Landlord Pitfalls To Avoid
Pitfalls of not Knowing your Rights for a Landlord
It seems as if every time you hear about some kind of landlord/tenant challenge, it is always followed by the idea that somehow the rights of the tenant have been violated. While that may be true in some cases, you still very rarely hear about the rights of landlord inspection. Well, they have proper rights, too!
Being a landlord can be an excellent investment that assure wonderful financial, professional, and personal rewards. However , this could not happen if, as a landlord, you do not understand your own liberties in addition to the rights of your tenants. Knowing your own rights will let you avoid potential pitfalls.
Your Right #1: Rent Will likely be paid on time All landlords have the right to expect the fact that rent will be paid each month and on time. However property owners can fall into the pitfall of being too relaxed having tenants because they feel sorry for them. Furthermore, many landlords usually are too flexible with when the rent must be paid.
This isn’t just an expectation of a tenant agreement, it is a legal in addition to binding contract. Often landlords do not feel they have the justification to demand their rent from tenants.
Your Right #2: Tenants are Responsible for knowing what is in the Contract As a landlord, you provide the tenancy agreement. You must ensure that what is included is fair, legal, and binding. However , if your renter chooses to scan the agreement instead of thoroughly examining it, it is not your responsibility to make up for their absence of information.
- ∼ If it is in the agreement, you have the right to enforce it
- ∼ Tenants will “claim” they didn’t know the details
- ∼ It is on them to read the agreement
- ∼ REMIND your tenants of this fact; ENCOURAGE them to read the deal thoroughly
- ∼ If you don’t, it causes problems later instructions “The landlord never told me that! “
Your Suitable #3: You Have the Right to Enforce the Tenancy Agreement Whether it is in the tenancy agreement, the tenant must follow through. Should a tenant sneaks in another tenant, a pet, or will not pay rent on time, these are all infringements of your the law as a landlord. If your tenant refuses to remedy the situation (get rid of new tenant, pet, or pay rent), you may have the right to give notice and begin eviction proceedings if you choose.
- ∼ The contract is binding to BOTH parties
- ∼ Don’t flexible with the “details” of the agreement
- ∼ Tenants are likely to take advantage if you are not careful
- ∼ It becomes harder for you to impose items in retrospect than to handle them when they initially arise.
∼ Example: It may not be a big deal to you if your couple you’re renting to brings home a kitten for their daughter. However , if you do not enforce your own “no pets” clause, then your tenants may assume they can “adjust” other places of the agreement as well.
Your Right #4: Tenants Ought to Maintain the Property and may not Destroy it Maybe that sounds obvious, but how many landlords do you know who have tendency the rules for that tenant, allowing pets or smoking that happen to be prohibited in the tenancy agreement.