Lease Termination Letter Landlord To Tenant Pdf: Fill & Download for Free

We have specifically built property management software that includes tenant contact info, lease term, and payment information.On the first of the month everyone’s account gets charged their monthly rent and other charges automatically. When a check comes in we enter it as a credit and deposit it in the bank.When late day rolls around(5th for us) the system automatically charges late fees on outstanding balance to anyone who hasn’t paid yet and auto generates a default letter that we print out and mail.The opening page on our program has a scrolling bar listing anyone who owes us money and how much. Like soName is the tenant, Building the property, description is unit number, date is the day of the last charge, amount is how much they owe us. 9/1/19 is someone who we haven’t gotten rent from yet(today is last day before a late charge). The older ones are people who are former tenants who owe us money that we decided to sue and haven’t collected the judgement from yet.It also has a list on expiring leases and insurance in the same format where date is day it expires or did expire.After we mail default notices our book keeper calls people who haven’t paid to get payment. If they haven’t paid by the 10th or given us a super convincing argument(we’ve heard them all) we usually schedule a lockout for around the 15th.If we lock them out we don’t give them a key back until the pay.If a month goes by and they haven’t paid we terminate the lease and sell their contents to get our money back. We also market the space to new tenants and keep the deposit.Every week at the company wide staff meeting we discuss current tenants who haven’t paid.Once their lease term is expired or we find a new tenant we compare lost rent vs. kept deposit and proceeds from selling property. If we have extra money(almost never) we send them a check. If they still owe us we send them a bill and when they don’t make arrangements to pay it we decide if a lawsuit is worth it or not.When they renew the lease or we update NNN info at the beginning of the year, or they have a cpi increase the system generates a letter saying what their new monthly charge is. For instance CPI increases are handled by plugging what the increase was into the system and it auto updates everyone subject to cpi increases(cpi or not is a check box on the filling out of the rent total in initial rent charge form). Changes in NNN are done automatically by plugging in the budget number which gets automatically split between tenants based on the size of their space(which is also already in the computer)This is what the tenant charge page looks like. The old entries are from previous yearsI have one full time in house bookkeeper and an executive who spends half her time checking her work and ensuring internal controls are in place which I spend time on also. New leases or renewal information is entered by the leasing agent and double checked by the bookkeeper.The advantages of a system like this is unlike most other businesses we know exactly how much we are owed every month and updates are automated. Since all the financial data is already there a myriad of reports can be generated for me as an owner or to send to lenders for loan compliance. When a lender needs due diligence financial data on just about anything we select the report and the system auto generates it to either excel or pdf and we can email it to them in about 15 minutes. The software includes a payable system as well.Typically in the Spring we do a settle up from past NNN charges from the year before where we compare what was charged and collected and what was spent. Tenants then get a settlement statement that either credits their account(we spent less than collected) or charges them(we spent more than was collected). If they have outstanding charges and get a credit that money covers the outstanding charges.