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Chapter 8 Preserving Your Credit Slide 2 Slide 2 What Are Shared Responsibilities? 8-1 Identifying Financial Issues Shared responsibility is when two or more people agree to bear a portion of an obligation. A roommate is a person with whom you share living space and responsibilities. Slide 3 Slide 3 Group Budget 8-1 Identifying Financial Issues Group budgeting allows allocation of expenses so that each person pays his or her share. Slide 4 Slide 4 Tenant Rights and Responsibilities 8-1 Identifying Financial Issues Rights To possess and enjoy the property To come and go and have guests To use common areas, such as pools Responsibilities To use the property only as intended To care for the property and report repairs To obey the rules Slide 5 Slide 5 Landlord Rights and Responsibilities 8-1 Identifying Financial Issues Rights To receive rent in a timely manner To inspect the property Responsibilities To provide a safe, sanitary, and habitable living site To provide a convenient way to pay rent To keep security deposits in a separate account and refund unused portions Slide 6 Slide 6 Focus On... Reading a Lease Agreement A lease is a property rental agreement that lasts a year or longer. A month-to-month agreement means you can leave with a 30-day notice. A lease gives you the security of knowing property is committed for a fixed time period. Read a lease agreement carefully before signing to avoid traps. 8-1 Identifying Financial Issues