If you forget to keep your former tenant`s rental documents for at least 6 years, you may find yourself in the inevitable position to defend yourself against a complaint filed by a former tenant whose lease you do not remember. As such, you would not have documents that you can refer to to update your brief, nor do you have documents that you could use as an exhibition in court. Remember that a tenant usually only has one landlord at the same time, while you can have dozens or hundreds of tenants at the same time. It is probably certain to say that the tenant will have a better memory of you and their or their rent than you will have of them. It is therefore very important to keep all documents related to the client as long as the former tenant can sue you. With computers and the ability to save things digitally these days, a landlord has no excuse for not sticking to a tenant`s rental file for at least the duration of the prescription. Save important documents on USB sticks and store them in a safe or use an online document storage service. Once you grant bank receipts with your bank statements, you can crush the deposit vouchers. While you can get rid of expired warranties, you must keep the proof of sale for the duration of a warranty. Answer: Legally, if you buy rental property, you are „on the shoes“ of the previous owner and you are bound to any rental agreement. If it is month by month, you can serve a 30-day notice to change the conditions, including the rent increase.
If the rent is increased by more than 10% compared to the previous year, a 60-day period must be notified. I always scan my leases and digitally guard them in a document server forever and forever. In Texas, for example, landlords must pay back a deposit within 30 days of a tenant`s departure. If you have agreed to return bail within 14 days and waited 20 days, you may be prosecuted. If you don`t have a copy of your lease, an angry former tenant might say that you agreed to return your deposit earlier than 30 days, and you could be held liable for penalties you don`t deserve. Late fees are a contentious issue for tenants, even if they have agreed to pay them in the tenancy agreement. I hope you have written your late fees in your lease instead of creating a verbal agreement. The statute of limitations for filing an action on the basis of a breach of contract in Wisconsin is 6 years from the date of the infringement. The safest thing for a landlord is to keep the rental record of a former tenant, and in particular all contracts, at least 6 years from the date the contract ended. For your most important documents, experts recommend keeping several copies. This may mean that you keep one copy in your cloud storage and another on a hard drive.
It could also mean keeping a copy in your electronic locker and a printed copy in a refractory safe. When it comes to documenting maintenance and repair work, you should save these documents as long as you own your property. These documents are useful if you need to assess the value of your property or see how much you have spent as an owner on repairs. As a landlord in Texas, he is responsible for keeping accurate records on tenants, including maintenance, repairs, damage, and of course the lease or lease.