Extensive paperwork and detailed documentation of your rental property will make it easier for you to navigate your business affairs at any given time. A thorough record of all the rental property documents allows you to claim repair costs from the security deposit, boost transparency between you and your tenants, and protect against potential legal disputes.
Here is a list of rental property documents that every St. Louis landlord should have on hand.
Rental Applications And Tenant Screening Documents
A rental application sets criteria for qualifying and denying your applicants. It allows you to choose the right tenants to meet your rental requirements and reduces the chances of selecting bad renters. You can create an application format including all basic pointers like employment, credit score, criminal history, contact information, and address for the candidates.
Also, keep tenant screening documents like pre-screening questionnaires, reference questions to ask previous landlords, and screening reports with you. Even if you disqualify an applicant, taking notes will help you perform tenant screening more effectively in the future.
Signed Lease Agreement
A lease agreement for rental property is a mutual legal contract between you and your tenants. You don’t need to create a new lease agreement every time you rent a property. Instead, you can have a verified format, including renters’ obligations, your rights, state laws, rent or security deposit terms, and other necessary information, and update the necessary details for every new renter.
Copy of All Addenda
Addenda are expandable rental property documents that you attach to a lease agreement to outline your rights and comply with laws. Keep a copy of all addenda like a smoking addendum, pet policy, and the crime and drug-free lease addendum in your file to share with your tenants.
Homeowner insurance and landlord insurance protect you against liabilities, rental damage, and the loss of belongings. Ensure you have both these insurance policies and their hard copies while renting a property. You may need them as and when the need arises.
Income And Expense Reports
Income and expense reports help you track the rental property’s yearly budget and show maximum deductions on taxes. It also allows you to make timely mortgage payments and helps you plan your budget accordingly. Make sure you keep rental property documents like repair receipts, fines, inspection reports, the taxes of the previous year, and property title/deed handy.
Monthly Utility Bills
Rental properties have utilities, such as electricity, water, natural gas, trash collection, cable, and internet. You need to keep necessary information like the name, contact number, and address of each utility provider. If your tenants are paying utility bills, tell them to hand over bill receipts every month so that you can track the monthly consumption of utilities in each of your properties.
Mortgage Papers Of Your St. Louis Property
If you have purchased a new property to rent by procuring a loan, have all mortgage papers in place for your protection. It includes invoices or receipts for remodeling, refinances plans, and loan information.
Move-In and Move-Out Checklist
Create a separate checklist for tenants’ move-in and move-out processes. Both are equally important to track the condition of your property. While the move-in checklist allows tenants to know prior property damage, the move-out checklist lets landlords hold tenants responsible for the damage beyond normal wear while moving out. Make it a point to keep copies of both the checklists in your documents.
Maintenance Records Of Your St. Louis Rental
Collect receipts, invoices, and bills whenever you buy or replace appliances, change fixtures, repair systems and perform maintenance on your rental property. They serve as proof of the timely upgrades you make in your rental. Also, keeping maintenance records allows you to deduct repair costs from taxes.
Proof of Communication With Tenants
Maintain a record of all your communication with tenants regarding payment, security deposit, repair, maintenance, and inspection. It can protect you at the time of repair cost deductions, justify evictions, and more. If you offer online portals to your tenants, save the data, emails, and other conversations on your device.
Owning a rental property brings a lot of risks and problems for you as a landlord. But you can always protect yourself against these risks through proper documentation. However, if it is challenging for you to maintain all the documents by yourself, Amoso Properties is there to handle your business! We offer all rental services like creating rental applications, screening your tenants, tracking your monthly rental expenses, and documenting all rental reports.
For more information, contact us at Amoso Properties.