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When Should I Change or Update the Tenants Listed on a Current Lease?

Signing a Lease Agreement for a Lynchburg Rental PropertyIt is said that the only constant thing in the world is change, and this saying very much includes tenants. They too are affected by the changes life brings. The list of occupants or leasees on the lease for your rental property in Lynchburg 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. It is important to have an accurate count of all tenants and occupants in every rental home in the interest of both property owners and tenants.

Lease management is a necessary part of single-family rental property ownership. 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 likewise precisely record, by name, all of the tenants and the other residents. That’s why when renting a house, a property owner accepts a certain degree of liability for everyone living in the home and the property.

If ever an unauthorized resident damages the owner’s property, the landlord will be forced to hold the ones who signed the lease responsible, and no one else. The same limitation goes for collecting rent. In the event, 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 not included on the lease.

There are many reasons why a lease would need an update to the tenant list. Among the most common of these are situations involving the death or divorce of a tenant. For these cases, the remaining tenant may choose to continue staying in the rental house. In this case, 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 regular situation that calls for a lease update is marriage or any additions to the household. Generally, any adult living in the rental home should be a listed party on the lease. See to it that family members, as well as authorized roommates, are included. Landlords should clearly explain that all residents must be approved before moving in, and they must be notified if and when they move out. When an adult chooses to live in a rental home, or when he or she chooses to leave one, the lease should be updated to reflect the change. Assuming the lease in question is a long-term contract, the landlord shall prepare an addendum to indicate the current tenants who are living or planning to live in the house.

Because tenant changes can happen for different reasons and the laws that govern who must be listed also changes, it is important that each lease is examined one at a time. 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. For that reason, authorizing Real Property Management Cairn to act for you will be immensely effective. We help Lynchburg property owners with lease and tenant management, including any necessary lease changes. Contact us or call us at 434-215-3028 for more information.

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