Being a Landlord comes with great responsibilities. From legal issues to property maintenance a landlord should handle properly. When you are a property owner and offering it for rent, it’s not enough just to know about the legal issues. A landlord should keep certain documents on file all the time. Proper documentation can make rental property business more efficient and organised if it’s done accurately. Here are some list of documents that property owners should keep on a file –

Rent or Lease Agreement

It might surprise you that many new or even experienced landlords don’t have solid rent or lease agreement which is most important for a landlord. Here are some basics that a lease agreement must include-

• Identity of both parties (landlord and tenant)
• Description of the rental property
• Duration of the agreement
• Signature of both parties

Related: How to Properly Screen New Tenants If You Own Rental Property

Application Form for Tenants

Tenant application form will help you to get information about the tenants and lower your risks of defaulting tenants. The tenant’s rental application form is a must-have documented on your file for two reasons-

• If the tenant owes you money then you will have the information to track him down through social security number, parents address, Job location etc.
• Information in the form will help to run a background check on the tenants to eliminate the risks of renting to the bad tenants

Property Disclaimer List

Property disclaimer list contains the information about the condition of the rental property. It lists the defects of the property which is wise to know for both the landlord and the tenant before renting. It can eliminate the risks of misunderstanding between both parties if any damage found in the rental property.

Payment Records

Payment records can be a great backup if you are having controversies with the tenants. As a landlord, a record including the payment date, payment method, paid or due amount can be a great help especially if you are handling multiple properties. Payment records will help you to track your monthly rent history.

Related: Time to Move Up? What to Consider Before Renting Out Your Condo

Emergency Contact: For Self Interest

It’s a wise thing to collect emergency contact numbers from the tenant if possible in a separate form or by adding some space in the lease papers. There are two main reasons behind it. Most importantly if something bad happens to your tenant like illness, sudden fire accident or gas leakage or your tenant moves out and still owes you money then you can find him/her with the help of emergency contact.

Addenda: If You Need to Add Something

If you need to add an extension in the lease papers as a landlord then you can simply add an addendum to that lease. All you have to do is to write the changes, date the documents and sign of both parties. If necessary give your tenant a copy of it.

Rental Renewal or Nonrenewal Agreement

If the tenant decides to renew the old contract it’s sensible to have the renewal form ready on hand. This renewal agreement is legally used to extend the term of the existing agreement. If two parties agree to the terms then they can sign it off. The same thing goes for non-renewal agreement. If previous agreement date expires and the landlord or the tenant does not want to renew it then the landlord can use this form.

Increase of Rent Notice

This is another important form that a landlord should have in case he/she wants to increase the rent. These forms are used very often as landlords seem to increase the rent time to time. So whenever they want to increase they can use certain forms of rent increase notice for tenants.

Utility List

If the tenant or landlord is paying for any utility then a proper list of that utility should be maintained. The name or phone number or contact information of each utility should be kept in the file. If tenants are going to pay for any utilities the list should be provided to them before moving in.

Tenant Eviction Notice

Eviction is the legal process of terminating a lease agreement with the tenants and force a tenant to leave the property. In case of emergency if you need to evict your tenant, it’s wise to have the necessary documents ready in your hand.

This important documents can certainly help the landlords to take immediate actions if necessary. You can also contact professionals if you need any legal help or suggestion regarding landlord related issues.

Author Bio:

David Nicoll is a freelance writer who writes about finance, insurance and investment property related articles. He is always enthusiastic to promote local brands like St George Underwriting Agency, a leading landlord insurance provider in Australia. Connect with him via Twitter. Have something to share with our readers? Read Become a Better Homeowner Blog’s submission guidelines.