Pet and Legal Guarantee
As a partner-owner-client with Magnolia Coastal Properties, LLC you can sit back, relax and let us handle everything! This includes the two biggest headaches a landlord may face when renting a property: Eviction legal fees and Pet damage.
How is this possible you may ask?
Because we believe in our screening. We believe our screening is so good, and our processes are so tight that we are able to offer this service to you. Our guarantee is that we will reimburse you up to $1,000 in eviction legal fees, or $1,000 in pet damage (to a maximum of $1,000 per lease) if these costs exceed the amount of the tenants' security deposit.
Coverage Amounts
EVICTION LEGAL FEES $1,000
PET DAMAGE $1,000
*Maximum payout per lease not to exceed $1,000
Guarantee Eligibility Requirements:
Landlord account with Magnolia Coastal Properties, LLC must be in good standing and with no violations of the terms of the Lease Management Agreement. Termination of the Lease Management Agreement shall cause enrollment in the Pet or Legal Guarantee to immediately terminate and Magnolia Coastal Properties, LLC shall not be responsible for any claims either past or future.
Resident must have been procured by Magnolia Coastal Properties, LLC. Resident's lease agreement must be on a Magnolia Coastal Properties, LLC Georgia Association of REALTORS Lease Agreement Form. Start of lease date must be June 1, 2024 or later.
In the event a resident defaults on the payment or rent, Magnolia Coastal Properties, LLC will have the right and sole discretion to institute legal proceedings for an eviction.
All legal fees incurred or charges for pet damage will first be billed to the resident. Magnolia Coastal Properties, LLC will first attempt to collect funds for owner reimbursement. If we do not collect these funds from resident, then Magnolia Coastal Properties, LLC will honor the Pet Guarantee for that resident and pay these expenses within the coverage limits stated on this guarantee above.
All amounts due from resident for legal fees or pet damage will first be deducted from the residents security deposit. Magnolia Coastal Properties, LLC will then pay any amount over the security deposit to the maximum payout amount on this guarantee.
Magnolia Coastal Properties, LLC will then have a first claim position against resident for any payment(s) recovered.
The maximum payout from Magnolia Coastal Properties, LLC per lease agreement will not exceed $1,000.
Payouts for these guarantees will be paid by Magnolia Coastal Properties, LLC once the resident has vacated the premise and after the completion of the security deposit disposition by Magnolia Coastal Properties, LLC.
Any lease or pet administration fees charged to the resident will be retained by Magnolia Coastal Properties, LLC.
This guarantee applies only to Pets approved by Magnolia Coastal Properties, LLC and does not apply if a resident has an unapproved animal. Magnolia Coastal Properties, LLC charges the resident a monthly pet rent on top of the owners rental amount. This additional fee is to back the pet damage guarantee offered to owners by Magnolia Coastal Properties, LLC. This guarantee excludes service animals and emotional support animals per Fair Housing guidelines.