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 select the "Move In" button from the three-dots menu:
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” 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 pay 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 the 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 pay 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 to 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, Utilities, and enable email notifications. Press the "Next step" 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 step" 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 creating, "Agreement & Signature,” you can enable the “Include agreements” toggle button. If the toggle button is enabled, you can either select a previously added/Basic Residential lease agreement or create a new template. You can add 10 templates by clicking on +add you may also add shared (visible to your tenant) or private (visible to you only) attachments if you disable the “Include agreements” toggle button.
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:
Please note! Signature/Initials rules:
- You can require signature or initials from your tenant(s) after each agreement clause by assigning the signature/initials element to them;
- You are able to re-assign signature/initials to yourself or to other tenants;
- Once the signature or initials elements are assigned to at least one tenant, then the Send to sign button is shown;
- You can decide which template and from which tenant to require signature or initials.
Signature/initials/date signed/textbox elements are available only for the Tenant Agreement type and starting from the Starter plan.
You may also enable the “Default Signatures” toggle button. It will automatically add signatures/date signed and assign them to all your tenants you are about to move in.
Default signatures option can be adjusted to each agreement selected on the lease, but only for the text editor.
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:
Sep. 20, 2021