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 5 Real Estate Laws Every Landlord Should Know

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rihanna1



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Join date : 2011-08-08

PostSubject: 5 Real Estate Laws Every Landlord Should Know   Fri Nov 04, 2011 7:29 am

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In the United States, real estate laws vary from state to state. However, there are common laws that govern landlord-tenant relationships and dictate what should be done if there are conflicts that happen along the way. Here are 5 of the most important real estate laws every landlord should know:

1. When renting out a property to another individual or group, landlords get into a legal, binding contract. As the landlord, you have all the right to receive an agreed upon rent in exchange for the use of your property. It is also your right that the property is returned undamaged (except for normal wear and tear) towards the end of the rental period.

2. It is part of the landlord's duty to respect the rights of the tenant, which includes the right to use your property without any interference. Tenants also must be provided with basic amenities in the property for a decent everyday living which includes running water, heat, garbage disposable, maintenance, and right to housing compliant with state and local building codes and regulations.

3. When you rent out your property, your tenant should be provided with all pertinent information about you - such as your name, address and contact information. It is also a landlord's obligation NOT to discriminate tenants for being disabled, for race, or for having children, among other illegal criteria. Thus, landlords cannot evict him or her on personal, unlawful grounds.

4. For any possible reason, landlords may NOT retaliate against their tenant by cutting off utilities, increasing the rent, or evicting. If your tenant has been unable to pay rent, or has complained to you about living conditions in your rental property, or has joined a tenant union's organization, he should not receive negative consequences from the landlord.

5. When your tenant has been unable to pay the rent for more than 7 days overdue, landlords must give a written notice to remind the tenant about the payment and your intention to evict him should the rent remain unpaid after a specified deadline. The right to evict can also be used by a landlord if the tenant commits acts harmful to you or your property, harms other people, or commits an outrageous act that will endanger the safety of the property and the neighbourhood. The tenant must be given at least a 24-hour notice to leave the apartment. If your tenant ignores your notice, you can proceed with filing an eviction complaint in court.

Real estate property rental is one of the most lucrative aspects in the real estate industry. However, note that when renting property, you have as much duties as there are rights as landlord. If you would like to success at real estate property leasing, make sure you know these laws by heart. It is through these laws and regulations that rental transactions run smoothly and conflicts get resolved the soonest time possible. There may also be real estate laws imposed by your state, asks your real estate manager about it and find out.
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