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What is required at lease signing?
  • Legal photo government ID (driver’s license or passport)
  • Payment for first month’s rent (which will be applied at lease commencement to your first month of occupancy). Other expenses may still be due upon move-in.
  • Payment for last month’s rent (typically considered the security deposit)
  • Information for a credit & background check on all members of the entity or ownership group
  • Some leases require financial statements.
  • Some leases require the tenant to sign a Personal Guaranty.
Where does my security deposit go?

The full security deposit should be deposited into a trust account that is registered with the Oklahoma Real Estate Commission and audited monthly. This account should not have co-mingling of funds and be used solely for security deposits or earnest money.

What is a Personal Guaranty?

A Personal Guaranty states that if the business becomes unable to repay the debt (rents), the individuals who own the business (“Personal Guarantors”) assume personal liability for the balance due through the end of the lease term. A Personal Guaranty provides an extra level of protection to credit issuers (Landlords) who want to make sure they will be repaid. This is a common practice with commercial leasing.

What is a “Move-In Condition Report?”

This document describes the condition of the rental upon moving in. After signing, you are provided a copy and are permitted to make additional comments for 7-days following.

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