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When Should I Change or Update the Tenants Listed on a Current Lease?

Signing a Lease Agreement for a Palisade Rental PropertyLife oftentimes brings about numerous unforeseen changes, and with tenants, there’s not much of a difference. Divorce, death, and adding or changing a roommate or family member are all events that must be included in the list of occupants or leasees on the lease for your rental property in Palisade. It is important to have an accurate count of all tenants and occupants in every rental home in support and in the interest of both property owners and tenants.

Lease management is a vital part of successfully obtaining and owning single-family rental properties. As a 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 additionally list, by name, all of the tenants and all the many other dwellers therein. The reason for this is that when renting a house, a property owner accepts a certain degree of liability when dealing with the property and those occupying there.

Please note that in the case of property damage, the landlord will only be able to legally pursue the individuals listed specifically on the current lease. The same can be applied to rent collection. In the case of the missing rent check, if there are a mix of official tenants and unauthorized residents in the house, you can only pursue the persons listed specifically on your lease.

There are a lot of occurrences and situations that necessitate 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. In these circumstances, the tenant who remains may perhaps decide to keep staying in the rental house. Whether this is the case, the lease should be updated to reflect the actual responsible parties. In such a case, a landlord can require the remaining tenant to re-qualify for the house based on their sole income and circumstances.

One circumstance that commonly calls for a lease update is marriage or any additions to the household. In general, any adult living in the rental home should always be a listed party on the lease. This means family members as well as authorized roommates. Landlords could very clearly point out that all residents must be approved before moving in, and notified if and when they move out. At any moment an adult enters in or moves outside of a rental home, the lease ought to be adjusted to express the recent changes. In the event the lease in question is a long-term contract, the landlord will have to prepare an addendum to show the new tenants intending to stay in the house.

Considering that tenant changes and the laws governing them will vary greatly, it is essential to really examine each case individually. But, managing your rental properties as well as the tenants residing there is quite a process. For that reason, hiring Real Property Management Now to act on your behalf will be greatly effective and beneficial. We help Palisade property owners with lease and tenant management, including any necessary lease changes. Contact us or call us at 970-314-7123 for more information.

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