legal forms for rental property

[Tom R.]

I have my first rental property in escrow. I am currently writing up preliminary rental applications and rental agreements. I plan to take them to a lawyer for review and revisions. Lawyers charge by the hour so I figure if I can save them some time by writing up my own form I'm saving some money. Are there any other forms I should have a lawyer draw up while I'm at it? I suppose an eviction notice would be a good idea. What else?

[Ricardo R.]

@Tom R.

     I think some of the things you are looking for have already been drafted up for you, but I'll make a list of some that come to mind in order.

Before you start showing, make yourself a one page 'Tenant/Applicant Acceptance Standards' list and type out your acceptance brackets i.e. income 2-3x's rent, minimum credit score 450, etc.... etc... and absolute denial (i.e. no previous or current sex offenders, etc.) and get it notarized at your local credit union (or you lawyer) make sure you consult fair housing standard and then have it dated and then make sure you apply those standards to all applicants - Important if for example, anyone tries to later accuse you of discrimination for denying them for having a low credit score or getting denied because they were a felon previously (just an example) , you can then clearly show that your standards where well established long before they ever came into the picture as the notary shows - won't protect you for all, but better than nothing. Nothing fancy, just the property address, date, and your standards made on Word, notarized to establish date worthiness.

1. Rental Application- you can get one on Zillow if that doesn't suit your needs, you can at least build or change off of it

2. Consent to Release Information form - this would ideally be attached to your application when potential tenants apply to your rental - without it, it may be nearly impossible to verify their application as most rental complexes, utility companies and employers will need this before they answer any questions regarding the applicant. - again you can find this online and then modify but for the most part it should include the applicants name, social, date and signed by them, the person allowed to receive the information (you), the purpose of information and what it will be used for (rental/housing), a list of agencies/ institutions it applies to (current and previous landlords, utility companies, current and previous employers, etc..... etc....)

3. Application approval/denial forms - not so much needed for approval; more needed for denial especially if it's due to credit score or credit worthiness.

4. Residential Lease with damage checklist - have your lawyers draft that up... come in with ideas from other reviewed lease clauses from other leases ---- but have him/her draft it up for you - no shortcuts on this or you'll regret it.

        On this.... I would have a 'main' lease drafted and then apply amendments/addendum as different Tenants or properties might require different things. For example,  even if I happily allow pets (example) the main lease would state no pets allowed and the consequences, etc, however if the Tenant has a pet and you want to allow a pet, all you would have to do is attach the pet amendment allowing pets, same with utilities. - This way you don't have to constantly keep changing your lease wording... as it can get pretty confusing pretty quick when you start getting multiple properties with different tenants some with pets, some without, some properties you cover utilities, some you don't ........and then you have multiple versions of your lease out there - hard to keep track of that way.

    --- Pet Amendment (addressing # of pets, size, breed, pet fee, that the tenant is responsible for pets behavior, what happens when there is an incident, etc.)

    --- Utility Amendment (How utilities will be addressed, who pays, in whos' name, etc.)

5. Credit Reporting Disclosure - which would be part of your lease - run by lawer

6. HOA agreement - if your property is part of an HOA, part of your lease - so they notify you of if notified by HOA of infractions, that they are responsible for any infractions on their part, how long they have to correct those infractions. - make yourself run by lawyer

7. House/property rules - part of your lease - make yourself then run by lawyer

8. Security deposit letter - notifying where security deposit will he held and who to contact regarding issues.

9. Early occupation amendment - if they would like to move-in before the lease begins - Lawyer

10. Lease extension addendum - Lawyer

11. Early termination amendment - lawyer

12. Charges against security deposit - itemized list template - you can make yourself - have lawyer look over to save some $

In regards to eviction notice paperwork, I would stop by your county's office first and inquire about such first; most counties have their own notices already and you need to use those... so just check there first, print it out, take it with you when you meet with your lawyer and ask questions so that you understand how to fill it out and how you need to have it delivered. 

These are just a few that come to mind which I think your lawyer should at least just look over. I hope this helps.

Alex