LEASE APPLICATION POLICY & REQUIREMENTS AND BROKER DUTIES
Thank you for your interest in living at The Lofts at Albuquerque High/BelVedere – Urban Courtyard Living.
Each applicant (i.e. spouses, co-applicants, roommates, guarantors) must complete the Application Requirements listed below and pay the application fee of $30. Application fees must be paid online at the time of application with a credit card or checking account (there is a $1.95 processing fee for payments with a checking account and a $3.95 processing fee for payments made with a credit card).
Applications are processed only after all required information, documents, application fees and security deposit have been received.
Application processing takes 3 to 5 business days to complete once all application requirements have been received; processing may take longer depending on requirement of additional documentation and receipt of responses from third parties. If additional information is requested, it must be received within 24 hours of request or other applications may be considered.
APPLICATION REQUIREMENTS – STEPS TO APPLY
The following must be completed/provided by each applicant/guarantor:
- Rental Application – Online: To apply for a loft or courtyard home, go online to www.AbqHigh.com and the listing for the loft or courtyard home you are interested in leasing – click on “Lease Application” to get started. Complete online application. Indicate your desired move-in date. Resident must take possession within 7 days of Loft/Courtyard Home availability. Information provided is used to process a credit/criminal background check.
- Income Verification: Email to Apply@EDoSpaces.com 1 month of pay statements dated within 30 days of application date with year-to-date earnings data. If self-employed or retired, provide 3 months of bank statements or most-recent tax return. If you are starting a new job, or have recently started a new job, and do not have pay statements, provide an offer letter or signed letter from your employer verifying your new income.
- Driver’s License: Email to Apply@EDoSpaces.com a legible copy of your driver’s license or other government-issued photo ID. A photo of your ID is preferred.
- Security Deposit: Pay of security deposit online immediately following submittal of online application. If there is more than one applicant/guarantor application, only one security deposit is to be paid. Security deposit may be paid online with a personal checking account or credit card. Payments made with a checking account are subject to a $3 processing fee. Credit card payments are subject to a 2.75%/$9.95 minimum processing fee. Processing fees are non-refundable and are not a part of the security deposit. Security deposit amounts range from $300 to the equivalent of one month’s rent, depending on the property. Please see the specific unit’s online listing at AbqHigh.com for the security deposit required.
Cancellation of an application after 48 hours of written approval up to 21 days prior to specified move-in date will result in forfeiture of 50% of your security deposit. Any cancellation of an approved application less than 21 days prior to specified move-in date will result in 100% forfeiture of security deposit. Applicants who cancel after 48 hours of application approval must wait 2 years to reapply. If application is not approved or if approved application is withdrawn before the 48-hour cancellation period, security deposit will be returned by check within 14 days and mailed to current address on application.
- Rental Verification and Rental Application Requirements & Policy Forms: Sign the Rental Verification and Rental Application Requirements & Policy forms. These forms will be emailed to you to sign electronically within 24 business hours of receipt of your online application and must be completed within 24 hours of being emailed to you.
- Applicants: All applicants, with the exception of applicant’s children under the age of 18, must be at least 18 years old.
- Qualifying Income: All applicants must have a combined verifiable source of monthly gross income of at least 3 times the monthly rental amount. Equivalent verifiable assets may also be used to meet qualifying requirements by providing proof of other income. Scholastic Financial Aid is not accepted as income.
- Guarantors: Responsible party guarantors will be considered when an applicant does not have sufficient monthly income or when an applicant has insufficient credit history or credit score; applicants with unpaid collection accounts are not eligible to use a guarantor. Guarantors must be immediate family members (parents, grandparents, siblings or children) and reside in the US. Guarantors may only guarantee a lease for immediate family members; guarantors will not be considered for two un-related applicants to reside in the same unit. Guarantor must have a verifiable source of monthly gross income of at least 6 times the monthly rental amount and have sufficient available income to meet the rental agreement obligation. Guarantors also must meet the same FICO score requirements as applicant, complete the credit check form, pay the $30 application fee, provide verification of income and copy of their driver’s license.
- Rental History/Landlord Verification: Applicant must provide rental history for the past 2 years or have owned a home during the past 2 years; rental or mortgage history during the previous 2 years must be favorable. If your rental history is with a family member, you may be required to provide copies of the last 3 rent checks. If you have a recent foreclosure, your application will be considered and may be approved with conditions.
- Credit History/Background Check:
a. Credit report must have a FICO Score of 650 or higher to pass
b. Any bankruptcies must be at least one year old with satisfactory credit re-established
c. No unpaid civil judgments or collections, or account charge offs less than 12 months prior
d. No conviction of any household member for any drug-related crime or felony
e. No conviction for DUI/DWI coupled with additional citation (ex: speeding, reckless driving, collision) for the last 3 years
f. No recent arrest (pending adjudication) of any household member for any drug-related crime or felony
g. Must pass criminal background check
IMPORTANT RENTAL INFORMATION
- Lease Term: 12-month lease term required. Shorter lease terms are not available. Lease terms may begin anytime during a month (rent is pro-rated for the first month if less than a full month); all leases end at the end of a month regardless of the lease start date (this may result in a lease term of slightly more than 12 months).
