Signing first lease tomorrow, couple of questions.
Hello everyone,
I will be signing my first lease tomorrow, many thanks to the BP community. I have a couple questions for you guys.
I am going to pro-rate the days Dec. 24-31. What do I put for the term of the lease? I am going to be doing month-to-month, so is the first term Dec. 24-31? Or Dec. 24-Jan 31? Or Jan. 1-31?
I am collecting the pro-rated amount + first month + security deposit.
Here is how its stated in my lease:
Tenant hereby agrees to lease the Lease Premises. The term of this lease shall be from _________________, 20____ to _________________, 20____. Tenant shall pay to Landlord as rent for each month during the term of the lease the sum of $________________, payable in advance, beginning on the first day of the term and on the first day of each and every month thereafter until termination of this lease.
With the unit being month to month, not sure what the term of the lease should be. Maybe just an addendum at the end of lease explaining the prorating process, with dates and amounts?
Question #2 - I am going to have the tenants deposit the money into my bank account every month. Do I need to have them sign an addendum explaining the whole process - The address of my bank, the account name and number, etc?
Or is the process of rent payment mostly discussed in person, verbally? For example, "Thanks for signing the lease new tenant, you can mail a check to P.O. box xxx by the first, or bring it by my house(not recommended), or bring it to this bank at this address, etc."
Basically, does the method of rent payment need to be in writing and signed?
Thanks