Podcast
Questions and Answers
What type of notice is required from the Resident for a move-out?
What type of notice is required from the Resident for a move-out?
- 30-Day written notice (60-Day for Affordable)
- Verbal notice with documentation
- 90-Day written notice (45-Day for Affordable)
- 60-Day written notice (30-Day for Affordable) (correct)
When does the notice period begin if the current lease has expired?
When does the notice period begin if the current lease has expired?
- The day LPM receives the notice in writing at the LPM office (correct)
- The day the resident starts packing
- The day the resident finds a new place
- The day the resident verbally communicates the notice
What must be included in any written notice from the Resident?
What must be included in any written notice from the Resident?
- Only the move-out date
- Name, signature, and phone number
- Name, phone number, and email address
- Name, signature, and move-out date (correct)
If LPM receives a notice to vacate during the lease term, how many days in advance must the notice be?
If LPM receives a notice to vacate during the lease term, how many days in advance must the notice be?
How long must items of value over $500 be stored before disposal?
How long must items of value over $500 be stored before disposal?
In the event of a lockout, who will continue with changing the locks and ensuring all windows are locked on the property?
In the event of a lockout, who will continue with changing the locks and ensuring all windows are locked on the property?
What is the requirement for terminating the lease in case of health issues or death?
What is the requirement for terminating the lease in case of health issues or death?
Who is entitled to the protections and benefits of the Soldiers’ and Sailors’ Civil Relief Act of 1940 (SSCRA)?
Who is entitled to the protections and benefits of the Soldiers’ and Sailors’ Civil Relief Act of 1940 (SSCRA)?
What does the Lease Termination Overview emphasize on working with residents for?
What does the Lease Termination Overview emphasize on working with residents for?
In the event of military leave, how long is the notice required during a time of peace?
In the event of military leave, how long is the notice required during a time of peace?
What will be done by the Attorney’s Office if the resident moves out?
What will be done by the Attorney’s Office if the resident moves out?
Who will be billed back for all fees charged to the Property from the Attorney if the resident continues to live in the apartment?
Who will be billed back for all fees charged to the Property from the Attorney if the resident continues to live in the apartment?
What happens to any costs still not paid by the Resident upon move out?
What happens to any costs still not paid by the Resident upon move out?
What does the Soldiers’ and Sailors’ Civil Relief Act of 1940 (SSCRA) aim to protect?
What does the Soldiers’ and Sailors’ Civil Relief Act of 1940 (SSCRA) aim to protect?
What does the SSCRA enable persons on active duty and activated reservists to do?
What does the SSCRA enable persons on active duty and activated reservists to do?
What is the required notice period for transfers within the community?
What is the required notice period for transfers within the community?
What must residents do if they move before completing their lease?
What must residents do if they move before completing their lease?
What is the timeframe for the proper return of security deposits by Property Managers?
What is the timeframe for the proper return of security deposits by Property Managers?
What is the requirement for security deposit disposition after move-out?
What is the requirement for security deposit disposition after move-out?
What is the fee for transfers within the same property?
What is the fee for transfers within the same property?
What is required for transfers to another LPM Property?
What is required for transfers to another LPM Property?
What must residents have for a transfer approval?
What must residents have for a transfer approval?
What is the timeframe for security deposit disputes to be handled?
What is the timeframe for security deposit disputes to be handled?
What is the exception for new security deposit requirement for approved transfers?
What is the exception for new security deposit requirement for approved transfers?
Who must approve all transfers at HOME/LIHTC/Tax Credit properties?
Who must approve all transfers at HOME/LIHTC/Tax Credit properties?
What is the timeframe for the final disposition of security deposit after sending a Delayed Deposit Letter?
What is the timeframe for the final disposition of security deposit after sending a Delayed Deposit Letter?
What must Property Managers do within 3 days of move-out for security deposit return?
What must Property Managers do within 3 days of move-out for security deposit return?
What is the required notice period for residents to vacate?
What is the required notice period for residents to vacate?
What is the consequence if a resident gives insufficient notice to vacate?
What is the consequence if a resident gives insufficient notice to vacate?
Under what condition can residents vacate within 30 days of move-in date?
Under what condition can residents vacate within 30 days of move-in date?
What is involved in the move-out processing?
What is involved in the move-out processing?
What should be done within 24-48 hours after move-out?
What should be done within 24-48 hours after move-out?
What is the requirement for necessary improvements over $1,000 in a vacant property?
What is the requirement for necessary improvements over $1,000 in a vacant property?
When are resident transfers available?
When are resident transfers available?
What is required before approving a resident transfer?
What is required before approving a resident transfer?
How long is the satisfaction guarantee period for residents to vacate after move-in date?
How long is the satisfaction guarantee period for residents to vacate after move-in date?
What happens if a resident gives insufficient notice to vacate?
What happens if a resident gives insufficient notice to vacate?
What is the timeline for ensuring the unit is rent-ready after move-out?
What is the timeline for ensuring the unit is rent-ready after move-out?
What is the requirement for locking the door when leaving a vacant property?
What is the requirement for locking the door when leaving a vacant property?
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.
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Description
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.
