Life inevitably leads to change, and tenants are pretty much the same. Divorce, death, and adding or changing a roommate or family member are all events that could be considered when checking the list of occupants or leasees on the lease for your rental property in Greenwood. It is important to have an accurate count of all tenants and occupants in every rental home for the interest of both property owners and tenants.
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 likewise precisely record, by name, all of the tenants and the other residents. The reason being that when renting a house, a property owner accepts a certain degree of liability when it comes to the property and those staying there.
In case an unauthorized resident damages the property, the landlord may only be capable of legally persuing the person(s) who signed the lease. The same applies to collecting rent each month. In the event that a tenant fails to pay rent, only those included on the lease can be held responsible regardless of any extra adults residing in the home.
So, when should you update your tenant list? The most common situations that trigger an update to the lease include death or divorce of a tenant. In most instances, the remaining tenant(s) may desire to stay in the rental house. In this case, the lease should be updated to reflect the actual responsible parties. The landlord (or property manager) is typically allowed to require the remaining tenants to re-qualify for the house based on their sole income and circumstances.
Other occurrences that necessitate a lease update includes marriage and/or any additions to the household. Generally, any adult living in the rental home should be a listed party on the lease. These involve family members as well as authorized roommates. Landlords must clearly indicate that all residents must be approved before moving in, and notified if and when they move out. Whenever an adult moves in or out of your rental property, the lease should be revised to show the change in the situation. Assuming the lease in question is a long-term contract, the landlord shall prepare an addendum to indicate the current tenants who are living or planning to live in the house.
Since tenant changes will differ broadly, as well as the laws that govern who should be indicated on the lease and it is significant to review any situation, case to case. Monitoring closely your rental properties along with the tenants inhabiting there may be a labor-intensive task. That is exactly why appointing Real Property Management Indianapolis Edge could be so much advantageous for you. We help Greenwood property owners with lease and tenant management, including any necessary lease changes. Contact us or call us at 317-420-8500 for more information.
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