 Lease signing day is filled with excitement and hopes for both landlord and tenant. Behind all of the emotion are expectations and assumptions. To make the most of that critical meeting, it’s so important to have both parties attend with their eyes wide open. That means clarifying or correcting any assumptions and expectations before you meet. Making that happen begins in the previous week and is the responsibility of the property manager or owner/landlord.
Funds at Signing It is so important that the to-be-tenant understand what funds should be brought to the lease signing. I always send them a breakdown showing total funds due (rent and security deposit), what has already been paid in deposits, what is due at signing, and what subsequent security deposits might be due and when. Also important, is to identify the form of payment (cash, personal check, money order, or cashier’s check). I never take personal checks at signing, the risk is too high. So cash, money order or cashier’s check is only acceptable. Once the keys are handed over, personal checks are accepted. Move in Condition Capture the property’s condition with a move-in-move-out form, video, or still pictures. Explain to the tenant what can be considered damage so only those things are noted. In Maryland if the tenant has been there a few years they can’t be charged for repainting or normally dirty walls (unless the tenant has changed the color). Explain the Lease Leases can be long, complex, and confusing. I always email a sample lease to the tenant several days before the big day. At the top of the lease is a summary table that outlines all the charges, their due dates and consequences for ignoring them. It’s used to capture the spirit of the lease and expedites the signing process. Also, I always bring two copies of the first and last pages. The last page records the appliances and any special agreements that might take a few tries to get the words right. It makes for a clean final document. All cross-outs in the lease need to be initialized by all parties. Receipts and Keys Bring a receipt book for any cash collected. It’s professional and is good business. When you hand over the keys, make sure there are at least two sets (each adult should get one key), and have the tenant try all the keys, in all the locks, in all the doors. Details and preparation are important and minimize trouble-causing assumptions. Articulating expectations by stepping through the lease are important to begin a business relationship without surprises. 77th Meridian, LLC manages residential property in Anne Arundel and surrounding counties, and parts of Baltimore City for a monthly fee of 7.7% of the collected rent. Why pay the 10% others charge? We save you TIME and WORRY. . . .
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