It doesn't matter if you are looking after a single condo rental or an entire complex, you need to make sure you are knowledgeable about all of the current laws when managing property. Many experts often employ the aid of lawyers who specialize in rental regulations to ensure they are protected at all times. The worst part of this is that even the smallest and most innocent mistakes can take everything away and cost far more than you may be willing to pay out. There are five main mistakes made when managing property.
Discrimination And Fair Housing
Regardless of why you want to limit the types of tenants you have in the condo rental, you still have to follow the rules set out in the Fair Housing legislations. Discrimination in terms of gender and ethnicity are common throughout the country. Another area you want to be aware of is refusing family applications. You cannot refuse simply because a potential tenant has children, but you can place a limit on the number of people who reside in a bedroom.
The screening process is often where these violations occur. Your application forms cannot include any discriminatory questions, including things such as marital status. Any information you request must deal directly with the actual unit, such as someone's previous level of responsibility and rental history.
Keeping Up The Quality Of The Unit
One common situation involves a landlord who makes additional promises in order to get a condo rental occupied quickly. While it may increase the profits to start with, the tenant might see the failure to follow through as being misleading. It then becomes legal for the tenant to break the lease. He or she may also be able to take you to court to claim what they see as a loss. Those managing property rentals also need to be aware of safety issues in and around the unit and ensure they are being met consistently.
Security Deposit Regulations
There is often a considerable amount of confusion on both sides surrounding the security deposit on a condo rental. It can only be retained by the individual managing property if there was damage sustained that required the full amount for repairs, cleaning needed, or there is rent still owed. If the reasoning is something not made necessary by the tenant, it is illegal for the landlord to keep the deposit. This includes things such as a broken lease or renovations. Renovations are always the responsibility of the owner and there are steps that need to be taken once a lease is broken.
Punishments And Privacy
In the event that a rent payment is late, it is legal to charge a late fee, but it needs to fall within regulations that give a definition of what is fair and what isn't. Privacy is another important issue. There are laws and regulations that define what steps you need to make when you want to enter an occupied condo rental. If you make a mistake in either instance, you might have to pay damages to the tenant. If you are not ordered to pay costs, it will still cost you the time and money invested to have the issue resolved. The best defense when managing property is to make sure you are aware of what is required of both you and your tenant.
Applications And Agreements
The laws that surround real estate rentals are always changing in an effort to keep up with the changing needs of society. You want to make sure that all of your forms and agreements follow these rules at all times. It is also important to make sure that these papers do not require more from you than the laws do. Some professionals use standard forms that are widely available. These might be okay in some instances and not in others so it is always best to have them checked carefully by a lawyer.
Legal requirements are often forgotten when it comes to managing property. To ensure both you and the tenant have the most positive experience possible with the condo rental, be sure that you always know where you stand and enlist the help of a legal expert to help you through the process from start to finish.