Handover for a Rental Property
Handing over is the last stage of the letting go process for landlords. It is when the tenancy agreement has been created and the landlords are ready to rent their property.
The entire handing over process is supposed to be short and sweet, given that the landlords have done their homework. Following is a checklist the landlords should follow in order to make the process effective:
Tenancy Agreements: Landlords need to have two tenancy agreements, one for themselves and one for the tenant. Then they should fill in the following details:
- Name of Landlord & Tenant
- Property Address
- The term of the tenancy
- The rent payable
- Security Deposit
Having done so, the landlord and tenant are ready to sign the agreement.
- Upfront Payment: The Landlord should specify the upfront payment that they require, which can be up to a 3 months’ rent and also includes a security deposit. This security is refundable and is supposed to be paid back to the tenant at the termination of the contract, after deducting any charges for damages done to the property.
- Keys: This is a very important aspect of the meeting and the landlords need to make sure that they have labeled them correctly according to their function. For instance, they should carry tags such “Front Door key, Back Door key, Washroom key etc.” Moreover, the landlords should keep a detailed record of the keys they have handed over and note it down in the inventory and also keep a complete set with themselves, in case of any emergency visit they might have to pay to their properties.
- Meter Readings: Landlords should note down the meter reading when handing over their property and have it in writing on the inventory document. In addition, if the landlord is just renting out a portion, it is better that they have two separate meters for their units, so as to avoid any confusion amongst the multiple tenant parties.
- Final Guidelines: Lastly, the landlord should give a briefing to the tenant regarding the different appliances such as the geyser, stove, water motor, water tank, and fuse box etc. Additionally, the tenant should know the day the garbage is collected, the utility bills are sent out, the names of the patrolling street officers and most importantly the contact details of the landlords.
Having gone through this entire process, the handing over is done! Ideally, it would take an hour for this entire process, given that the landlords have thoroughly followed this checklist.