Most landlords tackle many aspects of the rental process themselves, from advertising the property to responding to maintenance calls. Whether you’re managing one or multiple rentals, being organized is essential to finding success and working smarter to minimize the effort you put in.
Discover all of the Nevada rental documents you’ll need, including rental applications, residential lease agreements, and other legal documents for ending a tenancy.
What is a rental application?
A rental application allows you to collect all the pertinent information needed to get to know your prospective renter. Find out if the applicant has pets, if they smoke, or if they have ever filed for bankruptcy. Typically, an application will include a consent form stating that the applicant approves a background check and a credit check. Before approving prospective tenants, you’ll want to conclude that they are dependable financially and will take care of your property by running a formal tenant screening report.
Download a fillable residential rental application here.
Screening your prospective renter
Tenant screening will help you reduce the number of applicants to the most promising ones. With SingleKey’s credit check and background scan, a property manager can access relevant, in-depth information on a potential tenant. Here is a glimpse of what you will see with a SingleKey Tenant Report.
A thorough SingleKey Tenant Report provides you with income and employment verification, as well as a scan of public records to reveal any history of disruptive behavior.
All applicants will need to provide personal documentation to confirm their identity, verify their income, and provide employment references, including:
What is a lease agreement?
After you have chosen your renter, they will review and sign the lease agreement or rental contract that spells out all of the responsibilities of landlords and tenants including property maintenance duties, lease terms, late fees, and repercussions for unpaid rent.
Download a Nevada residential lease agreement here.
Why use a holding deposit agreement for a rental unit?
When the housing and rental market is competitive, landlords can accept holding deposit agreements applicable in all U.S. states. This assures you that the potential tenant will move into the rental property once it is available. Holding deposits are non-refundable, unlike security deposits, where tenants are refunded if there is no damage to the property beyond normal wear or if they are up-to-date with all their rent payments. Landlords may also deduct funds for cleaning within reason.
Download a holding deposit agreement here.
Using a move-in checklist and move-out inspection
By conducting a move-in inspection for periodic tenancies (month-to-month) or fixed-term leases, you pinpoint any pre-existing damage to the property with your tenant. When performing a move-out inspection, your initial documentation will help eliminate any questions on whether damages to the property existed before the tenant moved into the rental. A move-in checklist will be especially helpful when the current renter has resided at the property for years, and you can’t recall the property’s state before the tenant occupied the rental.
Download a move-in and move-out inspection form here.
Nevada rental agreements and documents every landlord needs
According to the IRS, managing a rental property is considered a passive activity even if you are actively involved in the operation. In reality, managing properties rarely feels like you are earning a passive income. To help you navigate unfortunate situations or legal protocols, keep a checklist of Nevada rental agreements and documents every landlord needs.
The bottom line is to ensure you are familiar with Nevada’s landlord-tenant laws and each notice of termination for a rental agreement. Specify your expectations and the tenant’s responsibilities in the residential lease agreement. Having all of your terms in writing, including the rental payment fee, due date, and late fees, will protect you.
FAQ: Essential rental documents for landlords
Our final thoughts
If you’re learning to become a property manager, start creating a checklist for finding prospective tenants that includes tenant screening reports, as well as a digital or hard copy folder of all the essential landlord documents needed to manage a tenancy.
This blog post is intended for general informational purposes only and is subject to change. It is not intended as legal advice. Consult your local laws and seek professional legal counsel before making any decision or taking any action based on this post.
