Welcome!

By registering with us, you'll be able to discuss, share and private message with other members of our community.

SignUp Now!

Some simple questions - Please help!

Hank

0
Registered
Joined
Oct 12, 2007
Messages
2
Hey everyone, just a few questions I was hoping some veterans could help me out with...

1. When my tenant takes possession of the property, should I have recieved the first months rent cheque and security deposit a week prior to ensure that the cheque is good, or do I ask for the cheques to be certified?

2. Do I have to supply a monthly reciept for rent payments?

3. I understand that a periodic lease can be limiting for me to end should I choose to do so. Is a fixed term lease perhaps more in my favor? And if so, where do I get a fixed term lease agreement, I checked the critical forms section, but found only a periodic lease (month to month).

Thanks in advance - this is one powerful tool!!
 
Hi Hank,

1) That would be a good idea. Ideally you`d be signing the person up more than a week before move in and getting the contract deposit at that time.

2) Yes, if tenant requests it you have to provide rent receipts.

3) Not really, you`re still limited as to how and when you can end their tenancy, and in some situations more so.
 
Hi Hank,

not sure about the critical forms one, but you should be able to edit the text to illustrate that the term is for 12 months and that after this period the lease becomes a month to month contract. This is how they normally are termed. I would be surprised if the critical forms one was not set up this way. Maybe have a a closer read.

Also, you can find lots of examples contracts on the internet of lease agreements. Another place also is if you become a member of the few tenant verification sites that are out there.
http://www.tenantverification.com/
or rentcheck.com - the later of which I find difficult to deal with business wise they are cocky, yet they are cheaper. These sites will have example forms for you and tenant applications etc.

How are you currently verifying your clients?

Donal.
 
QUOTE (Hank @ May 23 2008, 08:44 PM) Hey everyone, just a few questions I was hoping some veterans could help me out with...

1. When my tenant takes possession of the property, should I have received the first months rent cheque and security deposit a week prior to ensure that the cheque is good, or do I ask for the cheques to be certified?
get educated on the LAW .. treat it like a business ! consider hiring a property manager !

yes, get a security deposit allowed by law which differs by province ! Which province is it ?
get a cheque or cash or debit card or e-payment by the 1st of each month.

Consider electronic debit from tenants bank account (called EFT) .. most banks have it.

QUOTE (Hank @ May 23 2008, 08:44 PM) 2. Do I have to supply a monthly reciept for rent payments?

yes, although it is often not done ..

QUOTE (Hank @ May 23 2008, 08:44 PM) 3. I understand that a periodic lease can be limiting for me to end should I choose to do so. Is a fixed term lease perhaps more in my favor? And if so, where do I get a fixed term lease agreement, I checked the critical forms section, but found only a periodic lease (month to month).

Thanks in advance - this is one powerful tool!!

it is always a minimum fixed period .. usually 6 month or 12 .. then usually it goes month-to-month .. but you could choose to sign a 5 year lease if you want.

Let me repeat: this is a business ! Treat it as such, especially as it relates to rules, evictions and non-payment of rent .. as that is where the "fun" begins !! GET EDUCATED ASAP in the landlord-tenant act or hire an expert in that space !

Do you know what to do when

a ) they don`t pay rent ?
b ) they pay late ?
c ) the cheque bounces
d ) the toilet leaks, a window is broken, the yard is a mess or an abandent car is in the drive way ?
e ) you want to fix an item and they don`t let you in or they are not there
f ) there is a domestic dispute ?
g ) you suspect they have a grow op ?
h ) they don`t pay utilities and the utility company phones you ?
i ) you want to raise rent ?
j ) you want them to leave .. but they don`t ?
k ) they sub-lease a bedroom to a stranger or friend ?

All those things are unlikely .. but MAY happen one day ..
 
Also, the laws are very different from province to province, so it`s always good to say where you`re looking, and where each property is located when you`re talking about specific problems.

I`m a big fan of Alberta, and Edmonton in particular when it comes to dealing with problem tenants. The provincial laws are fair and easy to work with; the people at the Edmonton RTDRS are awesome.
 
Thanks everyone, I now know what I need to do. You`ve all been very helpful.

Thanks again!!!
style_emoticons
 
QUOTE (thomasbeyer2000 @ May 24 2008, 02:31 PM) Do you know what to do when

a ) they don`t pay rent ?
b ) they pay late ?
c ) the cheque bounces
d ) the toilet leaks, a window is broken, the yard is a mess or an abandent car is in the drive way ?
e ) you want to fix an item and they don`t let you in or they are not there
f ) there is a domestic dispute ?
g ) you suspect they have a grow op ?
h ) they don`t pay utilities and the utility company phones you ?
i ) you want to raise rent ?
j ) you want them to leave .. but they don`t ?
k ) they sub-lease a bedroom to a stranger or friend ?

All those things are unlikely .. but MAY happen one day ..
That`s a good checklist for me, to see what I still have to learn. Thanks Thomas.
 
Whether it`s a question I asked or someone else, I always learn something from Thomas` Great reposnes. Thanks Thomas!

Neil
 
Me too!
QUOTE (investmart @ May 27 2008, 10:16 PM) Whether it`s a question I asked or someone else, I always learn something from Thomas` Great reposnes. Thanks Thomas!

Neil
 
Back
Top Bottom