New Property or New Tenant Info-Assorted Legal Forms

Be careful while renting out a property

If you have worked hard enough in the beginning of your career and now want to keep things easier, renting out your property is the best option. You can give your commercial or residential property for rent. The money you get out of it on a monthly basis will be a great source of secondary income. It will not be enough to handle all your expenses but you at least will be able to make your primary job simpler. You will not have to worry about money that much. However, you will have to be very careful while renting out a property.

There have been many cases in the last few years where the tenants made things a lot harder for the landlords. Many people rent out their property at higher rents without having a close look at their tenants. Thus, you should first think of finding good tenants and later worry about the rent money. When you give out an ad you will probably get a lot of applications. You should consider only the ones that contain all the essential info about the tenants. Compare all the applicants and select the one that seems to be right for your property. It is also a great idea get the applicant’s background checked by the police. When you have finalized, you should prepare a foolproof tenant agreement using a sample from the internet. You should make sure that you add all the necessary terms and layout the termination clauses very clearly.

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New Property/New Tenant Information

Name of Preparer    _________________________

Property Address    _______________________________________ Approximate ARV_____________

FOR NEW PROPERTIES

Name of Seller    _________________________    Social Security No. ______________________

Seller’s Phone Number ________________________     Seller’s Birthdate ________________________

Date of Acquisiton ____________________________    All documents complete and signed? Yes or No

Name of Trustee    _________________________     Beneficiary:  ___________________________

Name of Lender    _________________________    Loan Number __________________________
Lender Phone No.    _________________________    Approximate Loan Balance _______________
Amount of Monthly Payment on Loan $___________    Need to Reinstate?  Yes/No  (Verify Amount)

Did we assume existing insurance?    Yes or No            Is Insurance Escrowed?    Yes or No            Need new Insurance    Yes or No         Do we need to get refund?    Yes or No

Does Mortgage Company Know of Transfer?    Yes or No        Assumable or Non-assumable?

Are Investor Notes and Deed of Trusts necessary?    Yes or No        Completed or released?

Name of Investor    ________________________     Amount of Loan _________________________
Date of Loan    ________________________     Normal Monthly Payment _________________    First Payment Due ____________________        Amount of First Payment __________________

FOR NEW TENANTS

Tenant    Name    _______________________________    Term of Tenancy ___________ to __________
Tenant Phone No.(s) Home _____________________    Work _________________________________

Monthly Lease Payment $________ Monthly Option Payment $______Total Monthly Payment $________

Security Deposit/Option Down Payment $_________    Refundable or Non-refundable?

Prorated Amount if Any _______________________     Date Due ______________________________

Repair Deductible Amount  $___________________    Late Fee Terms _________________________

Have Utilities been taken out of our name?    Yes or No    Date Service Terminated __________________

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Accepted by Accounting Department __________________________  Date Entered __________________