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Quick Tips: Disclosures
The best CYA tool in the business is the disclosure form. Never lease a home without knowing what you need to disclose to cover your… assets. Having the proper disclosures can keep you out of court and in compliance with your local and state laws.
When creating a lease agreement, you will have an opportunity in Step 7 of the lease wizard to select (or deselect) disclosures to include in your lease package. Pay particular attention to state-specific disclosures, and (as we try to say as often as possible) lead paint disclosures if your property was built before 1978!
Use a disclosure form:
- To warn of any potentially harmful materials or substances in the home (asbestos, mold, lead paint)
- To convey strict policies affecting a tenant’s decision to move in
- To meet local and jurisdictional requirements
- To capture and relay information regarding tenant security deposits
- To detail condition of property at onset of rental
- For tenant insurance waivers
- To provide pertinent historical information on properties whenever required
When in doubt, it is better to over-disclose than under-disclose, as it is often legally-required. Be sure the tenants sign the disclosures, and keep signed copies alongside the signed lease agreement in case you need to pronounce your perfect compliance in a future courtroom.