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Tip #144:  Cover Your Assets

Cover Your AssetsWith security deposit lawsuits on the rise, landlords need to protect themselves in the event of a tenant dispute over damage to the rental property.

The best way to do that is to create a paper trail. That trail begins with a Move-In checklist, following these important steps:

Make sure the Move In Checklist covers the same items as the subsequent Move Out checklist.

Walk through the property with the tenant when you complete the Move In checklist, and allow the tenant to make notations. Have the tenant sign the form at the end of the inspection.

Allow the tenant a reasonable period of time–7 days or so–after they’ve moved in to add anything else to the checklist. This can help you in the event of a subsequent dispute.

AAOA offers a free Move In/Move Out checklist for our members. See Landlord Forms for more information.

See last week’s Landlord Quick Tip.

American Apartment Owners Association offers discounts on products and services for landlords related to your rental housing investment, including rental forms, tenant debt collection, tenant background checks, insurance and financing. Find out more at www.joinaaoa.org.

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