- Occupancy Standards:
Single-level lofts/homes – limit of 2 people
Two-level lofts/homes – limit of 3 people
3-Bedroom Townhome (BelVedere) – limit 4 people
The Lofts at Albuquerque High Old Main and Classroom Buildings: Resident pays electricity, which is in Resident’s name. Each Resident will pay a monthly utility charge for water/sewage/trash pick-up/recycling. Monthly utility charge is due with rent and allocated based on square footage of unit.
BelVedere Urban Courtyard Living: Resident pays electricity, which is in Resident’s name. Water/sewage/trash pick-up/recycling paid by owner.
- Other properties: Unless otherwise noted in listing, Resident pays electricity, which is in Resident’s name. Water/sewage/trash pick-up/recycling paid by owner.
- Pets/Assistive Animals:
Allowable pets vary depending on unit/property. See unit listing on AbqHigh.com for pet policy for that unit.
Cats/dogs must be spayed or neutered; a certificate from a vet is required for proof (provide with this application).
All pets/assistive animals must be registered with the City of Albuquerque with 14 days of residency.
Owner must supply a current photo of pet/assistive animal with application.
Pet Rent/Security Deposit/Fees: See unit listing on AbqHigh.com.
- Smoke-Free/Vape-Free Property: No smoking or vaping within 50 feet of the property, including all outdoor areas (courtyards, decks, patios, walkways, parking areas/garages), in any loft, courtyard home, or building common areas or BelVedere common area.
- Parking: Free on-street parking. Residents may park vehicles in the City-owned garage at 100 Arno at their expense. Residents living at BelVedere are provided with 1 secure parking space inside BelVedere (2 spaces for 3-bedroom townhomes and sideyard home).
Before the time a broker generates or presents any written document that has the potential to become an express written agreement, the broker shall disclose in writing to their prospective customer or client, and obtain a written acknowledgement from their prospective customer or client, showing the delivery of the disclosure of the following broker duties:
A. Honesty and reasonable care as set forth in the provisions of this section;
B. Compliance with local, state, and federal fair housing and anti-discrimination laws, the New Mexico real estate license law and the real estate commission rules, and other applicable local, state, and federal laws and regulations;
C. Performance of any and all written agreements made with the customer or client;
D. Assistance to the broker’s customer or client in completing the transaction, unless otherwise agreed to in writing by the customer or client, including:
(1) presentation of all offers or counter-offers in a timely manner; and
(2) assistance in complying with the terms and conditions of the contract and with the closing of the transaction; if the broker in the transaction is not providing the service, advice or assistance described in Paragraphs (1) and (2) of Subsection D of 188.8.131.52 NMAC, the customer or client must agree in writing that the broker is not expected to provide such service, advice or assistance, and the broker shall disclose the existence of such agreement in writing to the other brokers involved in the transaction;
E. Acknowledgement by the broker that there may be matters related to the transaction that are outside the associate broker’s or qualifying broker’s knowledge or expertise and that the associate broker or qualifying broker will suggest that the customer or client seek expert advice on these matters;
F. Prompt accounting for all money or property received by the broker;
G. Written disclosure to their client or customer and to other brokers involved in the transaction of any potential conflict of interest that the broker has in the transaction including but not limited to:
(1) any written brokerage relationship the broker has with any other parties to the transaction or;
(2) any material interest or relationship of a business, personal, or family nature that the broker has in the transaction;
(3) other brokerage relationship options available in New Mexico;
H. Written disclosure of any adverse material facts actually known by the associate broker or qualifying broker about the property or the transaction, or about the financial ability of the parties to the transaction to complete the transaction; adverse material facts requiring disclosure do not include any information covered by federal fair housing laws or the New Mexico Human Rights Act;
I. Maintenance of any confidential information learned in the course of any prior agency relationship unless the disclosure is with the former client’s consent or is required by law;
J. Unless otherwise authorized in writing, an associate broker or qualifying broker shall not disclose to their customer or client during the transaction that their seller client or customer has previously indicated they will accept a sales price less than the asking or listed price of a property; that their buyer client or customer has previously indicated they will pay a price greater than the price submitted in a written offer; the motivation of their client or customer for selling or buying property; that their seller client or customer or their buyer client or customer will agree to financing terms other than those offered; or any other information requested in writing by the associate broker’s or the qualifying broker’s customer or client to remain confidential, unless disclosure is required by law.
Brokerages working with consumers either as customers or clients may do so through a variety of brokerage relationships. These relationships include but are not limited to a transaction broker relationship, an exclusive agency relationship or a dual agency relationship. For all regulated real estate transactions, a customer or client may enter into an express written agreement to become a client of a brokerage without creating an agency relationship, and no agency duties will be imposed.
A. Transaction broker: a qualifying broker, associate broker or brokerage that provides real estate services without entering into an agency relationship. The transaction broker relationship is a non-fiduciary relationship.
B. Exclusive agency: an express written agreement between a person and a brokerage wherein the brokerage agrees to exclusively represent as an agent the interests of the person in a real estate transaction. Such agreements include buyer agency, seller agency, designated agency, and subagency agreements.
C. Dual agency: an express written agreement that modifies existing exclusive agency agreements to provide that the brokerage agrees to act as a facilitator in a real estate transaction rather than as an exclusive agent for either party to the transaction.
401 Central Ave NE, Suite D
Albuquerque, NM 87102
(505) 247-3935 | office
PO Box 302
Albuquerque, NM 87103
(unless otherwise noted)
Thursday 12:15 pm
Saturday 11 am
No Appointment Needed