Despite our best efforts to screen and approve quality tenants, legal action sometimes becomes the only choice available to enforce the terms of the lease agreement. Evictions are most often the result of nonpayment of rent, though they are also initiated for other violations of the lease or Landlord Tenant Act – unauthorized occupants or pets, criminal acts, use, manufacture or sale of illegal drugs, nuisance violations and other material breach of lease. The eviction of the tenant means a loss in rent to you as well as additional costs to process the eviction itself.
Under the Eviction Rent Loss Plan (ERLP), Broker will pay to Owner the base rent amount as defined in the lease agreement for a period not to exceed 60 days. Payment is only made to Owner if tenant is legally evicted under a “Special Detainer” or “Forcible Entry and Detainer” and judgment is received. No coverage other than loss of rents is provided under this plan. Initial payment for rent loss will be made at time tenant has vacated the home through the legal process. Should a new tenant take occupancy prior to the end of the payout period (either 30 or 60 days), Broker will be relieved of payment obligation. Tenants not placed by Broker are excluded from coverage. If Owner enters into a lease agreement with a Tenant and Broker advised against such, that tenancy is excluded from coverage. Any monies recovered from tenant shall first be applied to amounts due Broker, after which remaining shall be applied to expenses of Owner.
This plan is billed annually based on lease start date. The plan will automatically renew at tenant renewal or new lease start unless 30 days prior written notice is provided by Owner.