When a tenant is renting a property there are some basic rules that need to be followed. These rules need to be spelled out in your rental agreement. So what are they?
1 - When is the rent due and when is it considered late:
it still amazes me that this is so tricky for some people. Is the payment supposed to be in my account on the 5th or are you considered late on the 5th? Spell it out. Make sure the tenant sets up direct deposits with enough 'clearance days' factored in. Don't set it up for it to go out on the 5th if the banks needs 48 hours for funds to clear.
2 - Notice:
How much notice needs to be given when they vacate the property? How much notice do you need to give when there is going to be a change in rent? How much notice do you need to give (and in what form) before you enter the property? What about what notice you need to give if you want your tenants to vacate the property? Spell it out so there are not issue sin the future.
