Top Corporate Housing Lease Documents – Part 1

I was recently reviewing the visitor stats for the CHBO blog and what I learned is that more than anything you wanted to know about corporate housing lease documents so I thought it would be helpful to summarize the top leasing documents you NEED to KNOW about. I have broken the information down into 3 sections:  Corporate Housing Lease Documents, Property Forms Tenant Communication.

Corporate Housing Lease Documents

3 Day Pay or Quit Notice A 3-Day Notice to Pay Rent or Quit is a command normally given by the landlord to the tenant to quit the premises generally due to overdue rent. The notice is drafted with the full names of the tenant, location of the rented premises and the landlord’s location and name. It is the first step in evicting tenants.
5 Day Demand Notice Take the first step towards collecting late rent with this template letter. Inform and remind tenants of their lease default, and offer a contact number to call should they have any questions or concerns.
Deposit Itemized Deductions Specific detailed list of repairs, additional cleaning or missing items that were deducted from the tenant’s security deposit.
Deposit Receipt Always provide your tenant with written confirmation of the deposit you accept for their rental.
Eviction Notice This form specifies the terms and time frame for an eviction and is delivered based on state requirements to the tenant.
Lease / Rental Agreement A written agreement that gives your tenant the right to use your rental property and also specifies the terms under which they may utilize the property.
Lease Addition or Amendment A document that is added to the original lease, if you and the tenant agree upon terms need to be amended during the term of the lease, such as the addition of a roommate or a pet.
Lease Renewal A lease renewal agreement is an agreement when a tenant’s lease is about to expire that allows the tenant to continue to live in the property for a specific period of time.  If a lease renewal is not signed, the tenant rolls over to a month-to-month tenancy situation.
Lease Termination If you choose not to give the tenant the option to renew their lease, this letter gives your tenant the official notice that their lease will not be able to be renewed.
LOR / Letter of Responsibility This is a letter from a corporation on behalf of their employee if they are taking responsibility for the rent and potential damage of your rental.
Notice – Rental Rate Change Notify residents that their total monthly rent, including amenities, will be increased with this notice of rental rate change letter. The document should includes fields to input the new monthly rent, anticipated six-month lease renewal rate, and the anticipated 12-month lease renewal rate.
Notice – Permission to Enter Unless there is an emergency, it is essential to get written authorization from your tenant prior to entering the rental property.  The Permission to Enter or PTE can also be utilized both if they have requested the maintenance or if you need to enter the property for general maintenance or to show the property to the next potential tenant.
Pet Agreement Agree to pets in writing.  This agreement documents the conditions under which tenants may have pets, and details any deposits or fees per animal.
Property Management Agreement The legal document provided to you by a property management company should you decide to put your rental property into their management program.
Rental Application /Background & Credit Check Application Before accepting a prospective applicant, conduct a background investigation. This form authorizes and records background information such as a prospect’s residential and credit histories. Information collected on the form includes reference checks, previous resident addresses, and credit or income verification.

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