Many enjoy renting to another party for profit but must realize the due diligence that comes with the job in order to make a profit. While it may seem tedious, having legal paperwork helps to protect both parties from the first meeting and should continue throughout the relationship. When a property owner has the necessary landlord forms ready for the tenant, it saves time and hassle down the road.

When an ad is placed in a newspaper or other media, the calls can be a bit much to handle. When a prescreening prospect card is used, it can help determine a strong prospect. It is also the responsibility of the landlord to establish whether smoking is allowed. A no smoking addendum may be part of a lease agreement early on or added later on. This helps to protect the property from damage.

Property owners need to know who is residing in the unit that may not have an application. If pets are allowed, it is up to the landlord to determine the conditions in a pet agreement. It should be copied and signed by both parties while tenancy is in effect.

Tenants that leave their units vacant from time to time may want to consider leasing to someone else in their absence as a way to save money. The landlord should establish whether this is acceptable early on. Using a sub lease agreement will help all three parties understand what is to be expected.

Landlords entering the property when tenants are away can be an uncomfortable issue. Although some feel it is their right to enter their property at any time this may be illegal. Presenting a notice to enter premises to the tenant may help clear up the confusion and work something out. This can also be done when the tenant presents a work order to be completed.

Another way to clear up confusion about living arrangements is to send a polite reminder in writing. A lease violation notice may be used as a warning or the next step to starting the eviction process, should a matter go unresolved. When rent is not paid on time, landlords will present a notice to pay or quit, giving the tenant the option to leave the property immediately.

While many of the forms cover serious issues, they are designed to protect the property owner. The more relevant, the stronger case either party will have should anyone need to go to court. Property owners that regularly use landlord forms find that there are fewer misunderstandings between them and their tenants.

Read my blog post for more on the importance of landlord forms and check over here for more information on owning rental property.