Rental Documents Landlords Need

Rental Documents Landlords Need

June 13, 2023, 12:00 am blog-header-image

Running a rental business can be a bit tricky if you don't have the right documents on hand. Most rental documents are often legally binding contracts. Also, federal law requires you to have some documents, such as a rental agreement. Without these documents, you may be subject to penalties and fines.

In this blog post, we at Suncastle Properties will give you a checklist of these documents. We will also share how to replace any documents in case they are lost.

What Consists of Rental Documents?

Rental documents consist of any documents or agreements related to a rental property. These documents can include leases, rental agreements, notices, and any other paperwork. It’s important to keep all of these documents organized and easily accessible. Additionally, you should make copies of all your documents for your own records.

Checklist of Rental Documents

Here is a checklist of essential documents to keep for your rental property:

Lease Agreement

A lease agreement is the most critical rental document that landlords must have. It serves as a legal record of all terms and conditions agreed upon by you and your tenant. In case of a dispute, the lease agreement can be used to resolve the issue and serve as proof of agreed-upon terms.

Person reviewing a document with a gavel and a home figurine next to them

A good lease agreement includes basic information such as:

  • The start and end date of the tenancy
  • The names and contact information of both parties
  • Details on rent payment
  • Late fees Terms and conditions to be followed on the property
  • Security deposits

You can opt for a traditional lease agreement or a month-to-month tenancy agreement. You should then draw up a written document that outlines the tenant's responsibilities. Also, you should make sure that both you and your tenants have signed the lease agreement.

Security Deposit Receipts

A security deposit receipt is proof of payment. It usually includes the amount of the deposit, the date of payment, and the name of the tenant. It also helps the landlord keep track of payments. The receipt will specify any conditions or restrictions that the tenant must follow to get it back.

Maintenance Receipts

Maintenance receipts are documents that landlords use to record any maintenance or renovation work for a rental property. The receipt includes details such as the type of work, the cost, the date, and the name of the tenant.

The receipt also serves as a record of any agreements you and the tenant may have made in relation to the maintenance. For example, if you agreed to pay for the cost of a particular repair, the receipt would serve as evidence of this agreement. Furthermore, if there were any disputes between you and the tenant, the receipt could be used to help resolve them.

a clipboard with fees and charges on it surrounded by money, a calculator and stats

Rent Collection History

Landlords must record the rent transaction once they collect it. Keep a detailed record of rent payments, such as the date, amount, and method of payment. It’s also a good idea to have a receipt system in place for tenants to prove they paid the rent. Additionally, having a record of rent payments can help landlords in the event of a tax audit.

Records of Insurance Policies

Your rental property is an asset that requires some form of insurance and you must keep a record of the insurance policies you’ve gotten. The record should include the name of the insurer, the type of policy, the amount of coverage, the date of the policy, and the period of coverage.

It should also include the premiums paid, the date of payment, and the payment method. It’s important to keep track of the renewal dates of the policy to make sure that you don't miss out on any payments.

Walk-through Inspections Records

When conducting walk-through inspections, make sure to take photos and videos of the state of the property. This will serve as a reference at the end of the a tenancy and help with security deposit deductions.

Why Landlords Should Have the Necessary Documents on Hand?

Here's why it's important to keep rental documents:

  • To Ensure Legal Compliance: It would be easy for landlords to provide proof of compliance if a dispute arises since you can always refer to the rental document.
  • To Protect Your Rights: Rental documents outline all the terms and conditions all signing parties must abide by. They also serve as protection for the landlord and tenant’s rights.
  • To Provide a Record: Having easy access to your rental documents will help you streamline the process of tracking payments, and tenant requests.

lawyer speaking with the a person in a plaid shirt as they look over contracts

What if the Rental Agreement is Lost?

Losing a rental agreement can be a stressful experience. It can often lead to confusion and potential disputes with tenants. However, there are steps that landlords can take to ensure that they have all the necessary documents on hand.

Recreate the Lease Agreement

First, you should check if your tenant still has a copy of the rental agreement. You can use your tenant's lease as a reference to create a new copy.

Ask for Legal Help

In some cases, legal help may be required to create a new rental agreement. Seek legal advice from a lawyer to ensure that you are following all the necessary legal steps. Once you have created a new copy of the rental agreement, make sure that both you and your tenant sign it. Finally, keep a copy of the signed rental agreement safely for future reference.

What Copies of Documents Should I Give My Tenant?

As a landlord, you might be required to provide some rental documents to your tenants. These documents include a copy of the rental agreement, rules and regulations of the premises, and any other relevant documents that you have agreed on with the tenant.

You should also provide a copy of any safety inspection reports, as well as copies of any utility or shared service bills. Additionally, you should give them a copy of the security deposit receipt.

Bottom Line

Landlords must have certain documents to ensure the safety of their property, and to protect themselves from potential liabilities. These documents include a rental agreement, a security deposit receipt, a move-in inspection checklist, and a tenant screening report.

If you are struggling to maintain these documents, Suncastle Property Management will help you create and maintain the necessary documents. Contact us today to learn more!

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