by Shirley Johnson, Realtor
Money matters. You want to have clear communication in your written lease about when, where and in what form payments should be made and what fees will be charged for late or returned payments.
First, determine what forms of payment you will accept. You are required to accept cash payments for rent and provide a receipt, unless the lease specifically states that rent must be paid in another form. If your tenant’s payment is returned, will you pass on to your tenant the bank’s fee? Fees for returned payments must be addressed in the written lease.
Security deposits and pet deposits must be held in a separate bank account for your tenant. Deposits are refundable at the end of a lease with an accounting made of any damages deposit funds were used for with receipts provided.
You may choose to charge a cleaning fee or pet fee instead. Fees are not refundable and no accounting is required at move out.
Decide when rent becomes late. Texas Property Code says you must give 1 full day after the due date before you can begin charging late fees. Many Landlords allow their tenants to be late with rent for a few days. Late fees cannot be charged at all if they are not specifically addressed in a written lease.
State in the lease where your tenant should pay rent. Some Landlords visit their properties each month to collect rent in person. Others prefer their tenant mail their rent payment to their home or a P.O. Box.
A Professional Property Manager can collect funds for you, protecting your property income and your privacy. Property Managers have the training to prepare a lease that protects your income through adherence to Property Code and best practices regarding the money matters of your lease.
We are dedicated to help you grow your wealth through real estate. 3G Properties specializes in home sales, buying, and property management. Call 940-262-0091 or visit www.3ghomessite.com
