Whether it’s your first time leasing a property or not, one thing is clear: you need to make sure that you cover all your bases in the lease. In short, you need to know exactly what you’re getting out of the rental property, your responsibilities as a lessor, as well as the agreement you have with the lessee.
Overlooking any of these things might lead to difficulties later during the renter’s stay or when they’re moving out, so it’s better to get it out of the way even before the dotted line has been signed. To make sure you don’t forget, we’ve curated the three papers that lessees sign when they rent a unit. Continue reading below!
Right off the bat, a lease agreement for the property you want to rent out is necessary. Generally, the lease agreement is provided once a lessee has decided to rent the property, usually prepared by the property management company like IPS Cambodia. As the lessor, you can review it first before the renter signs it. Since this is a legally binding contract, here are the basic details that should be included:
- Payment method
- Period of lease
- Description and address
- Termination clause
- Furniture/Maintenance clause
- Governing law
- Transfer of ownership
- Utilities & Services
- Building structure
Before a lease is signed, renters need to coordinate with you or the property manager to get an inventory list of everything the property has. Generally, this is already provided without prompt but some lease transactions tend to forego it so make sure you have this with you. After all, having an inventory list of what is included in the property can help lessen issues at a later date.
Besides including all items in the property, it should include what their condition is at the time of turnover to the lessee as well as photographic or video evidence of it. This will ensure that once you terminate the contract, the lessee will pay for the repairs or maintenance on items that weren’t turned over that way.
Utility bill and installation record
One of the basic papers given to lessees is a record of the utility bills and installation. Generally, property owners like you have the most recent bills on hand that you can turn over to the property manager, making it easy for the renter to get. Make sure this is included so that the renter can pay utility bills like water, electricity, gas, sewage, and more, on time.
Moreover, it will be easier for the lessee to check for maintenance schedules and more when they have a copy of the installation records.
Make it easier for you!
Checking the necessary papers for a property lease can be difficult, especially since handling all this is time-consuming and needs a keen eye to ensure everything is good. In this case if you’re a landlord or property owner, you can contact us to help so everything about finding a tenant up to leasing it to them goes smoothly.