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Material Information to Provide when Renting Out Property:



You want to rent out your property but need to know what information you should provide to the tenant, right? There’s no doubt landlords have a lot to do when it comes to renting their properties. Finding trustworthy tenants is an art in itself. To minimize the possibility of surprises while renting your property, it’s good to keep a good record of all communications with the tenant and any documentation you have on file with the tenant.

We are here to help you decide when buying, renting, or selling a home. In this article, we've covered the material information to provide when renting out a property! Read on to learn more!

Local, state, and federal laws require landlords to provide tenants with specific information. These are referred to as landlord disclosure requirements. If landlords fail to provide tenants with the necessary information before moving in, they may face fines and penalties that could harm their business.

Most of the time, simply including a copy of the disclosure material with the lease or as part of the lease is sufficient. Sometimes, state law requires specific texts or pamphlets to be distributed to tenants. These materials are normally available on the state website.


Encourage transparency with tenants and prevent legal issues

Even if your tenant screening procedure goes smoothly, you may end up in an argument with a tenant who appeared to be a good fit. The most common reasons why renters sue their landlord are:

Setting policies that discriminate against tenants: There are state and federal laws that prohibit discriminatory acts and/or policies towards tenants.

Using generic or old leases: If you do not update your lease regularly, it may contain out-of-date conditions that have since been declared illegal or ambiguous. A generic lease used as an umbrella agreement may not be enforceable in court and may be misconstrued to benefit your tenant.

Charging unlawful late fees: Late rent fees are governed by state legislation, which varies. Make sure your contract specifies when a fee will be assessed and how much your tenant will pay.

Violating a tenant's right to privacy: When you lease your property, you cannot enter the unit whenever you want. Except in emergencies, you are usually obligated to give advance notice before coming up. Urgent entrance scenarios and notice timeframes should be clearly defined in your lease. It's worth noting that these housing restrictions can differ by state.

In error using or withholding a security deposit: If a tenant moves out, photograph any damage you find that exceeds normal wear and tear. Often times, state laws also require that you provide tenants with notice if you wish to withhold the security deposit.

Encourage Fairness

It’s good to provide your renter with the proper documents to maintain a healthy relationship throughout the tenancy. Try issuing welcome letters to tenants that set expectations and communication preferences. It’s your responsibility to set the landlord-tenant relationship.

Which documents should a Landlord Keep on File?

The following list of documents are good to begin with:

·         Rental application

·         Pet policy agreement

·         State specific addendums/add-ons

·         Tenant screening documents

·         Move-in checklist

·         Lease or rental agreement

·         Welcome letter

·         Communication with tenants

·         Lease renewal paperwork

·         Move-out letter

·         Move-out checklist

Landlords should keep a digital record of everything. Just scan your papers and save these files on cloud storage to organize them properly. It’s also advisable to keep a hard copy of all legal documents with yourself.


Issues that may arise while renting out your property

Need help with a tenant? You can use your landlord forms and rental documents as evidence to act against the tenant. The following are some scenarios where you may need to file a lawsuit against the tenant:

·         Damage to the property: you should mention in your rental document that you can deduct charges from the security deposit to recover for property damage. You may take the rest through legal proceedings if the deposit is less than the overall expense. A requirement for renter’s insurance is also helpful.

·         Refund due to an early move-out: If the tenant moves and leaves the property vacant, it can disturb your income to a great extent, especially when the tenant departs unexpectedly and breaches their contract. Sometimes, you may recover damages through the courts if you have proper language within your lease agreement.

·         Unpaid rent: Most landlords complain that renters don’t pay their rent. If you are also dealing with a tenant not paying rent, you should notify the tenant to either pay or leave the apartment pursuant to the proper notice requirements for you state. If the tenant doesn’t respond, then you may file for eviction and unpaid rent.

Conclusion

If you are going to rent your property for the first time, handling legal paperwork on your own is a hard nut to crack but Optimum Legal Services PLLC can make this process a breeze for you. We understand that a positive landlord-tenant relationship is the foundation of a healthy community.

Our skilled attorneys can help you in handling various tasks, including lease agreements, eviction processes, property maintenance conflicts, and security deposit issues. We aim for reliable solutions whenever feasible but are prepared to fight for your rights in court if necessary. We hope this article is enough for you to learn material information to provide when renting out property.

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