More Property Management Lease Agreement Facts

More Property Management FactsThis makes three Property Management articles in a row.  Why? Well, I am starting to organize a new 15 Hour Property Management course for State Approval, so my mind is on PM matters.  Now, I have to start organizing and stop procrastinating.

Whenever I read a document, I note what is given emphasis by type size, bolding, spacing, amount of content, etc. In the most used CAR Residential Lease important facts are highlighted by printing in bold.

What do the CAR Legal Staff think is important?

#1–SECURITY DEPOSIT SHALL NOT BE USED BY TENANT IN LIEU OF PAYMENT OF LAST MONTH’S RENT.

#2–SECURITY DEPOSIT WILL NOT BE RETURNED UNTIL ALL TENANTS HAVE VACATED THE PREMISES AND ALL KEYS RETURNED. ANY SECURITY DEPOSIT RETURNED BY CHECK SHALL BE MADE OUT TO ALL TENANTS NAMED ON THIS AGREEMENT OR AS SUBSEQUENTLY MODIFIED.

#3–TENANT IS ADVISED TO CARRY TENANT’S OWN INSURANCE (RENTER’S INSURANCE) TO PROTECT TENANT FROM ANY SUCH LOSS  OR DAMAGE.

#4–NO SMOKING.

#5–FIVE OR ——CALENDAR DAYS BEFORE LATE CHARGE

#6–TENANT HAS RIGHT TO PRE-MOVE-OUT INSPECTION AND REPAIRS.

#7–TENANT AGREES TO RENT THE PREMISES ON THE ABOVE TERMS AND CONDITIONS.

#8–LANDLORD AGREES TO RENT THE PREMISES ON THE ABOVE TERMS AND CONDITIONS.

Those are the important terms.  If you are a landlord or tenant, you could underline any others.  I would highlight one item as a Owner:  RENT IS PAYABLE IN ADVANCE ON THE 1ST OR —- OF EACH CALENDAR MONTH AND IS DELINQUENT ON THE NEXT DAY.

If I were a tenant, I might underline the note about returning the unused security deposit within 21 days after move out.

Be sure to read every important document closely.  The money, time, and worry you save could be your own.

 

2 Responses to More Property Management Lease Agreement Facts

  1. Ethel Celnik July 16, 2017 at 7:07 pm #

    Duane,
    Please take a look at the new lease Residential, Month to month, there are so many item repeated, they have added two more pages to the lease as well as a hazard booklet to download amounting to 48 pages, if you click on the hazard booklet form for the tenant to sign you automatically will download the 48 pages. I rather pay $1.15 for the booklet to give to the tenants. I wonder what else they will come up with. Interesting reading especially if you are in
    Property management, they want to know the if the listing agent is the property manager and if the selling agent is the property manager. It gets a little confusing.
    I always read your articles, but this is the first time I am saying something. I am one of your loyal previous students.
    Best regards,

    • Duane Gomer July 18, 2017 at 2:57 pm #

      Thank you so much for sharing your thoughts. It is comforting to know that someone is reading. Many times, I get the feeling to just quit for teh words are going out into a void.

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