Life oftentimes brings about numerous unforeseen changes, and with tenants, there’s not much difference. Your list of occupants or leasees on the lease for your rental property in Vestavia Hills should be updated with every relevant change that your tenants go through. If they go through events like divorce, death, or adding or changing a roommate or family member, the list should be updated. In the interest of both property owners and tenants, it is important to have an accurate count of all tenants and occupants in every rental home.
Lease management is a vital factor in possessing a single-family rental property. As a binding contract, the lease should clearly explain all of the terms and responsibilities of both the tenants and the landlord or property owner. A lease should clearly indicate the names of the tenants and all the other people living in the property. The reason is that when renting a house, a property owner accepts a certain degree of liability when it comes to the property and those staying there.
If an unauthorized resident damages the owner’s property, the landlord will be able to hold the ones who signed the lease responsible, and no one else. The same applies to collecting rent. Supposing there are adult residents in the house who are not listed on the lease and the tenants fail to pay rent, the landlord cannot collect from those not listed on the lease.
There are various cases that certainly require an update to the tenant list on a lease. Among the most common of these are situations involving the death or divorce of a tenant. In such circumstances, the tenant that remains may want to continue living in the rental house. If this is indeed what they choose, the lease should be updated to reflect the actual responsible parties. In this instance, a landlord can require the remaining tenant to re-qualify for the house based on their sole income and circumstances.
On the flip side, marriage or any additions to the household would also require a lease update. Normally, should be a listed party on the lease. This involves family members as well as authorized roommates. Landlords should plainly tell their tenants that all residents must be approved before moving in, and they are notified if and when they move out. When an adult chooses to live in a rental home, or when he or she chooses to leave one, the lease should be updated to reflect the change. Now, if that lease in question is a long-term contract, what the landlord can do is prepare an addendum to show who the additional tenants are.
Since tenant changes will differ broadly, as will the laws that govern who should be indicated on the lease, it is significant to review every situation individually. Supervising both your rental properties and the occupants can be really tedious. This is why teaming up with Real Property Management Victory can be very beneficial. We help Vestavia Hills property owners with lease and tenant management, including any necessary lease changes. Contact us or call us at 205-793-0700 for more information.
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