If you are handling your Merced investment property by yourself, you will need to keep certain important documents handy. Maintaining up-to-date paperwork will help you to secure the value of your asset and have the documents ready in case of an emergency.

For instance, you might need to send a late rent notice if a tenant is late on paying the rent. To do so, you have the rental agreement and the latest set of payments for ready reference. At such times, instead of rushing to find or draft a document at the eleventh hour, you should keep these ready as essentials of your rental business.

Here is a list of a few crucial documents you must keep ready to protect your rental investment.

Lease Agreement for Your Property

A lease agreement is a legal contract between landlords and tenants that outlines the terms and conditions of tenancy. The agreement must be a comprehensive document that includes all primary details such as a description of the property, duration of the tenancy, rental amount, rental payment dates, rights of the renter and landlord, maintenance requirements, damage and repair liabilities, pet policy, and more.

It also stipulates the tenant’s history, employment record, and the rules they should follow during the stay. Landlords are required to create a new lease agreement every time they hire new renters and keep your copy safe for the entire duration of the tenant’s residence.

Screening Documentation

Landlords are supposed to conduct a tenant screening process while selecting a renter from potential candidates to identify their background, income sources, and sense of responsibility. The process also tracks tenants’ rental history and previous landlords’ references. Having a fixed set of screening questions helps you streamline the process and shortlist renters faster.

Also, documents such as rental applications and screening process reports can help landlords to track all the information of applicants and use them as proof in case tenants provide misleading information.

Notice of Entry

This paper is essential for a landlord to avoid being accused of invading the tenants’ privacy when visiting the rental home for inspections. As the owner, you have the right to enter the property in emergencies, for periodic inspections, and for maintenance purposes.

Note that the California state government requires landlords to send a notice of entry 24 hours before entering the premises. Having a copy of the notice can allow landlords to enter the premises without concerns such as invasion of privacy being leveled against them.

Inspection Reports

Tenants can cause damage to your property while they are staying. You should therefore prepare move-in, move-out, and routine inspection reports at every level of evaluation.

The report works as a checklist and helps you assess the overall condition of your property from the beginning of the lease. It also helps you compare the property condition at different times and acts as evidence in case of damage, thus protecting your investment.

Past Due Rent Notice

A pay rent notice is a renting document that the landlord sends renters when they miss paying the rent before or on the due date. You may need to issue it in situations such as non-payment of rent by a renter who has otherwise been regular in payments. It includes an address of the property, the due date of rent, late fees (if any), the effective date when renters start paying, and the names of both landlords and tenants.

The notice, written by the landlord, informs tenants of the overdue rent amount and requests immediate payment of pending rent. It is the first step of the landlord towards demanding the rent before beginning the eviction process and is hence an important document to defend your case.

Proper Notice to terminate the lease

This notice is another document that you need to have ready, for protecting your property. If the tenants don’t pay the pending rental amount even after receiving the past due rent notice, the landlord can begin the legal process by sending the eviction notice.

You may also want to process eviction if the renters break the lease rules or cause significant damage to the property. In such cases, an eviction notice is the first document you use to notify your tenants.

Managing all the documentation for your rental can be difficult for inexperienced landlords. Hiring a property management company like River Drive Properties can ease the process as our professional property managers help you with all the paperwork that is needed for your rental business.

Contact us at River Drive Properties if you need assistance in safeguarding your investment property with the right documents.