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As the housing market becomes increasingly favorable to home buyers, you might have your eyes fixed on an investment purchase. But, renting out an investment home isn't simply a matter of collecting rent. There's a host of details you'll need the assistance of a real estate lawyer for. Consult with a real estate attorney for the following.
Your Real Estate Rental Lease
After you allow tenants to occupy space in your home, do you know how long you'd like to allow them to stay? Obviously, you'll need to create legal boundaries regarding the period of time that you'd like for tenants to occupy your space. You'll require some sort of legal contract that dictates the terms of their occupancy, how long they're allowed to occupy your home, and what's expected of them while they are occupying your home.
The rental lease also dictates issues such as when the rent is due, how much rent is due, if the rent includes utility payments, and what type of tenant behaviors violates your lease agreement. You might be placed in a position to legally evict your tenants so your lease should stipulate the terms of eviction, along with the amount of time that your tenants have to clear the premises.
Real Estate Escrow Accounts
When apartment tenants move into a large-scale managed property, the property management firm holds the tenant's security deposit in a designated account. But, as a private home owner renting out your property to tenants, you won't have access to the same type of accounts. A real estate attorney will need to work with you to create documentation that designates a business account at your bank to be used as an escrow account for your rental tenants.
After determining how much of a security deposit you'll require from your tenants, the attorney will draft a contract addendum that speaks to the issue of an escrow account for your tenants. Your security deposit addendum should stipulate terms such as how much money is due upfront, when the tenant can expect to receive their money back after they vacate your premises, and the terms that the tenant can expect to receive all of their deposit back. If the tenant leaves considerable damage to your property of if you'll need to pay for extensive cleaning after the tenants vacate, then the fees are usually deducted from the tenant's security deposit. However, you'll need to verify the intricacies of this issue with your real estate attorney. You'll also need to contact contractors and housing inspectors before you're legally able to rent your home to tenants. But, the first professional you should contact is a real estate attorney, such as JMK Law Barristers and Solicitors. They'll help you to stay in compliance with real estate and landlord laws in your area.
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