As a landlord, getting paid after giving out a property is not the be-all. There are still a lot more equally as important. Keeping rental documents is as essential as the rent.
The contract record is not the only document to be kept by a landlord. Landlords are required to keep documents of leasing activity and a record of vital information during the period of the lease. This will serve as a recourse for such a landlord during any legal process that may arise.
So, here are ten rental documents landlords should keep
Rental or Lease Agreement
The rental is top on the list of vital documents to be kept; without it, there would be no evidence to ascertain a contract between the landlord and the tenant.
This document specifies the duties and responsibilities of landlords and tenants towards each other. Also, it clearly states the tenant’s name and the lease duration, with a space to be signed by both parties
Non-adherence by tenants will mean that the lease agreement has been violated. If this document is properly kept, the next line of action will not be hazy for the landlord since there is evidence of a signed agreement, but if otherwise, the landlord will be at a losing end.
This is the modification made to the lease after signing the agreement. The modification outlines the rights and responsibilities of the tenant and landlord that were not included in the original agreement. The landlord is urged to record adjustments made to the lease and a copy of the original agreement. The addendum must be signed just like the initial agreement. Landlords should keep these records even after they move out.
The application form is the template in which every prospective tenant is placed. It covers information like; contact information, proof of income, criminal record, etc. Filling out such information will protect the landlord from accepting tenants that will be problematic in the long run.
Notice of Lease Renewal
If any tenant decides to renew their lease, a landlord should endeavor to keep a record to that effect. The landlord can also have copies of the lease renewal handy for any interested tenant.
Notice of Nonrenewal
Keeping notice of renewal is equally as important as keeping a record of non-renewal. Should a tenant end the agreement after a period of lease lapse, the ensuing information should be properly documented by the landlord.
There are chances of some unforeseen events happening to tenants, and it might be too much for a landlord to handle. For that reason, landlords should have and keep contacts of people they can reach out to in case of emergency.
Tenant Screening Record
The screening document is basically the rental criteria every prospective tenant must fulfil. After the tenants must have applied, they are required to tick the boxes of all the screening questions.
Afterwards, the landlord is expected to keep the screening record of the lucky applicants and those that didn’t get the lease
Pet Police Document
Any landlord that decides to make his property pet-friendly or otherwise should provide a document and ensure that the tenants agree to the regulating terms and conditions. A copy of the agreement may be given to the tenants for references while the landlord keeps copies too
Move-in Checklist and move-out Checklist
Before renting out a property, the landlord should document the property’s condition. When the lease expires, the tenants can be held accountable for every damage that occurred during the lease period based on the checklists. Also, these will save tenants from paying for damages they didn’t perpetrate
Keeping a record of all these could be stressful for landlords, especially those with other jobs. Establishments like an NYC property management company can relieve the Landlord of the stress. The landlord can pay them to handle routine checks and emergencies.
Sometimes, things may get awry to the point of the landlord asking a tenant to vacate the property, and on that note, the landlord is required to tender an eviction notice to the tenant. This will notify the tenant of the need to search for a new place.
Keeping all the listed documents is highly beneficial and essential to the landlord. Apart from making a landlord a successful property owner, it also ensures that such a landlord is prepared for anything that arises.
Since these documents contain vital and private information, it is important that a landlord keeps it in a safe space free from prying eyes.