If, as a property management company, you are taking over management of a lease mid-way through the lease, the prior management company or the owner should provide you with a copy of the current lease, a ledger, and the status and funds associated with any security deposit at an absolutely minimum. If you do not receive a lease, you may still step in and manage the property. However, without a written lease you cannot charge late fees in many cases or additional administrative fees because are outlined in the written lease. Without the written document to prove those fees and costs you may not be able to collect them. Additionally, without a written lease, if legal action is taken, you may not be able to collect attorney’s fees as the prevailing party.
If you cannot get a current lease, ask for an older version of the lease if the tenant has been there prior to the start of the current lease term. This will help you determine what some of the terms and rules under the current lease may be.
In some cases, it may be appropriate to ask the Tenant for a copy of his/her current lease. Please consult an attorney and the property owner before doing this, however. There may be some cases where you do not want to ask the Tenant for the current lease form for a variety of reasons.
When stepping in to manage a property mid-lease, always ask for a copy of the lease. If you are not given a copy find out if the prior manager/owner has lost their copy or if there was never a written lease. If there is not a current lease, you have the opportunity to put the tenant on a new written lease.