Managing rental properties requires a lot of organization. One of the tasks you'll need to manage is archiving leases each time a tenant moves in or out. This article will explain what archiving a lease means and discuss how to handle a single tenant moving out versus all tenants.
What is Lease Archiving?
Archiving a lease involves moving it from your active lease list to a list of past leases. The archived list allows you to store the former tenant's lease information in an orderly manner. It's still available to be referenced at a later time if needed.
Single Tenant Moving Out vs. All Tenants Moving Out
When one tenant moves out, you'll need to remove them from the Lease itself. To remove them, simply click on the Trash-Can Symbol next to the profile for the tenant:
This will present you with 2 options to remove the tenant:
Remove From Lease - This will archive the Tenant and remove them from the lease.
Move Out Tenant - This will move the renter out of the Lease into the past tenant phase.
TurboTip: When a Tenant is archived or moved to the Past Tenant phase, they will no longer be able to see information regarding the Lease in their account.
However, when all tenants from a unit move out, you'll also need to close out the unit itself. This will involve archiving all existing leases associated with the unit. To archive the Lease, simply navigate to the "Leases" tab and select the profile that you are closing out.
You will be redirected to the Lease Profile and if you click "Edit" in the top right corner, it will take you to the Lease Settings where you can Archive/Delete your lease.
Converting to a Past Lease is the recommended option as this will save the information if needed for a later date. Following these steps ensures that all necessary records are properly archived (Archiving a Lease).
If the Lease was made as a mistake or as a test account, you can Delete the Lease. Keep in mind, this will remove all data regarding the Lease including Payments, Documents, and Tenants saved on the profile. This action cannot be undone.
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