New Property or New Tenant Info -Land Contracts

New Property or New Tenant Info – what does it contain

When you are a landlord of a new property or else you have tenants who you want to lease the property to, there are certain things you must know and these are the new property or new tenant information.

Incase of a new property the name of the seller along with the social security number, the phone number and the date of birth of the seller needs to be mentioned. This needs to be done along with the details of whether the documents are all signed, the name of the trustee and the beneficiary, the details of the lender and the loan number along with the loan balance that is remaining. This needs to be added to the amount of the monthly loan payment and if this needs to be reinstated, the amount which needs to be reinstated.

Along with this are details of the insurance, is it escrowed, are there new insurance needs, will there be a refund, is the transfer informed to the mortgage company and are investor notes necessary and details of the investors and the loans.

Incase of new tenants the New Property or New Tenant Info consists of details of the name, number of the tenant as well as the details of the lease payments, the security deposits, the down payments and details of the amount deductible for repairs as well as if any utilities are taken in the name of the tenant. This needs to be mentioned along with the details of the services of the utilities, if it is stopped or continued.

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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 __________________