Understanding Your Landlord Responsibilities
Renting a property is a wonderful way to make some extra income, but you need to make sure you can fulfill landlord responsibilities before you rent. Some duties include following building codes, properly storing security deposits, and making repairs in a timely manner. Discover the details:
Follow Building Codes
There are local, state, and federal laws that must be followed concerning building codes. For example, there are laws concerning having an adequate amount of smoke alarms, a properly working HVAC system, and appropriately-placed bathroom vents. By following building codes, you are keeping your tenants and property safe.
Properly Store Security Deposits
Security deposits are important to cover damages or rent if your tenant moves out. Once you’ve received your security deposit, you need to store them properly. Each state requires a tenant’s security deposit to be kept a specific way. For example, most states require security deposits to be held in their own account. This keeps business and personal funds separate which minimizes the chance of accidental spending. Your real estate attorney, Matthew Myers, can expertly answer your questions and help you through this process.
Make Repairs in a Timely Manner
An important landlord responsibility is to create a simple way for your tenants to request repairs and fix them as soon as possible. Depending on the issue, the repairs must be made in a timely manner. For example, if the air conditioner stops working in the middle of July, you should fix it immediately, as that compromises your tenant’s standard of living.
How Myers Law Group Attorneys Can Help
If you’re purchasing with the intention of renting it out, Matthew Myers can guide you through this legal process. From the initial loan to closing day, Matthew will ensure you receive the best deal available. Do you have questions? Contact us today: 478-200-7248.