Creating templates for all your leasing activities takes a lot more thought on your part. There are legal standards that have to be met, and certain types of information that you can and cannot ask for or disclose.
No matter how you choose to handle the following forms and templates, it’s always best to have your lawyer take a look before you begin using them.
Rental Application
A rental application generally asks for an applicant’s name, date of birth, social security number, and current address. It also requests the following:
- Current and past employment and salary
- Address history
- References
- Other potential occupants
- Pets (if you allow them)
An application should never ask for information concerning the applicant’s race, gender identity, religious affiliation, disability status, or any other information protected by the Fair Housing Act.
It also includes language that indicates the applicant has given truthful information only, that they know the application doesn’t bind them to the property, and that they are giving you permission to check references and run a credit check.
Again, this is contractual language your lawyer should always look over. Your lawyer can also help you understand your responsibilities when it comes to applicants’ privacy.
Lease
The lease is the binding agreement between you and your resident. Your owner may choose to use a very basic lease, like this one, or they may need a more robust agreement that spells out terms specific to their properties. Generally, though, leases include much of the following:
- The amount of rent and when it is due
- Information concerning security deposits and other fees
- Procedures for late payments
- Restrictions on what a resident can do with their unit
- Guidelines on guests
- When and how you can enter their unit
- Pet policies
- Procedures for damage to the unit
- Terms for residency termination
Again, this is a template your lawyer can look over to make sure it complies with local, state, and federal regulations.
Lease Amendment
A lease amendment addresses an issue that isn’t covered in a standard or current lease. It’s a change that must be agreed upon, however, by both the owner and the resident.
This is also a template you should create and go over with your lawyer since, by nature, it can be customized to suit the unique needs of a tenancy and unit.
Security Deposit Receipt
Requirements on the handling of security deposits vary by state. In some states, such as Massachusetts, owners or property managers must give a resident a receipt for their security deposit within 30 days of receiving it.
Rent Receipt
Many states require rent receipts for residents who ask for them. Washington, Maryland, and New York require them for residents who pay in cash. Still others, such as Massachusetts, require they be issued no matter the situation.
Running a tight ship with property management templates for all aspects of your property management business isn’t just a way to save time and money. It also sets best practices and keeps your service consistent across your entire portfolio. Finally, it frees up time to focus attention where you can add the most value for your owners and residents.
While we did just list a whole slew of property management templates, you can also do all of this even more efficiently right in property management software that’s purpose-built for your needs. If you’re interested in exploring the possibilities of how technology can help you scale, watch how Buildium works.
