As a landlord, make sure you have these documents
Aug 28, 2017 Home Trading Steps
When you are a landlord you have so many responsibilities apart from collecting rent every month. Taking care of the property while looking into the needs and problems faced by the tenant, with regard to the property is important. Being a landlord also demands you to take care of the documents that will help you in carrying your duties seamless.
We discuss the seven documents you should file properly to carry your renting business in an organised and secure way:
1. Checklist:
Maintain a checklist of facilities that you provide when the tenant moves in. Make sure that they are in working order. When a tenant moves out, make sure you cross check the list to see if everything facility you have provided is in good condition or not.
2. Rental lease:
This should be the most important document in your file. The rental agreement lists all the rights and responsibilities of the tenant as well as the landlord. If your tenant violates any clause of the agreement, then with the help of the hard copy you can question them regarding the same. Also, the rental agreement states the rent, deadline of paying the rent and the penalties in case there is a delay.
3. Addenda:
Add a new clause to the agreement after the tenant has signed the agreement, addenda. Keep this document in your file too. This document holds equal importance as the rental agreement.
4. Information about the tenant:
Keep a document that holds the necessary information about the tenant like his name, address, workplace etc. in case of emergency. For example, if the tenant runs away without paying the rent then you will know how to contact them or where to find them.
5. Maintenance sheet:
Your property requires maintenance from time to time. Maintaining the sheet for the same will help you keep the track of the amount of work done and the time taken for the task to get done.
6. Home loan papers:
If your rented property is under a home loan, maintain the document properly. Some landlords take a home loan for the maintenance for the property of renovation. This will help you in keeping the track of amount you still have to pay.
7. Utility bills:
Make sure you are filing all the utility bills that you are paying for the rented property. If your tenant is paying these bills then hand him over the facilities for a smooth supply.
Keeping these documents safe will help you in future if you have any trouble with the property. this will also help you in keeping the track of the maintenance of the property.
We discuss the seven documents you should file properly to carry your renting business in an organised and secure way:
1. Checklist:
Maintain a checklist of facilities that you provide when the tenant moves in. Make sure that they are in working order. When a tenant moves out, make sure you cross check the list to see if everything facility you have provided is in good condition or not.
2. Rental lease:
This should be the most important document in your file. The rental agreement lists all the rights and responsibilities of the tenant as well as the landlord. If your tenant violates any clause of the agreement, then with the help of the hard copy you can question them regarding the same. Also, the rental agreement states the rent, deadline of paying the rent and the penalties in case there is a delay.
3. Addenda:
Add a new clause to the agreement after the tenant has signed the agreement, addenda. Keep this document in your file too. This document holds equal importance as the rental agreement.
4. Information about the tenant:
Keep a document that holds the necessary information about the tenant like his name, address, workplace etc. in case of emergency. For example, if the tenant runs away without paying the rent then you will know how to contact them or where to find them.
5. Maintenance sheet:
Your property requires maintenance from time to time. Maintaining the sheet for the same will help you keep the track of the amount of work done and the time taken for the task to get done.
6. Home loan papers:
If your rented property is under a home loan, maintain the document properly. Some landlords take a home loan for the maintenance for the property of renovation. This will help you in keeping the track of amount you still have to pay.
7. Utility bills:
Make sure you are filing all the utility bills that you are paying for the rented property. If your tenant is paying these bills then hand him over the facilities for a smooth supply.
Keeping these documents safe will help you in future if you have any trouble with the property. this will also help you in keeping the track of the maintenance of the property.
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