Tenant Due Diligence Checklist
- Tenants need to check the property and the agreement prior to choosing to rent a piece of real estate.houses image by Vitezslav Halamka from Fotolia.com
Before moving into a new home or office, there are a few things you will want to take a look at: Each state has set standards and requirements for landlords and tenants with variations to commercial property, and as a tenant, you will want to become familiar with the rights and responsibilities of the landlord and yourself. Without this knowledge, you can run into problems down the road. - The lease or month-to-month rental agreement for housing or commercial properties can seem very technical and lengthy. However, it is very important that you read each item and ask for clarification where needed. Information to consider includes rent due dates, late fees, maintenance charges, repairs, parking fees, trash and recycle bins. Know the limitations to guests, pets, parking and any provisions made by the landlord in regards to renter's insurance and water beds.
- If your landlord does not provide a checklist to inspect the unit, then provide your own. If you have a camera, take pictures of the walls, doorways, carpet, sinks, bathtubs, fixtures, etc. and give copies to your landlord. Makes notes regarding chipping paint, water leakage or prior damage, and faulty electrical switches and plugs; light sockets should be checked as well. Check for cracks, holes, chips in the walls, door jams, tile, baseboards, mirrors and windows.
- Commercial properties have extensive agreements that cover who is responsible for repairs, updates, trash pickup, security, maintenance, parking structures and insurance requirements. Obtain copies of every agreement, whether it is commercial or residential. Keep copies of all receipts for money paid, with a note as to the form of payment.
Agreements
Checklist
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