“The only constant in life is change.” Heraclitus was right when he said those words and it still holds true today. Even tenants are subject to the changes life brings. The list of occupants or leasees on the lease for your rental property in Winter Springs should show the relevant changes that your tenants experience. Events such as divorce, death, and adding or changing a roommate or family member should be reflected on the list. For the sake of both property owners and tenants, it is important to have an accurate count of all tenants and occupants in every rental home.
Lease management is a necessary part of single-family rental property ownership. As a legal and 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 list, with clarity, all of the tenants and the names of any other occupants. For this reason, when renting a house, a property owner accepts a certain degree of liability for both the property and the occupants.
Let’s say an unauthorized resident damages the house. The landlord cannot hold anyone else responsible except the people who signed the lease. The same condition goes for collecting rent. When 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 that are not recorded on the lease.
There are multiple situations that would justify a lease to need an update to the tenant list. Among the most common of these are situations involving the death or divorce of a tenant. After going through one of these events, the remaining tenant may prefer to remain in the rental house. If this is so, the lease should be updated to reflect the actual responsible parties. If this occurs, a landlord can require the remaining tenant to re-qualify for the house based on their sole income and circumstances.
Another typical event that warrants a lease update is marriage or any additions to the household. In principle, any adult living in the rental home should be a listed party on the lease. Which means, family members, as well as authorized roommates, should all appear on it. Landlords should clearly state that all residents must be approved before moving in, and must also notify the landlords if and when they move out. Whenever an adult settles into or moves out of a rental home, the lease would need to be revised to show the change in the situation. If the lease in question is a long-term contract, the landlord can prepare an addendum instead of making a new lease. All the addendum would indicate are the names of the additional tenants.
Tenant changes vary widely as do the laws that govern who must be on the list. For this reason, it is best to examine the lease agreement of each case individually. Supervisory work can be very time-consuming especially if you do it properly. Keeping watch over your rental properties and your tenants are not easy. Because of this, working with Real Property Management Verita could be very profitable for you. We help Winter Springs property owners with lease and tenant management, including any necessary lease changes. Contact us or call us at 321-972-6823 for more information.
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