Tenants, like life, are always going to change when you least expect it. Marriage and divorce, birth and death, all events that could be grounds for changing the list of occupants or leasees on the lease for your rental property in Frisco. In the interest of both property owners and tenants, it is important to have an accurate count of all tenants and occupants in every rental home.
That being said, lease management is a vital factor in possessing a single-family rental property. As a legally binding document, 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. The reason for this is that when renting a house, a property owner accepts a certain degree of liability for the property and the occupants.
Let’s say that an unauthorized resident damages the house. The landlord cannot hold anyone else responsible except the people who signed the lease. It’s the same thing for collecting rent. If there are adult residents in the house who are not listed on the lease and they fail to pay rent, the landlord cannot collect from those not listed 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 indeed what they choose, 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.
Another typical event that warrants a lease update is marriage or any additions to the household. Usually, any adult living in the rental home should be a listed party on the lease. That means that family members, as well as authorized roommates, must also be listed. 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. Now, if that lease in question is a long-term contract, what the landlord can do is prepare an addendum to show who the additional tenants are.
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. Managing your rental properties closely as well as keeping an eye on your tenants can be time-consuming. That is exactly why appointing Real Property Management Focus could be advantageous for you. We help Frisco property owners with lease and tenant management, including any necessary lease changes. Contact us or call us at 469-820-0088 for more information.
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