Found the Tenant!!! (and more questions!)

[Sam Schlacter]

After my multiple posts on all your help in how-to help on screening and other related rental criteria, I have finally found the tenant who is signing the lease on Saturday! To anyone interested from my previous post, I ended up ruling out all those previous applicants. Found this couple who individually has low income but has a decent combined income, no recent issues , no evictions ever, not great credit but no past due bills or collections in last 2-3 yrs ( the wife had collection issue prior to 2-3 yrs while studying), very good rental reference, verified employment reference. They filled every detail in the application form and then some more, which gave me a good indication even before I did the screening that they were giving as much information as possible to me.

I have decided to offer the lease to them and as a newbie learning, I have even more questions.

1.) They want to move-in on March 1st. We are doing lease on 16 February. Do I have to give them keys after the lease or do I give them keys just prior to they move in? I need to still do couple of touch ups in the house.

2.) In the lease, what is the norm for the renewal notice period? On a 1 yr lease, is it common to give lease renewal 90 days before and expect their answer at least 60 days before?

3.) Move-in check list - Do I leave this check list at the property prior to their move and ask them to complete and send it back to me in 3 days upon their move? Or do I physically walk in the property with the tenant on the day of move and have them sign it?

4.) Is it good idea to take video of the property prior to the tenant's move? Or is it sufficient to take digital photos which are watermarked with the date?

5.) I have couple of lease document formats. One of that is forwarded to me by a friend which seem to be produced by Florida Realtor Association based on the heading on it. Can I use that or can only the Realtor use it?

I can not thank enough all of you for your support and advice so far. It has helped me a lot until now in getting going in this new field of investment for me. I hope to hear your opinion on these few more questions. I will post my property deal details soon as I feel I should share it with this community.

Thanks,
Sam

[Tamara R.]

1. Never give them the keys until they give you the first months rent and security deposit in CASH or cashiers check.

2. Check your state laws.

3. Check your state laws. I always fill out a detailed report ahead of time (i take a couple of hundred high resolution photos date stamped as well to document condition), then go over it with the tenants when they arrive. My state law allows them a few days to add to it if they find anything else. Make sure you take some of the photos with the tenants in the photos to prove they were actually taken at the time you handed the keys over to the tenant). I like the idea of a video as well, but have heard that some judges don't want to deal with video equipment in the event you have to go to court to dispute the disposition of security deposit. Easier to print the photos and have photographic evidence.

5. You can use this lease, but as you go further along you might want to customize it (with legal guidance of course).