Be very careful if you are a landlord
People rent out their commercial or residential properties to make some extra money. But sometimes it just becomes a very big pain in their neck. Back in the days, many of the tenants were ill treated by their landlords. That’s why strict laws were made to protect their rights. And in the last few years there have been many cases of the tenants misusing these rights. Thus, you should be very careful while renting out your property. The most important thing is to select the right tenant. You should do proper background checks and prepare rent agreement before handing out the keys. It should have all the info, not matter how big or small. The essential ones include details of the property, the amount of rent decided, the last date of paying it, fee for late payment, security amount paid by the tenant, eligible grounds for termination of contract, etc. You can hire a lawyer for getting the contract prepared or check a sample on the internet.
After the contract has been signed and you have received the first payment, your job is to keep track of every transaction. Download free rent receipt sample from the internet and give your tenant a receipt every month after payment of rent. Also, keep one copy with you for record. It should mention the amount paid along with the date. This will help you keep track of any late payments. You can also add other details in it, like electricity charges. Just find the free rent receipt sample accordingly.