Once you find a qualified tenant, where their application and tenant screening fits your objective criteria, you are ready to create a lease agreement.
Below is a step-by-step process on how you can create a lease agreement and get ready for move in. Since Hemlane is not a law firm or property manager, we cannot advise on the actual terms of the lease. The below process and resources will help.
Set up to create the lease agreement
When you have a qualified applicant(s), you want to act quickly to prepare the lease. Let the tenant know that you are preparing the lease and let them know when they should expect to receive it from you.
And as a word of advice, please do not take the property off the market (continue advertising it) until you have the following:
- A mutually executed lease, signed by all tenants and cosigners (click here to learn more about the difference between a guarantor and a cosigner)
- The security deposit
- The first month's rent
Please ask the resident for the following information:
- Confirmation on the move in date
- Names of any occupants under 18 years old (anyone over 18 would be already listed as an applicant)
From the Hemlane application, pull the following information from the applicants:
Preparing the lease
When you are on Hemlane's Smart package, we provide two options for creating the lease:
- More full service through local property managers and agents: They can help you create a lease document using their local city or State's forms. They typically charge a fee to put together the document.
- Online forms through Rocket Lawyer: Hemlane is partnered with Rocket Lawyer, where they have online lease agreements for you. Hemlane pays the monthly premium subscription on your behalf. This offering is at no additional cost to you.
Please check with your local associations, especially if you are in a city with higher regulations (e.g. ones with rent control), to confirm whether you need additional addendums, language, and terms than what Rocket Lawyer's leases provide.
Accessing Rocket Lawyer
You can send an email to firstname.lastname@example.org to activate your Premium Rocket Lawyer subscription. Please keep in mind that you must be a paying customer on the Smart package. Your Rocket Lawyer login will be through www.rocketlawyer.com, and you will use the same email address that is on file with Hemlane. Rocket Lawyer has access to residential and commercial lease agreements for all 50 States!
To view what the Premium package includes, please refer to the package here.
Starting your Rocket Lawyer lease
Once Hemlane has activated your subscription, then you can start the Rocket Lawyer lease agreement here. The leases are State-specific and you can go through the workflow of questions. Some quick tips as you create the lease:
- Best Practices for Leases: Read this article on best practices when creating your lease agreement.
- Maintenance Coordination: Under the management section, you will want to add Hemlane's maintenance phone number for emergencies. The maintenance and repair emergency line is (855) 720-0224 (dial 3).
- Rent Collection: There will be a couple of selections for you. Please check the box that says direct deposit. At the end of the lease, you can "Advanced Edit" it and include the below clarification if desired. Please keep in mind that some states require an offline payment option for rent collection,
Payments are to be submitted via Hemlane property management software (www.hemlane.com) via tenant's choice of a manual or automatically scheduled process. Please do not delay in setting up your bank account as smaller bank accounts take 2 business days to verify.
Sending out your lease for signature
Rocket Lawyer allows for e-signature. When you have completed the lease setup in Rocket Lawyer, it will ask for you to send out for signature. You can find the tenants' contact information below for the signatures. You will want to add anyone over the age of 18 on the lease (and any cosigners).
Rocket Lawyer will send it out for e-signature and also send reminders. We typically recommend providing 2 business days for a tenant to execute on signing the lease and starting the transit of the security deposit and first month's rent. A tenant will often tell you they are signing a lease while still shopping the market, and therefore it is best practice to provide some urgency for commitment.
Setting a move in date
Once the lease is mutually executed and signed by all parties, you can upload it under the Documents section in Hemlane and set a move in date for the applicant in Hemlane.
Keywords: lease, residential lease agreement, rental application, legal document, create lease, rental agreement