Rent Ready. During the "Inspection Period", both Seller and Purchaser will inspect an apartment unit at the Property and mutually agree that said apartment shall be representative of a "rent ready" unit by which all other units shall be judged for "rent ready" condition at closing. All vacant apartment units, are to be in a "rent ready" condition (as defined above), at the time of closing, containing, but not limited to the following amenities, i.e., carpet, refrigerator, range, garbage disposal, heating, plumbing and electrical systems.
Rent Ready unit shall mean a unit that is freshly painted, carpeting that is cleaned or replaced, as necessary, and working appliances and fixtures.
Rent Ready condition shall mean the Property Owner's current practice of placing units in “rent ready” condition.
Examples of Rent Ready in a sentence
Rent Ready Condition means that the unit is habitable under applicable law, clean according to Manager’s standards, that all amenities are in working order and that the unit has been re-keyed, at Owner’s expense, since the prior tenant.
Purchaser shall receive a credit against the cash due at Closing in the amount of $250.00 for each apartment which has been vacant for greater than fifteen (15) days and which is not in a Rent Ready Condition.
Not less than three (3) Business Days prior to the Closing Date, Seller and Purchaser shall jointly inspect the Property and shall mutually agree on a list of the Vacant Units, which list shall specify those Vacant Units that are not in Rent Ready Condition.
On the Closing Date, all apartments that were vacated greater than fifteen (15) days prior to Closing shall be in a "Rent Ready Condition".
Seller shall use commercially reasonable efforts to deliver all apartment units which are vacant as of the Closing Date (each, a "Vacant Unit") in Rent Ready Condition (as hereinafter defined).
More Definitions of Rent Ready
Rent Ready. On or prior to the Closing Date, Purchaser may inspect all apartment units at the Property and note any missing appliances or personal property or dead-bolt locks and provide Seller written notice of same. Seller may elect, but shall have no obligation, to replace any missing appliances or personal property or dead-bolt locks that in fact were located at the Property as of the expiration of the Inspection Period.
Rent Ready. “Leased”: “Rent ready” shall refer to a property that is: vacant, clean (to include paint and flooring), priced within reasonable market parameters as determined by MANAGER and without any mechanical or structural defects that would prevent occupancy. Any vacant property shall be assumed to be rent ready for the purposes of the cancellation clauses below unless MANAGER notifies OWNER in writing of any terms or conditions preventing the property from being rent ready. “Leased” shall be defined as MANAGER having approved prospective tenants and collected a HOLDING FEE. -Cancelling after 60 days of “rent ready”, property has not been leased: If the property has been rent ready as defined above, for 60 calendar days or more and MANAGER has been unsuccessful in leasing the property, OWNER may cancel without penalty. -Cancelling before 12 months of management, property has been leased: This clause shall apply whether OWNER or MANAGER leased the property. OWNER shall pay MANAGER a cancellation fee of 50% of one month's market rent, whether or not the property is occupied at the time of cancellation. If MANAGER has managed the property for 12 months or more, there is no cancellation fee. Should OWNER cancel management after MANAGER has collected application fees from prospective tenants but before said prospective tenants have had an opportunity to lease the property, OWNER shall reimburse said prospective tenants for any costs incurred during the application process.
Rent Ready meaning the property is: vacant, clean (to include paint and flooring), priced within reasonable market parameters as determined by BROKER and without any mechanical or structural defects that would prevent occupancy. Owners should expect a minimum of 15 days of vacancy between tenants to make a property "Rent Ready" If the unit includes the use of personal property, The LANDLORD shall deliver a copy of a furnishings inventory if furnished or, in the alternate, pay the BROKER $100.00 to provide the same (this fee is subject to change with notification). It is LANDLORD's responsibility to keep the inventory current. If the unit or any appurtenances are covered by service contracts, LANDLORD shall deliver copies to BROKER any Service Contracts or Warranties that exist. If no Warranties or Service Contracts are received at the time this agreement is executed, BROKER shall assume none exist. If Service Contracts and/or Warranties exist and repairs are not completed within 72 hours BROKER may begin issuing daily, prorated rent abatement to TENANT until repair has been completed. If TENANT demands screens or window repairs, XXXXXXXX agrees that BROKER is authorized to purchase screens and/or make window repairs or replacements at LANDLORD'S expense. LANDLORD understands that it is not advisable to leave any personal property on the premises and LANDLORD shall hold BROKER harmless for any loss of that personal property for any reason. LOCK BOXES: BROKER may may not utilize a lock box to access the premises. Lockboxes are used to allow easy fast access to show the premises to a prospective TENANT. If a lockbox is authorized, LANDLORD shall hold BROKER harmless for any claims, vandalism or theft arising out of the lockbox misuse by a criminal.
Rent Ready means that the apartment has been cleaned and painted (as needed), the carpets have been cleaned or replaced (as needed), the appliances are in working order and all doors and windows are operable.
Rent Ready means Seller's normal and customary standard for rental units prior to occupancy by new tenants.
Rent Ready means that condition in which vacant apartment units are immediately prior to being rented under Seller's ordinary course of managing the Property. If Seller shall fail to deliver an Applicable Unit in Rent Ready condition at the Close of Escrow, Buyer's sole remedy hereunder shall be an adjustment of the Purchase Price in the amount of the actual amount that it will cost to make such Applicable Unit Rent Ready, provided however, that in no event shall such amount exceed Seven Hundred Fifty Dollars ($750.00) per Applicable Unit or Seven Thousand Five Hundred Dollars ($7,500.00) in the aggregate. The obligations of Buyer and Seller pursuant to this Section 5.6 shall survive the closing for a period of ten (10) days after the Closing Date, during which period Buyer and Seller shall agree on a reconciliation of the adjustments described herein, if any.
Rent Ready means that condition, by customary industry standards for similar properties, in which institutional apartment owners deliver apartment units to new tenants, together with completion of Seller’s standard decorating and repainting package.