While landlords have to make sure that they get paid by their tenants during the rental period, they also have the added responsibility of providing these tenants with receipts for their payment. These cannot be ignored as both the tenant and the landlord will greatly benefit from having this type of document created. You may also see receipt formats.
So a landlord must learn how what a rent receipt must contain to know how to go about in making one. This article is going to focus on how you are going to go about in creating this type of receipt, as well as its importance.
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Why Landlords Need to Create a Rent Receipt
If you’re the landlord and the tenant has already paid you the rent for that particular month, then you’ll need to provide that tenant with a rent receipt. If you don’t, then there’s a very high chance that you could land yourself in legal trouble and that’s not something you want to happen. Aside from that, here a couple of other reasons as to why you’ll need to create a rent receipt:
1. It Will Allow You to Document Both the Amount and the Date of Payment
Let’s say that you’re the landlord of the establishment, there’s always going to be a rent schedule that you’ll have to set up so that both you and the tenants know when they have to pay and the amount they have to pay in. However, there will be times wherein you might not remember how much has already been paid and if the tenant has already paid for that particular rental period.
In situations such as this, having the sample rent receipts will come in very handy. With them, you will be able to keep tabs on how much the tenants have already paid and if they all paid within or before the deadline of the rent. So you can see if the tenant has already paid off his/her balance for the month or week ahead of time, or if there’s still an amount that has yet to be paid.
Also, having both the date and the amount of the receipt is quired if you want the document to be valid for use in court. Because let’s say that you’re charging the tenant for making repeated delinquent payments to the point where he/she is no longer paying the rent. You may then show the printable rent receipt to show the date of the last time the tenant has paid and compare it to the succeeding periods where he/she has not provided you with any payment.
So always remember to have these two items clearly written on the rent receipt.
2. It Helps In Seeing If the Tenant Has Stuck to the Rental Payment Agreement
Before a tenant moves in, he/she is going to have to discuss with the landlord in regards to the rental agreements that need to be followed; usually related to the terms of how the rent is to be paid. So let’s say that you go through your rent receipts for a particular tenant and see that his/her last payment hasn’t exactly fully paid that particular month’s rent. Knowing this, you notify the tenant in regards to the matter in the hopes that he/she will stick to the agreed time as to when the rent must be fully paid. If the tenant still cannot or refuses to pay, then you can send out an eviction notice notifying the tenant that he/she has ample time to pay the amount or else be evicted from the premises.
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How to Write a Rent Receipt
Remember that a receipt serves as a sample agreement between a landlord and the tenant and it’s really helpful in keeping track of who pays on time and who pays late. So here are the steps you’re going to have to follow to create a rent receipt:
1. Include All of the Necessary Information that a Rent Receipt Requires
Whether you’re handwriting a receipt or making use of a template on a computer, it should contain information that both the landlord and tenant will need. A rent receipt is useful for a tenant if the tenant is paying cash or cashier’s check and would want to keep track of all the payments that he/she has made. The rent receipt is useful to the landlord as it’s proof that the tenant has already paid rent for that particular period. If you are creating a rent receipt for your landlord, or for your tenant, then it should contain the following:
- Complete name of the landlord
- Complet name of the tenant
- The complete address of the property being rented
- The date of when the payment was made
- The pay period of the rent
- The total amount of the rent that has been paid
- The method in which the rent has been paid
- Signatures of both the landlord and the tenant
2. Consider Using a Free Receipt Template
If you would like to create printed receipts for your business or company, then there are a ton of free rent receipt templates available online or right here on our very own site. The reason as to why a ton of people tends to use these templates is because they already contain everything that one needs to create a rent receipt. All you have to do is customize it to the information and figures that you would want the receipt to have.
And it’s not just helpful for that reason, it’s also one of the best ways for you to learn the basic components of a rent receipt. This will allow you to understand what a rent receipt should have, which will then help you out when you wish to create your own template. You may also like simple receipt templates.
Why These Basic Components Are Necessary
Now that you know what a rent receipt should contain, you might be asking why they need to be there. So with that, let’s take a look at the importance of these components:
1. The Date of the Payment and the Pay Period
Both of these dates are just as important as the amount of rent that has to be paid. The main reason for this is because these dates are what will tell you whether or not a tenant has paid within the period of when he’s required to make the necessary payments. You have to take note that no matter what kind of rent receipt you’re going to end up making, you’ll need to provide these dates as they’ll both be useful to you and the tenant. Because let’s say that a tenant brings up that he/she has already paid for that particular month and that the tenant is wondering why he/she still has a balance of the unpaid rent. If you can provide the receipt which indicates that the tenant’s last payment is well before the current rental payment period and that there are no other receipts after that, then you can save yourself the trouble. You may also like lease receipt templates.
2. The Complete Names of the Landlord and Tenant
You’re going to need both names as this is what will indicate the person who’s lending out the property and the person who wishes to rent it out. It’s very important that both write down or have their names type in completely and correctly as missing even one piece of the person’s name or spelling it wrong could lead to the rent receipt being invalid for use. So just make sure that you don’t mess up in writing down the names. You may also like free rent receipts.
3. The Total Amount and the Method of Payment
While you were going about in creating the rent agreement, you should have mentioned the amount that the tenant is required to pay a specific amount, as well as discussing the means in which the tenant must pay you the rent. The reason as to why this information is needed is because the rent receipt will not be considered valid unless there is an exact figure in regards to how much the tenant needs to pay and the method in which he/she will pay the landlord. So if the borrower was able to pay the rent via cash, check, or even credit card, then you’re going to have to write that down on the receipt. There are some country and state laws where you’ll need to provide a rent receipt whenever the tenant decides to pay in cash or check, so make sure that you provide them with one or else you’ll be facing some serious legal trouble. You may also like receipt format templates.
4. The Location of the Property
When you’re writing down the location of the property, you have to be sure that you don’t skim out on the details. So let’s say that your tenant is renting an apartment in your building. This would mean that you’ll need to include information such as the apartment number, the floor the apartment is in, the street where the building is located, the name of the building, etc. Writing all of this down will help people know the exact location as to where the tenant is located and prevent any confusion as to who is renting out the property. You may also like sample receipt templates.
5. The Signatures
You’ll need the signature of both as this will ensure that the two have made an agreement that the rent has been paid for and that the tenant can continue living within the rented property. It’s basically a validation of the transaction and both signatures are needed to ensure that the receipt can be used during certain important situations such as evidence in proving when the rent was paid. You may also like simple rent receipt templates.
If you would like to learn more on how you can go about in creating a landlord rent receipt or anything related to this particular topic, then all you have to do is go through our articles until you are able to gather all of the information that should be able to help you out. You may also like rent receipt samples.