If you are a landlord, it's crucial to master your landlords rights so that you can manage your tenants effectively and stay out of trouble. Learn your rights easily with this plain English guide.
What are Your Landlords Rights When Collecting Rent from Tenants?
- It is your right as a landlord to receive rent payment from your tenants on time according to the due date and terms stated in your rental agreement.
- You are free to set the rent amount for your rental property as long as your tenant agrees to it. However if there are rent controls in your area or your tenants are under subsidized housing, you will have to follow the local real estate laws when setting your rent price.
- If your tenant is late in paying his rent, you have the rights to charge him a late rent fee as long as the amount is considered reasonable. Most landlords charge a late fee which is equal to 5 to 15% of the monthly rent.
- To raise your rent for a periodic tenancy, you will usually have to inform your tenants of the rent increase 1 to 2 months in advance. For a fixed term tenancy, you may to impose any rent increase until it ends unless your real estate laws or written rental agreement allows you to do so.
What are Your Landlords Rights for Property Damages and Repairs?
- As a landlord, you will be responsible to maintain your rental property in a habitable condition according to the local health and safety standards.
- If there are any property damages or flaws due to daily wear and tear, you will have to arrange and pay for the repairs.
- If your tenant damages your rental property due to neglect or abuse, he will be the one footing the repairs bills.
- Before you can enter your rental property to carry out property repairs and maintenance, you will have to inform your tenants in advance. In general you will have to let them know 24 to 48 hours in advance.
- If your tenant refuses to pay for the property repairs, you will be allowed to deduct money from his security deposit but you will have to give the repair receipts and hand him an item by item account for every deduction.
What are Your Landlords Rights When Evicting Your Tenants?
- Before you can file your eviction lawsuit, you will have to hand your tenant a written notice which gives them a last chance to clear up their mess.
- It is within your landlords rights to evict your tenants if they do not pay their rent or they breach the terms of your written lease agreement. In some areas you can file for eviction if they are repeatedly late in their rent payments.
- As a landlord you do not have the right of self help. This means you cannot take drastic actions to flush out your tenants by changing the locks of your rental property or cutting off the electricity and water supply.
Author Resource:-
Teo Zhenjie has been showing landlords how to manage their tenants and rental property effectively on Propertydo http://www.propertydo.com/ - To learn more important tips on landlords rights, visit his website today for step-by-step real estate guides, free resources and forms.
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