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PaperworkCategory: Property Management | Permalink Published: Saturday, January 30, 2010 Paperwork, paperwork, paperwork
hen you decide to go with a property management company to lease your home to the most qualified applicant, you may be surprised at the detail of paperwork involved in your transaction. Like a purchase contract, the decision to rent your home involves different levels of interaction between agents, clients, and tenants in which every individual needs to be perfectly aware of their responsibility to each other. Every page counts! Lease Listing Agreement. A lease listing agreement is a contract in which you and your property manager set the terms for marketing and leasing your home and for the compensation of the agent with whom you are working. It may set a term for the leasing of your home, and give the agent a timeframe to find a qualified renter. This is a good time to ask about fees and advertising techniques that your agent will employ to show your home. Property Management Agreement. Once your home is rented, and the renters have moved in, you may decide to take advantage of the knowledge and time of your leasing agent by hiring their company on to manage your property. A property management agreement will set forth the fees, levels of service, method of payment, and the responsibilities that the company agrees takes on in your behalf as your representative to the renter. Month-to-month rental or lease agreement. This contract between you, the renter and/or the broker covers lease terms; rental amounts; methods of payments; acceptable use and treatment in regards to the home in accordance with county, state, and federal law; maintenance of the home; obligations, disclosures, and responsibilities; and signatures of every party involved in the process, including co-signors and guarantors. Additional addendums to the contract may be included in attached pages in case of unique lease terms or allowances. Disclosures. Although the rental or lease agreement contains disclosures regarding use of security deposit, Megan’s Law database and other disclosures regarding the condition of the premises, additional disclosures may be required that address the unique features of your deal: if, for example, your home was built before 1978; if your home has been tested for and cleared of wood-destroying pests; if your home has a pool; or if your renter’s have pets. These disclosures are part of the materials that your property management company has access to and will be able to put to work for you. Other Recent Articles1.) Before agreeing to handle a task from a client: Make sure that you're the most qualified person to deal with it. If a client wants to appoint you for a task beyond your field of knowledge, suggest someone else who could carry out the task better rather than putting your reputation at risk. Who knows, maybe later down the line that same client will call and seek help in your area of expertise. 10 Important Tips to Successful Real Estate InvestingCategory: Real Estate News Published: Monday, July 12, 2010 1. Compare property values and rents: The best way to determine the market vaulue of the property is to find out the selling prices of nearby properties in the community. The same applies to properties for rent. A low cost is regularly justified by a sensible rent; renters who can meet the expense of a higher rent can afford to buy as an alternative, so reasonably priced rent is a must. Studies Say Minorities Hurt More By ForeclosuresCategory: Real Estate News Published: Monday, July 05, 2010 According to a new study, recent African-American and Latino home borrowers were highly more likely to lose their homes to forclosure than those who are non-Hispanic whites throughout the continuing housing crisis, regardless of their income. As their income increased, in fact, minority horrowers foresaw the probability of foreclosure growing even larger in contrast to non-Hispanic white borrowers in the identical income group. Tax Credit Closing and Flood Insurance ExtensionsCategory: Real Estate News Published: Thursday, July 01, 2010 Today the National Association of Realtors praised Congress for the passing of two bills to extend the home buyer tax credit closing deadline and reauthorize the National Flood Insurance Program. Both of the bills cleared the House beforehand and were accepted by the Senate last night. THe bills are now headed to the president for his signature. Credit scoring is very important to the mortgage process. Behind the situation, a battle is rampaging over who can place claim to that process. The Fair Isaac Corp (FICO) was rejected a new trail concerning what it claims to undoubtedly be it's trademark; the act of rating an individual's credit on a scale of 300 to 850. Call Us Today!
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