Owners of rental properties are no different from any other sort of company owners. They have the same goal: to run their business in the most lucrative way possible while avoiding liabilities.
Finding tenants who can meet your property’s specific requirements is challenging. When recruiting an employee, a company can meet and interview the candidate, signing a work contract, and putting them on supervision before permanently absorbing the individual long-term.
Rentals do not have the same process. When selecting a tenant, it should satisfy you how you have picked the right person before signing the contract, or you may run into problems with a subpar renter. For example, if a tenant is not meeting their obligations for long periods as spelled out in the lease agreement, they have downright breached the contract. In such cases, you must take measures to prevent the renter from escalating their misbehavior.
That said, it would be wise to seek a professional eviction lawyer to help you attain these aims. Knowing your rights as a landlord could come in handy.
Your Right for Security Deposits
To cover the first few months of the lease term, you’ll want to take a security deposit when you sign with the renter. In most states, a security deposit is equal to one month’s rent and holds as a precaution against any damage that occurs during the tenancy.
However, governments are pushing through laws that get rid of such deposit practices. Therefore, it’s best to investigate your state’s statutory limit when deciding on the amount.
Note that you need to maintain the security deposits until you finish the move-out check, and everything or a portion of that amount is used to settle any outstanding expenses. This fee includes overdue utilities, rent, and property damage deemed to be over and above routine maintenance.
Your right to retain deposits throughout the rental term is also significant in case of property damage, and your methods for managing the deposit are just as vital. To improve the situation, placing additional funds in a separate account is the most effective line of action. You will arrange your payments better using this feature, which means you’ll have all the information you need when someone asks for it.
Your Right in Case of Pets Stays
The costs associated with a pet can be very high, and you may wish to charge a pet deposit or fee if you’re allowing them on your property. In most states, a deposit is refundable, which means they gave it back to the landlord if a pet incurred any harm.
As with most businesses, pets are considered the client’s responsibility and are charged fees as the price of the service. While it is not a requirement, you may find some landlords asking for a non-refundable deposit for your pet. Check your agreement to ensure that you’ve charged the correct sort of fee.
However, exceptions are necessary for special cases such as having emotional support animals. They provide aid to their owners suffering from specific mental and health disabilities—for example, PTSD or post-traumatic stress disorder, anxieties, phobias, and depression. Thus, under the law, these animals are granted the right to get reasonable adjustments from landlords
Your Right for Inspection
In the interest of fairness, you should clarify a mandatory inspection report with your tenants before you allow them to start putting their furnishings into the unit. The inspections done before the commencement of the tenancy serve to record the state of the premises before the renter comes in.
Inspecting your property before tenants move in raises awareness for the renter of anything that could be broken or damaged. It also saves them from being liable for damages that arise during their occupancy. Upon completing the inspection, you and the renter sign the inspection form to confirm the property’s condition.
Similarly, the place must undergo another inspection before they move out, after which the review is compared to the initial records to determine any damages committed by the occupant. Such assessments are crucial because it is through them that you are granted the right to keep or utilize any part of the security deposit after the lease.
When a property is rented, a business connection between a renter and an owner is created. One key thing to know about renting property is that each state has its own rules and regulations. Make sure to familiarize yourself with them to guide you through your business further and guarantee that you are adhering to best practices and avoiding future legal disputes with your renter in the future.
