Change is the only constant thing in this world. Just like the seasons, life and people change too. Even tenants go through the changes that life brings. The list of occupants or leasees on the lease for your rental property in Algonquin should reflect the relevant changes that happen to your tenants. These events include divorce, death, and adding or changing a roommate or family member. It is important to have an accurate count of all tenants and occupants in every rental home for the good of both property owners and tenants.
Lease management is a vital aspect of managing a single-family rental property. 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 clearly indicate the names of the tenants and all the other people living in the property. The reason is that when renting a house, a property owner accepts a certain degree of liability when it comes to the property and those staying there.
Assuming unauthorized residents damage the property, the landlord could only hold the folks who signed the lease responsible. The same restriction applies to collecting rent. In other words, if 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 whose names are not written on the lease.
There are multiple circumstances that may warrant 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. For situations like these, the remaining tenant may opt to stay and continue renting the house. If this is their decision, then the lease should be updated to reflect the actual responsible parties. In this instance, a landlord can require the remaining tenant to re-qualify for the house based on their sole income and circumstances.
Another frequent case that requires a lease update is marriage or any additions to the household. Typically, should be a listed party on the lease. This covers family members as well as authorized roommates. Landlords should plainly tell their tenants that all residents must be approved before moving in, and they are notified if and when they move out. When an adult joins a tenant in a rental home or when one moves out, the lease should be edited to reflect the changes. If the lease in question is a long-term contract, the landlord wouldn’t need to create a brand new lease. Instead, they can prepare an addendum that would show who the people are that plan to occupy the house.
Because tenant changes can happen anytime and for so many reasons, and because the laws that govern them also change, it is important to examine each case individually. Following the actions of your tenants as well as keeping an eye on your rental properties can prove to be very laborious. This is why teaming up with Real Property Management Northwest Chicago Suburbs can be very beneficial. We help Algonquin property owners with lease and tenant management, including any necessary lease changes. Contact us or call us at 847-892-4040 for more information.
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