Contract Guide: From Signing to Selling
Whether you are buying, selling, or transferring a contract, there are a few important details to keep in mind. All applicants are required to pay a $50 application fee and a $450 security deposit upon approval. This page outlines the key steps, fees, and responsibilities involved in each process, so you know what to expect whether you are moving in, moving out, or transferring your contract to another resident.
Buying a New Contract
We offer full-year contracts that run from August to August. These typically open around the beginning of February, after we’ve contacted current residents and offered them renewals. If you are interested, please send us an email and we will add you to our waiting list and notify you when applications open.
Each new contract requires a security deposit is due at the time of signing, and first and & month’s rent due at the time of move-in. Utilities are billed separately and directly to residents after they sign up for service. Please also note that pets are not allowed in the units.
Once you have submitted an application, we will review it and contact your references. If your application is accepted, we will then send a contract for you to review and sign, and an invoice for the security deposit.
Once you’ve signed and paid the deposit, your lease will be secured, and everything will be ready for your August move-in.
Buying an Existing Contract
If you are buying a contract from a current resident, the process is mostly the same as buying a new contract, with a few small differences. You will still need to submit an application and be approved. We check references, so it may take a few business days to get your contract approved; typically, the process should take less than a week from receipt of the application to the contract being sold. The application fee is $50.00 and the security deposit is $450.00.
Since you’ll be moving in mid-contract, you and the current resident will need to confirm the start date of your contract and the move-out date for the current resident. The current resident should move out ideally the day before your move-in. This allows the apartment to be properly cleaned without rushing and helps avoid the inconvenience of moving in and out at the same time.
Your rent will be prorated based on the number of days remaining in the contract, see Contract Proration to see more on how we prorate our contracts. Once your application is approved, we will finalize the contract transfer, send you the contract and security deposit invoice, and you should be in contact with the office to coordinate your move-in and key pick-up. Once the contract is signed and the security deposit is paid, the contract will officially be yours.
Note: The current resident selling the contract is responsible for the $75 contract transfer fee, which will be deducted from their security deposit to cover administrative processing of the contract change.
As always, if you have any questions, please reach out — we’re happy to help!
Selling Your Contract
There is a $75 contract transfer fee associated with selling your contract, which is the responsibility of the current resident (the one selling their contract). You do not need to pay this fee upfront — it will be deducted from your security deposit before it is returned to you.
When you sell your contract, you remain fully responsible for the entirety of that contract until it is sold or expires. This means that if you are unable to sell your contract, you are still responsible for all rent and utilities until the contract’s end date.
You are welcome to offer incentives (for example, covering the deposit, paying the first month’s rent, or offering a rent discount) to encourage someone to take over your contract. All incentive arrangements are private agreements between you and the buyer. The office will not manage deposit transfers or other offers, as these are not part of the written contract.
Please complete the Intent to Sell Form as soon as possible, even if you are only considering moving, so management can direct interested individuals to you. While management may assist in finding someone, it is ultimately your responsibility to secure a suitable replacement. After directing the prospective tenant to the application on our website, please notify the office via text or email. Include the applicant’s name, your planned move-out date, and the anticipated start date of the prospective tenant's contract.
After the new tenant has been approved, we will prepare their contract and an invoice for the security deposit. Once the contract has been signed and the deposit has been paid, the transfer of your contract will be finalized. You remain responsible for your contract until the buyer’s contract start date and must complete a formal check-out with the office. Please see the Mid-Contract: Move-Out page and review the Cleaning Checklist and Release Form.
If you have any further questions, please contact the office.
Mid-Contract: Move-out (Sold Contract)
If you have sold your contract and are moving out in the middle of your contract, the process is a little different than if you were to move at the end of your contract. You must complete a check-out with the office, or you will forfeit your deposit per your contract.
Since you are likely the only person moving in your apartment, you are the only one responsible for the cleaning — but it is more similar to a cleaning check. Use the Final Cleaning Checklist to select ONE of the four job areas and complete all the tasks under that section. For example, you may choose the bathroom. You should complete all the tasks listed under the bathroom section.
All cleaning should be complete, and all of your belongings should be removed prior to your final inspection. If you need cleaning supplies, there are supplies available at the office. If the cleaning is incomplete, depending on the severity, you may be allowed to fix it immediately, or we may hire someone to complete it at your expense — which will be deducted from your deposit.
You will also need to clean your bedroom, including vacuuming under your bed, cleaning all baseboards on your side of the room and in your closet, and dusting all shelves and blinds. Again, your roommates are not required to do the other jobs on the list — and neither are you.
Make sure to pay all outstanding rent. We will issue a security deposit refund within 30 days of the last day of your contract.
Please complete the Release Form and have your keys and parking sticker ready to return.
Contract Proration
Our contracts are prorated by the day to ensure fairness for both the buyer and the seller. To simplify monthly payments, the total rent for the entire contract is divided evenly across 12 months, so each month’s payment is the same — regardless of how many days are in that month.
Because the contract year begins in late August and includes several longer months, the daily rate is slightly weighted toward the earlier part of the contract. This means that if you move out early in the contract year, you will typically owe a few days of prorated rent.
To calculate this amount, we take the total contract rent, divide it by the total number of days in the contract, and then multiply that daily rate by the number of days you occupied or will occupy the unit. This ensures that each resident pays only for the exact number of days their contract covers.
Last Month's Rent Payment
When you move in, we require a payment for the first and last month's rent. This will be applied to the last month of the contract in August. If you sell your contract and move out before August, depending on the notice and timing of the contract we receive, the Last Month's Rent payment can either be applied to your final rent or returned along with your security deposit.