Landlord Responsibilities Guide For New Real Estate Investor
Landlord responsibilities can be found written in legal format and provide a guide on how to become a landlord. Suggestions on becoming a landlord can be found in book stores, researched online or given by a mortgage or accounting company. You need to learn your responsibilities as a landlord and realize that landlord-tenant leases are not just for the tenant. If a landlord violates a leasing contract, the tenant has the right to have violations corrected. Being a landlord requires maintaining a safe, clean and healthy property. Additional landlord responsibilities can include:
1. Repairing and keeping the property in safe condition;
2. Providing that all electrical, plumbing, heating and ventilating or air conditioning units are in good working order;
3. Maintaining appliances that are furnished by the complex;
4. Supplying running water but not necessarily hot water;
5. Providing for garbage, rubbish and ash removal;
6. Supplying heat unless under the tenants control.
The landlord lease agreement also requires the landlord to set out and follow local housing codes and in most states this includes keeping public or shared areas clean and sanitary. Monitoring rodent and insect infestations is also a part of the landlord’s duties and necessary exterminations are responsibilities of a landlord. Landlord responsibilities include keeping floor surfaces reasonably resistant to water absorption and capable of being kept clean. Foundations, floors, walls and the roof are to be kept weather-tight, rodent proof and in good repair.
Additional landlord responsibilities include providing necessary repairs when the tenant requests such repairs and in a reasonable time period. The landlord may request the tenant to request repairs in written form and a copy kept by the tenant. If the landlord does not make the necessary repairs the tenant can proceed with legal actions and if the tenant voluntary destroys rental properties, the landlord can begin eviction proceedings.
Tenants also have the right to “quiet enjoyment”, which includes noise regulations, but also refers to the landlord’s responsibility of protecting the privacy of a tenant. A landlord cannot make unreasonable requests or rules for tenants that would interfere with normal enjoyment of rental properties. A rental checklist for the landlord that is marked and recorded every time a repair is made, infractions are discussed, and rent is paid is a legal and binding document. Most landlords prefer to keep this on a computer, but hard copies can also be kept in a safe place.
Real estate investing is another type of diversification of an investment portfolio. It can be highly lucrative if the landlord responsibilities are taken seriously, documented, and suggestions and rules are followed. Being a landlord is more than just fixing problems and collecting rent, it involves dealing with nuisance tenants, insurance claims and vacant units. A landlord is also responsible for contracting with tenants through a lease, advertising available properties, conducting credit checks and possibly hiring a property manager. To ensure that your tax records are accurate and up to date, it is advisable to have an accountant who is familiar with tenant and landlord law. Keep your real estate portfolio safe by being a landlord who takes a specific interest rental properties, tenants and services.