New Property or New Tenant Info-Work For Equity

New tenant information- What is it?

Before the date of a tenancy begins a landlord must provide all basic information relating to the property and the terms of the tenancy.

1. The new tenant has the right to security of the tenancy. They can continue to live in the property until a proper notice is given by the landlord or vice versa.
2. Usually, the landlord must inform ahead before visiting the property unless in cases of emergencies and thus protect the privacy of the tenant.
3. The tenant would be responsible for paying the rent in time and keeping the property neat and clean.
4. Any damages would be borne by the tenant.
5. Locks cannot be changed without the owner’s approval.
6. The owner has the right to collect a deposit towards the rent. It can be used as payment towards the rent for the last notice period of tenancy.
7. Usually there are rules set so as to limit the increase of rent and the frequency. Also there has to be a proper notice given in case of any increase.
8. The owner is usually responsible for keeping the property in a proper state of repair and maintains good safety standards.

The above are basic information. Depending on mutual agreement, there could be certain added clauses. The owner is also responsible to provide a copy of the written agreement of tenancy within a stipulated time. It is always best to have full information for both parties as far as the new property or new tenant goes.

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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 __________________