There is a lot of legislation in the real estate business. There are laws regarding how you communicate with people, how you set your prices and rent, how you sell or rent, who you sell to or rent, and so much more. What’s more, the laws are constantly changing. In order to keep yourself out of hot water, you need to make sure that you know what the current laws state.
Maintain Goodwill with Tenants
Bad tenant relations are the bane of all landlords. If a tenant is upset, they can cause serious damage to your property, refuse to pay rent or vacate the premises. This isn’t legal behavior and can be a pain to deal with. If you follow the law regarding how you treat your tenants, they will be more likely to be happy with you. For example, you will keep the place in good repair. Your contract will be clear and open about fees and deposits. You will respect your tenant’s privacy. In short, you’ll be aware of the tenant’s rights and not violate them. This will help keep your tenants in a good mood.
Prevent Lawsuits
Getting a lawsuit as a landlord is no fun. There are a few ways that you can be held liable in a court of law. One is through the way that you raise your rent. There are rules and regulations regarding when, how, why, and by how much you raise your rent. You should be aware that tenants can fight illegal rent increases. Another potential lawsuit can come from injuries due to your negligence. If you fail to keep the property in good repair and someone is injured as a result, you could be held liable. You may be required to compensate them for medical bills and loss of income due to an inability to work.
Know Your Rights
Another reason to keep on top of the housing law is so that you are aware of your own rights as a landlord. Some tenants aren’t above trying to bully their landlord, so knowing these rights can help you in a sticky situation. Some of your basic rights include, choosing your tenants, setting tenancy terms, collecting something in exchange for rent, ability to evict tenants that break their contract, and selling your property. However, it’s important to realize that these rights do have limitations. For example, while you are allowed to choose your tenants, it is illegal to refuse to rent to someone based upon their race.
With all the ins and outs and jargon in real estate law, it can sometimes be a little difficult to know exactly what you can and can’t do. While blog articles may help you with general items, you should probably get legal advice for the details. While a lawyer may be expensive, it isn’t nearly as expensive as dealing with a lawsuit for failure to comply with the law.
