the issue isn’t addressed in time. A quick message to the owner from the tenant should be required. It’s a simple step, but one that needs to be spelled out for your own protection. It’s one thing to have a great lease that protects you as the owner. It’s another to actually have all the paperwork and the documentation to protect yourself. So be fully prepared, beyond the lease; it may just save you thousands of dollars later. For example, you’ll want to avoid the following situation. Let’s say the tenant moves out and there’s a major scrape in the wall, and you’re going to have to spend $300 to have someone redo the drywall and repaint the wall. You could say, “I see that you’ve caused the damage to my wall, and because I’m prepared, I have proof through video footage of the place before you moved in. So now I’m going to need that $300 or have you face a lawsuit.” That sounds fair—have them pay what it will cost. However, you now have that $300 bill in the red, and the tenant could call your bluff, “Actually, that damage was already there when I moved into the property.” If you end up in front of the judge, it’s going to be your word (and credibility) — if you don’t actually have proof — against the tenant’s. You run the risk of the judge siding with the tenant and not requiring the tenant to reimburse you the $300. Plus, you could now be exposed to attorney fees, as part of the court case alone is going to be in the thousands, and that $300 is going to look like nothing. The key is to be prepared . Here’s how to actually protect yourself from such situations and for any and all potential property damage issues.
HAVE THE TENANT FILL OUT AND SIGN AN INVENTORY CONDITION FORM
With witnesses present and signing, have the tenant fill out and
71
Powered by FlippingBook