If you’re managing a rental property by yourself, there are some forms and pieces of paperwork you’ll need. We have amassed large files of paperwork through the years because we feel every tenant should sign certain documents to protect you and our property management team. Today, we’re telling you a little about what we have the tenants sign.
Utilities and PetsBefore a tenant moves in, we get a meter reading for the water inside and out. When we turn over utilities, we get utility confirmations. When the tenants move in, we make sure the utility bills are in their name so you won’t be held responsible. Next, we do a pet addendum for people whether they have a pet or not. We want to make sure whatever dog or cat they applied to live with is really what they have in the home. Sometimes, we’ll find an extra dog or another animal. So, the pet addendum is important.
Checklists and DisclosuresA move in checklist is critical. You need the tenant to sign off on the condition of the property before moving in. You also want to get a copy of the renter’s insurance so you know coverage is in place. If your property was built before 1978, the government requires that you have a lead based paint disclosure form. It’s a pamphlet you have to provide the tenants, and you’ll want to collect a signed disclosure that they’ve received and read it. A lot of people aren’t aware of this requirement. And, since we are a licensed real estate brokerage, we need an agency disclosure form saying we represent you as the owner of the property.
Leasing and Screening Documentation
While screening tenants, we look up their rental history and keep records of landlord references. We also ask tenants to sign an addendum acknowledging that smoke detectors worked on move in day. They also agree to check and replace the batteries, which your insurance company will like. We keep copies of tenant identification so we can be sure the person moving in is the person we screened. Finally, we keep pay stub copies which the tenant provided as proof of income.
We want to protect you as much as possible, which is why we collect and hold onto documentation like this. If you have any questions or you need any of these forms for your property and your tenant, please contact us at Solutions for Real Estate. We’d be happy to serve as a resource for you.