Real Estate Investor · Sterling Heights, MI · Member since 2009 · 71 posts · 14 votes
As I am still working on fixing up my first rental property (in Michigan) and getting it ready for rent, I am simultaneously trying to do my homework regarding the necessary paperwork needed for signing the rental agreement.
By that I mean, what do I need to give a tenant when he moves in?
1. Rental agreement
2. Inventory Checklist (of items in the house and their condition)
3. I heard that a lead based paint disclosure is required also (house was built in 1954) - where can I get such a brochure from?
Real Estate Broker · Rochester Hills, MI · Member since 2009 · 2k+ posts · 2k+ votes
17y
Also check out these two links - they describe some info you will need - for example - your checklist must contain certain things in specific type size - no kidding.
Good to check with a lawyer before you do any of this to make sure your lease / move in check list etc...is up to snuff.
Real Estate Investor · Sterling Heights, MI · Member since 2009 · 71 posts · 14 votes
17y
Originally posted by Scott M.:
Also check out these two links - they describe some info you will need - for example - your checklist must contain certain things in specific type size - no kidding.
Good to check with a lawyer before you do any of this to make sure your lease / move in check list etc...is up to snuff.
Residential Real Estate Broker · Grand Blanc, MI · Member since 2008 · 885 posts · 316 votes
17y
I would also advise that you have the tenant sign a seperate addendum that indicates there are adequate smoke detectors in the home and that they're 100% functional the time that the tenant took posession. Furthermore, have the addendum say that it's the tenant's responsibility to test them monthly and install new batteries.
I say this because I recently had a fire in a property and the smoke detectors were investigated.
Real Estate Investor · Sterling Heights, MI · Member since 2009 · 71 posts · 14 votes
17y
Originally posted by Mark Yuschak:
I would also advise that you have the tenant sign a seperate addendum that indicates there are adequate smoke detectors in the home and that they're 100% functional the time that the tenant took posession. Furthermore, have the addendum say that it's the tenant's responsibility to test them monthly and install new batteries.
I say this because I recently had a fire in a property and the smoke detectors were investigated.
Thanks Mark, That's a great point. I will think of that when setting up the rental agreement.
Property Manager · Los Angeles, CA · Member since 2009 · 33 posts · 8 votes
17y
Nick,
There are a number of resources you can check out for free.
You will definitely want to familiarize yourself with the tenant/landlord laws for Michigan when it comes to your residential lease agreement. You can simply go to www.hud.gov and search for MI.