Life inevitably presents you with changes and adjustments, and tenants are likely to do the same. Divorce, death, and adding or changing a roommate or family member are all events that could be considered in the list of occupants or leasees on the lease for your rental property in Bixby. It is important to have an accurate count of all tenants and occupants in every rental home in the interest of both property owners and tenants.
Lease management is an important element of single-family rental property ownership. As a legally binding contract, the lease should clearly explain all of the terms and responsibilities of both the tenants and the landlord or property owner. A lease should also clearly list down the names of the tenants and other people living in the rental home. The reason for this is that when renting a house, a property owner accepts a certain degree of liability when for the property and the occupants.
Assuming an unauthorized resident damage the property, the landlord could only hold the folks who signed the lease responsible. It’s the same thing for collecting rent. So, for example, if there are adult residents in the house who are not listed on the lease and the tenants fail to pay rent, the landlord cannot collect from those whose names aren’t on the lease.
There are multiple circumstances that may warrant an update to the tenant list on a lease. Among the most common of these are situations involving the death or divorce of a tenant. For these cases, the remaining tenant may choose to continue staying in the rental house. If this is what they chose, then the lease should be updated to reflect the actual responsible parties. In this event, a landlord can require the remaining tenant to re-qualify for the house based on their sole income and circumstances.
Another frequent case that requires a lease update is marriage or any additions to the household. Typically, any legal adult living in the rental home should be a listed party on the lease. This covers family members as well as authorized roommates. Landlords ought to explain clearly to their tenants that all residents must be approved before moving in, and must also notify the landlord if and when they move out. When an adult joins a tenant in a rental home or when one moves out, the lease should be edited to reflect the changes. Assuming the lease in question is a long-term contract, the landlord shall prepare an addendum to indicate the current tenants who are living or planning to live in the house.
Because tenant changes can happen anytime and for so many reasons, and because the laws that govern them also change, it is important to examine each case individually. Following the actions of your tenants as well as keeping an eye on your rental properties can prove to be very laborious. For that reason, authorizing Real Property Management Tulsa to act for you will be immensely effective. We help Bixby property owners with lease and tenant management, including any necessary lease changes. Contact us or call us at 918-532-7020 for more information.
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