It is also forbidden for the landlord to ask for key money when entering into a retail lease. The clearer the agreement between the parties in the contract, the less the possibility of disagreement at a later date. However, if the tenant requested changes to the lease after submitting the tenant`s declaration to the landlord, the tenant may have to pay for those changes. If you decide to evict your rental unit, a thorough selection process can significantly increase the chances of getting a better quality tenant with a longer average duration. TransUnion SmartMove helps you make smarter rental decisions with a full tenant credit report, tenant background check and criminal report, as well as an eviction review report from a reliable source. You will also receive a ResidentScore verification, designed specifically to review the results of the lease, and a lease recommendation. The parties to a lease – the landlord and the tenant – must be clearly defined. The next thing is that the property that will be rented must be determined. A rental agreement does not need to be written, but the advantage it offers is that in the event of a dispute, there is a written record that can be referred to to resolve the disagreement. When the end of a lease is horizon, you must make a decision. If the current tenant wants to stay longer, you can choose between renewing a lease and finding another tenant. Finding a new tenant can be a time-consuming and expensive process that includes marketing the property, sorting out applications, visualizing the unit, and selecting potential tenants.
The longer it takes to find a new tenant, the more expensive the process becomes. Not only do you secure your cash flow and save money when you renew a lease, but you also save time. Consider all the steps to find a new tenant: advertising the property, sorting out applications, meeting with potential tenants and thorough selection. Renewing a lease can be a much simpler process. The balance sheet describes some reasons to renew a lease, and the first two require time and money. If a tenant chooses to stay with you, you can save the time you have to spend looking for a replacement and preparing the apartment for a new tenant. .