05 Feb Essential Rental Property Forms
In this day and age, there is a form to cover every possibility in the rental property business. From pet leases to utility sharing agreements, everyone will agree “it’s best to always get it in writing”. Making sure that all of the rules are clear before a tenant moves in leads to fewer disagreements and a cooperative landlord/tenant relationship. These signed documents can also protect the landlord if a sub-standard tenant should slip under their radar and take up residence.
If you are just starting out with one rental property, there are 4 essential rental property forms that you should have on hand before you start to look for a tenant. You can click through if you would like to purchase any of these forms for your own use.
The Application Form is the first form that a prospective tenant will fill out for you during the first meeting if they are interested in renting from you. It covers the personal information of all the people that will be living there including their employment history, credit information and rental history. The best part of the application form is that it allows you to do a credit and criminal background check of a prospective tenant.
The Inspection Report is filled out before the tenant moves anything into your dwelling and again when they are ready to move out before you return their security deposit. There is a checklist for each room and describes the condition of each item on the list. I always back this form up with dated photos of the property and have the tenant sign both.
The Lease Agreement is the meat and potatoes of all rental property forms. It outlines the rent, security deposit, length of stay and also lays out all the rules and regulations of living in your property. You can start out with a generic form which can be changed and revised to suit your specific needs, or you can use one from an experienced landlord. I like this option because it will already be much more specific based on the landlord’s previous experiences and you can still modify it as required.
Owning rental properties is a business and in order to run a successful business, you need to keep yourself organized. I created a Landlord Checklist that I use for each new tenant moving in to my properties. It reminds me of all the things I need to do including property fix ups, tenant checks and everything from moving in to moving out. I find this tool invaluable as I never miss a thing and it starts my relationship with my tenant out on the right foot.
These forms will get you started in your rental property business and should be considered your “core package” that you use for everyone. Depending on your needs or as your business continues to grow, you can introduce more forms to your repertoire. These might include a Shared Utilities Contract, Storage & Garage Lease, Notices to Enter the Premises or Eviction Notices.
There are a lot of links in this post and I sincerely hope you find this all helpful to start your own rental property business. My advice – GO IN PREPARED! Put your systems in place before you find your first tenant and you will have success with your real estate investments.
To your success!
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