There are 10 documents in Package # 3
15. Homeowner Association Agreement -- This is a big CYA document. If the HOA does something reckless like booting the tenant’s car because the owner hasn’t paid his dues or threatened to evict the tenant you need to be protected from litigation. The owner will ignore the HOA to get it leased and you’ll deal with the battles when the HOA wakes up to the reality that there is a new tenant in the community. You want the tenant giving you a hold harmless agreement when the HOA can’t open the pool or tennis courts because not enough owners have paid their dues. You need to protect yourself against the possibility of being sued for constructive eviction, wrongful dispossessory, loss of quiet enjoyment or harassment by the HOA. Tenants want to blame you for everything no matter whose fault it really is. Protect yourself.
16. Roommate Agreement -- When three guys want to move in together make sure you get them on a separate document outlining your requirements for roommates. Remind them that you’ll only take one rent check (not three) and that you’ll only cut one check back to them after move-out. Make sure you disclose that you’ll go after the one with great credit no matter who trashed the property. Let them know up front that you’ll never drop anyone off the lease whether they still live there or not. Roommates love each other when they move in but like other community efforts they go astray more often than you think.
17. Hot Tub Exhibit to Lease -- The last thing you want is to suggest to a tenant that the hot tub will stay hot or keep working. Disclose your lack of knowledge with hot tub maintenance and your general unfamiliarity with how they work. Put the entire burden on them and warn them about the dangers of it getting to hot and someone getting burned. You may even require they get renter’s insurance with you (and the owner) as additional insured. See our document on the owner sign up documents for the other side of the hot tub issue.
18. Limited Power of Attorney -- Often only one tenant will be able to attend the move-in inspection or will not be around to sign the lease. For many reasons you need to get comfortable completing a POA. One tenant can sign for the other tenant if you have a POA. We use them often. You just email this document to them, they fill it out (or you fill it out in advance), they print, execute, get a notary and you’re up and running. This is a very common document and you’ll find lots of uses for it. This is not the practice of law so don’t let your broker or attorney talk you out of it. It’s just filling in the blank like you do on every lease or sales contract. It’s a standard operating document for property managers.
19. Personal Property Schedule -- When the owner leaves behind their lawn furniture, pool table, lawn tractor, counter top microwave you need a form to list everything and language that has the tenant promising to leave it behind when they leave. They won’t, but you need to make a stab at it to impress your owner. There is little you can do to protect the owner from this stuff growing legs and walking away but the owner wants you to make an effort. This document fulfills that duty to the owner.
20. Move me in even though the property is not ready for occupancy -- Occasionally the house is not clean enough, repairs have not been completed, carpets didn’t get clean enough or the handy man (or owner) didn’t clean up his mess. Some tenants want to hold your feet to the fire for five years and remind you what a bad job you did at move-in. This document takes all the air out of them by saying “you shouldn’t take this property now. Let’s retry this inspection in a couple of days so we can get this right.” Many can’t wait and will press to take it “as is”. This document says “you’re recommending they not take it today, but wait, and let us make it right.” Sometimes they must have possession today, and will agree to ‘not hold it against you.’ This is “the moving van is in the street and I’ll take it anyway” document to cover the manager. This document is a result of getting beat up many times when we let people take a property that is not ready.
21. Military Exhibit -- When you know the tenant is military, or works for a military support company, and qualifies for a military out clause in their lease, you want to make sure they don’t take advantage of that federal out privilege. They have requirements to fulfill and just saying “I’m being transferred and you can’t hold me to the lease” doesn’t cut it. This document lays out the rules for military release of tenancy without your giving up your rights.
22. Guarantee of Payment (Co-signor Agreement) -- When there is a co-signor you need a document for them to sign promising to pay what the tenant left owing when they move out. This is their personal guarantee for the tenant’s obligations on the lease. We have made lots of mistakes with this idea over the years and now have it down pat. We get co-signors on about 20% of our leases and it works like a charm. Don’t reinvent the wheel. Let our mistakes make it easier for you.
23. Security System Disclaimer -- When a tenant previews a property and sees a security system it is reasonable that they expect it to be up and running when they move in, and that it is included in the rent. You need to dispel that expectation and protect yourself from the liabilities of what happens if it fails. This is a CYA document letting the tenant know that it is their responsibility to deal with the monitoring system and the cost belongs to them. You are not making any representations as to its reliability, its functionality or its cost. You know nothing, see nothing and they agree to hold you harmless if the system does not function properly.
24. Security Deposit Promissory Note -- We often get more than one month’s rent as a security deposit. Depending on their credit we will agree to take installments on some of that deposit. We did it badly for many years and struggled with getting judges to enforce our documents. We finally went to our attorney and paid to get it right. Now we are able to enforce this document and evict for failure to pay as agreed. It’s not 100% but we are successful 85% of the time. Taking installments on the deposit probably needs the owner’s approval depending on your model.
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