Common Notices Used In Managing Investment Property
Managing an investment property involves knowing when to send out notices in order to communicate with tenants and protect yourself legally. Whether you have a tenant who has failed to pay rent or need to let a tenant know about upcoming renovations, it’s important to know the required notices property managers and landlords send out.
Notice of Rent Increase:
This type of notice announces an upcoming rent increase that will take effect on a certain date. These notices must be sent to tenants between 30 and 60 days before the new rent takes effect, depending on state laws.
Offer of Renewal:
This notice lets tenants know that their lease will expire on a certain date and provides them with a renewal offer.
Notice of Intent to Dispose of Abandoned Personal Property:
This notice announces that tenants must pick up their personal property or it will be disposed of. Some states require advance notice, such as 30 days, while others do not.
Notice to Pay or Quit:
This type of notice gives tenants a certain number of days to pay rent that is overdue or risk having their lease terminated. The amount of time you give tenants to pay up varies by state.
Notice of Returned Payment:
This notice informs tenants that their rent payment was returned due to insufficient funds. It also typically includes a returned check fee that the tenant is responsible for paying.
Notice of Repairs:
This type of notice informs tenants that repairs or renovations will be made on the property on a certain day. It also lets tenants know about any outages that will occur, such as having the electricity shut off.
Notice to Enter:
With this type of notice, landlords let tenants know that they will be entering the property. Whether landlords are doing an inspection or checking on repairs, most states require this notice to be sent to tenants at least one day before visiting the property.
Notice of Lease Amendment:
This notice informs tenants that there has been a change to their lease. If the change was negotiated between the landlord and tenant beforehand, this serves as a formal document stating that the lease has been amended.
Notice of Non-Renewal:
With this type of notice, landlords let tenants know that their lease is set to expire on a certain date and will not be up for renewal. It also includes a date by which tenants must vacate the property.
Unconditional Quit Notice:
With this type of notice, landlords let tenants know that their lease is being terminated within a certain period of time for a specific reason, such as illegal activity or major property damage. Tenants do not have the opportunity to remedy the situation.
Notice to Cure or Quit:
This notice gives tenants a certain number of days to fix a violation, such as having pets that are not allowed or unapproved roommates, or risk having their lease terminated. This only applies to violations of clauses or conditions included in the lease agreement.