There are laws landlords must follow and more than just a few of them. Being a landlord can be a very profitable thing but not following the applicable laws and other local constraints can cost you dearly. Here are just a few examples that you should adhere to.
There are many things to consider but here are the top two people think of. You are just not allowed to discriminate against protected classes period. Business is business and if you do not follow the Fair Housing Laws, I guarantee sooner rather than later you will come across someone who knows their rights and you will learn a valuable lesson.
The Credit Reporting Act involves disclosures and proof. If you decline a tenant for credit reasons you must document why, when and what source. You must also get their written consent to pull a credit report. Keep in mind how easy it is to fake credit or have a friend provide documentation or answer a phone and say they are the employer etc. Pull the applicants credit report every single time.
Laws pertaining to security deposits are so strict many smaller real estate companies and realtors get in trouble all of the time. In fact, many real estate companies prefer not to handle escrow deposits at all. Title companies typically handle escrow deposits during sales in todays’ market. Some new industries are growing where companies offer insurance that property management companies will accept instead of holding a tenants’ deposit. Many private landlords should pay closer attention to these laws. Once you are in trouble it is too late.
These are a very small percentage of the laws that can get a private landlord into trouble or cause them to lose a dispute to a professional renter. Not to mention yes, the laws change frequently which means more they are getting tenant friendly. Contact us today about managing your Central Florida investment property. A professional property management company knows and adheres to the Laws landlords must follow.