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Documents that every landlord must have with them safely

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Posted In LEGAL GUIDANCE
Documents that every landlord must have with them safely

As a landlord one has endless responsibilities apart from collecting rent every month. Making sure that the tenant is not facing any problem or issue with the property all the while making sure you get the rent monthly is immensely important. as a landlord, you are expected to keep few documents safely so that you can carry your duties seamlessly.

Here are the seven documents every landlord must keep safely before renting out a property to make sure everything happens in a smooth and organised way:
 
1. Checklist:

Maintaining the checklist of facilities that you provide when the tenant moves in is very crucial. Make sure that the facilities you are providing are in working order. When a tenant moves out, make sure you cross check the list to see if the provided facilities are still in working order or not.
 
2. Rental lease:

The most important document of the landlord filing cabinet must be the rental lease agreement. The agreement lists all the rights and responsibilities of both the tenant and the landlord. In case the tenant violates any law, you have a proof of hard copy questioning the violation of the law. The rental agreement also states the deadline for paying the rent and what are the penalties in case of delay.
 
3. Addenda:

A tenant can add a new clause in the agreement few months after the tenant has signed the agreement, it is called addenda. This document is equally important as the rental agreement. This should be in you filing cabinet safely too.
 
4. Information about the tenant:

There should be a separate file that should hold all the necessary information about your tenant including his personal contact number, his workplace address, and contact number, his paternal home address etc. This will come handy if in case the tenant runs away without paying the rent.
 
5. Maintenance sheet:

Maintain the sheet that lists all the work that that has been done on the property and the time is taken for it to get done. It will help you in keeping the track of the things that will need attention from time to time.
 
6. Home loan papers:

If you have bought the property that you have rented, with a home loan then keep the paper safely. This will help you in keeping the track of time and amount left for the home loan to complete.
 
7. Utility bills:

Pay all the utility bills that you are paying for the rented property and keep them safe. If the tenant is paying for these facilities then ask them to hand over the receipts to you so that you can file them.

Documents related to property are very important to keep if in case any issue arises in future regarding the property. This will help you in keeping the track of the maintenance of the property.

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