Friday, May 25, 2012

I prefer a Landlord Rental Agreement

Landlord Tip:
Beware Tenant's Rental Agreement

(I'm posting this "Landlord Tip" because: I was recently read the riot act by an angry reader, who claimed to be a landlord, but I suspect is really a tenant. "Why would you say such a thing? That implies that landlords have an attitude against tenants and that you are assuming that landlords shouldn't trust a tenant's lease! That is awfully ONE SIDED!")
Well, after many years of experience of dealing with tenants, I must say I prefer good tenants who agree to my lease and agree to follow my rules. You decide.

landlord rental forms page Some tenants come with their own lease agreement already prepared for you - by their attorney in many cases. Watch out! First of all, I have never had good experiences with tenants who are experts on landlord tenant law. Secondly, it is only logical that the tenant's lease will contain more tenant protection than it will have landlord protection. There is usually a good reason the tenant wants to use his own lease agreement. You can bet there are lots of innocent seeming little clauses in there that wouldn't even raise an eyebrow, but can cost the landlord plenty. Just stick with a landlord lease. - John C., BVR Mgmt

  • Giving proper legal notice to tenant:

    (This applies to month to month tenancies or if your lease allows you to make unilateral changes to the tenancy as the LPA Lease does.)
    * It is important to remember that proper notice must also be given by the tenant or the landlord for the Intention of Non - Renewal. Even though the lease has an expiration date, the landlord must still require a written notice to vacate from the tenant.

    If it is a 30 or 60 day notice, be sure that the written notice is served before the beginning of the next rent period. That means if the rent is due and payable on the 1st of the month, have the notice served before that date. Serving a notice in the middle of a rent period will not change the fact that the 30 or 60 days notice period starts on the first day of the next rent period. An official dated notice should be delivered / "served" to the tenant,

    • in person (preferable)
    • sent by certified mail- return receipt requested
    • regular first class mail combined with the above. We recommend getting a certificate of mailing receipt from the post office whenever you mail an official notice by 1st class (regular) mail.
    John N., NY

  • Tuesday, May 15, 2012

    Quick Check Credit Reports, Inc

    Helpful Tenant Screening Steps...

    The Landlord Protection Agency® suggests the following steps to take before spending the money on a consumer credit report:

    1. Pre-screen your prospects before showing the rental. It eliminates unnecessary appointments and saves you time. Use a free LPA Pre-screening Prospect card.

    2. After showing the rental, have your interested prospects fill out and sign an LPA Rental Application. Be sure to collect a non-refundable screening fee and deposit as provided for in the application.

    3. Verify the employment and tenant references contained in the application. Use LPA Landlord Reference Qualifier form to evaluate the legitimacy of the landlord reference.

    If you feel confident the tenant passed all your screening inquiries so far, run a credit report with a major credit bureau to review the prospect’s credit history on the payment of bills, delinquencies, address history, employment history and judgments.

    Remember: "It's better to have no tenant than a bad tenant."