What is the timeframe for the final disposition of security deposit after sending a Delayed Deposit Letter?
Within 30 days
What must Property Managers do within 3 days of move-out for security deposit return?
Complete specific steps for security deposit return
What is the required notice period for residents to vacate?
60 days
What is the consequence if a resident gives insufficient notice to vacate?
They can continue their lease agreement and give a proper 60-day notice or complete a Lease Buyout Agreement
Under what condition can residents vacate within 30 days of move-in date?
If approved by the Regional Manager
What is involved in the move-out processing?
Using a Move-Out Check-Off List, scheduling pre-move out and move-out inspections
What should be done within 24-48 hours after move-out?
All of the above
What is the requirement for necessary improvements over $1,000 in a vacant property?
Regional Manager approval
When are resident transfers available?
For residents in good standing
What is required before approving a resident transfer?
Inspection and picture documentation by the vacating resident's manager
How long is the satisfaction guarantee period for residents to vacate after move-in date?
30 days
What happens if a resident gives insufficient notice to vacate?
They must pay a non-refundable fee equivalent to one month’s current rent
What is the timeline for ensuring the unit is rent-ready after move-out?
3 days
What is the requirement for locking the door when leaving a vacant property?
Maintenance and vendors are to lock the door
Study Notes
Resident Move-Out and Transfer Procedures
- Residents must give a 60-day notice to vacate, obtain the official form from LPM office, and give a Notice of Intent to View 24 hours prior to appointment if the manager must show the occupied unit.
- If a resident gives insufficient notice, they can continue their lease agreement and give a proper 60-day notice or complete a Lease Buyout Agreement, which includes a non-refundable fee equivalent to one month’s current rent or 25% of the remaining unfulfilled lease term.
- Lloyd Companies provides a 30-Day Satisfaction Guarantee, allowing residents to vacate within 30 days of move-in date if approved by the Regional Manager.
- Move-out processing involves using a Move-Out Check-Off List, scheduling pre-move out and move-out inspections, and ensuring all necessary communication and documentation are in place.
- On move-out day, the Property Manager conducts an inspection with the resident to detail any charges, obtain keys and a forwarding address, and leave a positive impression.
- Scheduling maintenance after move-out should be done within 24-48 hours to assess any damage, obtain vendor invoices quickly, and ensure the unit is rent-ready within 3 days.
- Maintenance and vendors are to lock the door when leaving a vacant property, and any necessary improvements over $500 require manager approval, while those over $1,000 require approval from the Regional Manager.
- Resident transfers are available for residents in good standing, and the manager of the vacating resident must inspect the home and take picture documentation before approving the transfer.
- All transfers are treated like new residents, with residents checking out of the old unit and checking into the new unit.
Test your knowledge of resident move-out and transfer procedures with this quiz. From giving notice to vacate to understanding lease buyout agreements, move-out inspections, and resident transfers, this quiz covers the essential steps and requirements for a smooth transition in rental housing management.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
