ARREARS/DELINQUENCY

Our Arrears System Policy:

1)WE ARE A ZERO ARREARS COMPANY WITH NO RENT CHASING DESK.

2)We do not have any dialogue with tenants regarding arrears AT ALL, not with regard to personal sicknesses, job loss etc.....it is an automated system.

Over 20 percent of tenants would like to dialogue for rent deferral, related to many things including sickness, job loss, family deaths, bank fraud victim etc. 

This would decimate us.

So our system is automated and we don't dialogue at all.

3) All that being said, when balances go to zero soon enough, we often don't proceed with legal action after the Notice to Quit has been sent. For first time delinquents only, we will sometimes reduce the Notice to Quit Fee (currently 350) by 20 to 50 percent when we see the balance go to zero right away.

We thank you for your understanding.

Sealy Gardens Management

"Zero Balance or Legal Action"

Further notes on our Automatic System:

4) PLEDGES/PROMISES from our tenants, play no role whatsoever.  This is because while almost all of our tenants are trustworthy, a tremendous amount of promises/pledges are not fulfilled due to unforeseen inability.  

5) In that vein, documented pledges from well known charity organization such as YMCA or Catholic Charities, are often accepted...as we know they don't only have the necessary trust, but also the ability.

6) PATTERN ONE MONTH LATENESS  Our arrears system policy does not allow for "pattern one month late" tenancy.  As such, if a pattern of lateness develops, we will likely file legal action faster than we might have otherwise.

7) COURT STIPULATIONS: If tenants case ends up with a court stipulation, tenant must keep to the EXACT stipulation, both regarding amount paid and regarding date of stipulated payment.  If there is any non compliance at all, we are required to file "Non Compliance" the very next day, in which case the tenant should prepare to vacate the premises within a very short time after.

8) RENTING OUT ALTERNATIVE APARTMENTS: Sealy Gardens Management has a lock up period of time in which we are unable to rent out Apartment B to a Client in which there is also a court stipulation or outstanding notice to quit on Apartment A, even if it is an apartment that belongs to a different company, if both the apartment A and apartment B is managed by Sealy Gardens Management.