Education and news for smart DIY landlords!
One of the most important items of a lease agreement should be the identity of the tenants who will be residing in your rental property. Anyone living in your unit must be listed on the lease form and sign the lease.
It is important that you clearly determine who lives in your property (those whom you have approved) because there are tenants who may move in a friend or family member without your knowledge. You cannot hold these "long-term guests" accountable for rent or damages and this can cause problems for you.
Remember that by stating a tenant's name in the lease, he/she will be accountable for all the lease terms. In your lease, make sure to correctly spell out the full legal names of your tenants. The names must match your tenants' IDs.
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