Why Landlords Need to Know Real Estate Law
Aspiring landlords need to understand that being a landlord involves more than just sitting back and collecting rent. If a landlord doesn’t understand real estate law, they can end up in trouble before they start to see a profit. It’s not hard for a landlord to end up in a lawsuit that could cost them a lot of money. Fortunately, getting up to speed with the law isn’t hard to do. Once a person has a good understanding of the law, they can start to take on tenants. Since laws change, it’s good practice for landlords to do a review of the law every year or so.
People looking to learn more about real estate law can visit websiteor any other quality legal website to get the right legal advice. Lawyers often offer free consultations that are well worth it. Even after the free consultation is over with, paying for an hour or two of a lawyers time is a bargain considering how much lawsuits can cost to defend against. One of the most important things that a landlord must do is put the agreement that they have with their tenant in writing. It’s in this agreement that the rental terms will be discussed. It’s pretty hard for a tenant to claim they weren’t aware of something that is in a signed landlord/tenant contract.
Things like the number of tenants and whether or not pets are allowed have to be in the landlord/tenant agreement. The length of tenancy also has to be in writing. Grace periods are also very important since being late with rent can easily lead to eviction. A landlord must also know that they are never to discriminate against people looking to rent from them. The Federal Fair Housing Act can be used against any landlord who discriminates against prospective tenants. If a tenant is rejected, it’s wise for a landlord to keep the reason for the rejection in writing. Any screening process that is used must be used with each and every person.
With the help of a qualified attorney, a landlord will find it easy to comply with the laws that were put in place to protect both landlords and tenants.
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