How do I create a lease?
A lease at TenantCloud is a digital document that officially recognizes a legally binding relationship between two parties — a landlord and a tenant.
To create a lease, click on the Contacts button on the side menu of your dashboard. The default page shows the Moved-in tenants. Click the "No lease" option to view those tenants that are not moved in. Find the necessary tenant and click on the "move in" button under the tenant's name:
Currently, there are two scenarios that allow you to create a lease for your tenant - the Easy move in and the Advanced move in options. The main difference between these two modes is that the Easy move in scenario does not include Dependents section, Other Recurring Lease Transactions, Management fees (Property Manager mode) and Private attachments sections.
Please note! Once you select one of the modes and press the “Get started” button, you will not be able to return back on the first step and change the mode.
To select the Easy move in option, enable the toggle button on the bottom of the page, choose Send to sign agreement or Attach signed agreement scenario and press the “Get started” button. To create the lease using the Advanced option, be sure to disable the "Easy move in" toggle button, select the desired scenario and click on "Get Started".
Please note! Attach signed agreement scenario allows only to attach documents which will be visible to the connected tenants once the lease is shared.
The following link may be useful for you:
The move in process includes a few steps to set up recurring rent invoicing, deposit, and other details. Fill out all the necessary information for the lease including property, unit, lease type, dates, rent schedule, cost of rent per month, and other details.
There are two types of leases for tenants: to pay individually or jointly.
With tenants paying individually, the rent, deposit and other lease transaction amounts will be split between tenants with their exact portion for each tenant. The system will post separate invoices for each of your tenants.
1. Late fees will be applied to the exact portion of tenant's rent separately.
2. Your tenants can pay their portion of rent or other transactions and make partial payments if you have that setting enabled.
3. Management fees will be applied to the total rent amount.
Tenants paying jointly means the tenants will each see one invoice with a full rental amount and will be collectively responsible for it.
The following link might be useful:
In both cases, if you edit the lease, you will be able to add/ remove tenants, but you won't be able to change the invoicing type.
You cannot add more than 10 co-tenants on the lease.
On the second step of the lease entitled "Lease transactions" fill in: Rent, Deposit and/or Other lease recurring transactions information.
If you choose to have your tenants pay individually, then the system automatically divides the rent, deposit and other lease transactions equally to each of your tenants. You may also assign the amounts yourself.
Make sure that split amounts won't be higher or lower than the total amount. Otherwise, you will need to change the total amount.
You can add past, active, and future leases to keep the reports accurate and up to date. You need to adjust the lease start/end dates and the first invoice date for the recurring transactions. The system will generate the unpaid lease transactions after you create it. Additionally, you can set the option to mark past transactions as paid and the system will mark all invoices with a due date in the past as paid:
Make sure you have entered the correct "First invoice date," as the system will post all recurring invoices based on the first invoice date and the schedule.
On the third step of the lease entitled "Extra Fees and Utilities" fill in: Late Fee Settings, Grace Period Settings, Management Fee, Utilities, and enable email notifications. Press the "Next" button:
"Insurance" is the fourth step of the move-in process. You can enable the "Require Tenant(s) to Purchase Renters Insurance" toggle if it is needed. Renters insurance will cover your personal property and personal liability. Then press the "Next" button. If your tenants are paying jointly, you can request renters insurance from a particular tenant.
This might be helpful:
On the last step of the lease, "Agreement & Signature,” you can select the desired lease agreement from the ready-to-use templates, your own uploaded PDF template (or added with a text editor), or create a new template by pressing “Create New Template.” You can add select 10 templates by clicking on +add:
Once the template is selected, you are able to add and require the following fields and then assign them to a specific tenant while moving them in:
Signature - put this field on the document if you want to get your tenant’s signature or add your own signature;
Initials - work in a similar way as a signature, but in this case, you or your tenant will enter only initials on the document.
Date Signed - this field will show when the document has actually been submitted and signed;
Textbox - using this option, you may request a tenant to enter any needed information while signing the agreement(s) or you can enter any information to your textbox to appear while moving your tenant in. Choose the character limit and placeholder text:
Signature/initials/date signed/textbox elements are available only for the Tenant Agreement type and starting from the Standard plan.
Finally, take a look at the final template by pressing the Preview button:
Don't forget to press the "Complete Move In" button (if you do not require E-signature/Initials from any of your tenant(s)), or the "Send to Sign" button (if you do require E-signature/Initials from your tenant(s)).
Please note! You can add up to 50,000 symbols to the document.
There can be three possible statuses:
Active - a tenant(s) is moved in successfully and the system will keep posting recurring invoices.
Signature Pending - a tenant or all tenants need to sign the agreement. The system will NOT post recurring invoices.
Insurance Pending - a tenant or all tenants need to purchase renters insurance. The system will NOT post recurring invoices.
Watch the video guide below:
May 7, 2021