5 Essential Documents for Property Management
Property management companies, managers, and landlords, we’re talking to you. No matter how many residents you’re doing business with, there are legal documents you need to protect yourself and your business.
Let’s take move-out inspections for example. Without a renter’s inspection worksheet, a dispute may arise between you and the tenant about the initial condition of the property. And, that’s only the beginning.
Safeguard your business with these five essential documents for property management.
1. Rental Application
A rental application is a way for you to learn about your potential tenant. Where do they work? How steady is their income? Will they be bringing a roommate or pet with them? The questions on this document will help you establish candidates that fit your criteria.
2. Disclosure Statement
This document limits your company’s liability in the case of an injury. Examples of these cases may include lead-based paint hazards, elevator malfunctions, or bed bug disclosures.
3. Lease Agreement
A residential lease agreement is used for homes, townhomes, condominiums, and apartments and sets forth the obligations of both the landlord and the tenant. The rent is typically based on a competitive rate, and the term may vary from month-to-month to a set leasing period.
4. Renter’s Inspection Worksheet
When renting out property, it’s crucial for you to conduct an initial walkthrough. Record in detail its condition before the tenant moves in. Then, have your tenant provide a second inspection in case anything was missed. Whenever they move out, you can use these for comparison, preventing possible disputes.
5. Landlord’s Notice to Entering
You may be the property owner or manager, but you should still provide notice to tenants before entering. Make sure to either 1.) Comply with the express terms of the lease agreement and/or provide advance notice to the tenant before entering the property for maintenance issues or 2.) Provide letters to residents informing them of when your maintenance team is stopping by.
Now that we have the basics covered, it’s time to start filling in the details. Here are some other forms you might consider when drawing up your legal documents:
- Co-Signer Agreement
- Pet Addendum
- Non-Disturbance Agreement
- Consent to Sublease
- Late Rent Notice
- Eviction Notice
- Consent to Sublease
Looking for some assistance? Give us a call at (405) 235–9584 to discuss your needs.