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1. RENTAL CRITERIA AND PROCESSING GUIDELINES
The fee collected for application processing is non-refundable and covers the cost of credit, criminal, public record and eviction record checks, and is not a rental payment or security deposit. This amount will be retained by the Vertex Property Management regardless of whether or not the Applicant is approved. Application received from third parties such as Zillow do not satisfy or waive the requirements to complete Vertex Property Management application, at the sole discretion of Vertex Property Management. It is important to note that the application itself is preliminary and is not binding until all rental fees have been satisfied and all parties have signed the agreement. Vertex Property Management retains the right to rescind or modify any offer prior to the binding of the agreement.
Vertex Property Management will not be responsible for any damages caused by the failure to deliver possession of the property on the Move-In Date. Notice of acceptance or rejection shall be provided in writing via email, or over the phone if Applicant does not have an email address. If the application is accepted and the Applicant fails to sign a lease agreement and pay the deposit within twenty-four hours of the approval, the property will become available to other prospects. If processing of the given application is not started within twenty-four hours, Vertex Property Management will consider other applicants. Applications will be processed as soon as they are received, unless another application is already being processed. In the case of multiple applications, applicants will compete with one another based on the stated approval criteria and availability date.
Applications must be complete before they will be processed (including all co-applicants). Â The application fee must be paid before applications will be processed. Â The application fee is $50 per adult. Â If the information provided in the initial application is not sufficient to make a decision or evaluate the application Vertex Property Management reserves the right to request additional or supporting documentation. Â Complete applications must have all fields completed, photo ID and income documentation attached which is sufficient to Vertex Property Management in it’s sole discretion. Â
An application is required by anyone 18 and over that is to reside within the premises. Â
Approvals are valid for 30 days only. Â Applicants may not re-apply within 30 days.
A group of co-applicants and/or co-signers may not modify the composition of their group if their application is declined. Applications are limited to one primary applicant, one co-applicant and one co-signer. A Co-signer can not be a person who shall occupy the premises.
The application fee amount accounts for the $25 actual expense incurred by Vertex Property Management in securing credit and criminal reporting and the average employee costs of $38.97 incurred by Vertex Property Management to administer, Â process, and review applications. This average is calculated from regular tracking of the amount of time spent on these items — per CO HB19–1106.Â
For move in after the 20th of the month the pro-rated amount for the remainder of that month and rent for the following month will be due at move in plus any required deposits.  Payments can be made via your tenant portal but if move in is less than 5 days away rent or deposit shall be required to be paid via a cashier’s check or money order. Renters insurance may be required prior to move in which lists the property owner and Vertex Property Management as additional insured and has a minimum of $300,000 in liability coverage.
2. INCOME
Applicants must possess a gross income of at least 2.5 times the rent or no more than 40% of their income, and the income must be verifiable by a third-party or by proof of bank statements. Additionally, the income must be stable and recent promotions, raises or employment changes may be taken into consideration at Vertex Property Management’s discretion. For individuals with less than two years of employment, details of prior employment are necessary. Savings or assets may be accepted in lieu of income, at Vertex Property Management’s sole discretion. For applicants who will receive housing assistance, income calculations are based solely on the tenant portion of the rent payment.
3. CREDIT
Vertex Property Management evaluates all applications on an individual basis and no application will be considered if the applicant has an open bankruptcy. While there is no specific credit score requirement, the credit must appear reasonable and the most recent two years of history will be taken more seriously. Excessive collections, bounced checks, late payments and landlord-related collections are likely to result in a declined application.
4. RENTAL HISTORY
Rental and employer references must be provided for the past two years and deemed satisfactory by Vertex Property Management. While evictions will be considered on a case-by-case basis, those over five years old will not affect an applicant’s eligibility. It is important to note that all references must be satisfactory in the sole discretion of Vertex Property Management and cannot come from any relatives or properties where the applicant is not a responsible party on the lease.
5. CRIMINAL BACKGROUND
Applicants must have been free from felony convictions for the past five years. Charges concerning homicide, stalking, distribution or possession of methamphetamine, and any offenses requiring sex offender registration will not be considered, regardless of when they occurred. Other offenses occurring within the last five years may be taken into account depending on the circumstances. This policy is enforced at the sole discretion of Vertex Property Management based on other contributing factors and details of case.
6. CO-SIGNERS / CO-APPLICATIONS
A group of co-applicants and/or co-signers are restricted from making changes to their collective party if their application is denied. Applications are limited to only one primary applicant, one co-applicant, and one co-signer. A co-signer must not be someone who will occupy the leased property. Co-signers must have enough income to be able to pay for rent apart from existing personal obligations. Co-signers may only be granted to applicants with either inadequate income or rental history and not as a supplement for an applicant with negative credit. All leases with a co-signer will require a doubled security deposit.
7. EMOTIONAL SUPPORT/SERVICE ANIMALS
All ESA/SA’s will require all documentation as provided under Colorado law and dated within 24 months of the application date. Any false or misleading documents provided to Vertex Property Management and used in an attempt to waive any pet deposit or other prohibitions will be reported to the appropriate authorities. Vertex Property Management retains all rights provided to Landlords/Mangers to vet both the animal and applicant.
8. PORTABLE TENANT SCREENING REPORT (PTSRs)
This policy is adopted from HB23-1099 https://leg.colorado.gov/bills/hb23-1099
We do accept PTSRs under the following conditions:
- Screening report was prepared by a consumer reporting agency (Experian, Equifax, Transunion) within the previous 30 days
- Must be made directly available to the us by the agency. We will review a tenant provided PTSR, however we will not consider any of the data contained within unless sent to us directly from the PTSR provider or tenant provides us with direct access to the providers online service.
- The following information must be included within the PTSR: verification of employment and income, rental and credit history, and criminal history.
- We will not charge a Tenant an application fee if a PTSR is provided at time of application. Refunds of paid applications prior to receipt of a valid PTSR will not be granted.
- We recommend applying for our rentals through, Zillow, Trulia or Hotpads.
Policy Created: December 1, 2022 at 5:25 am | Last Updated: May 22, 2024 at 8:11 pm