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What
are Your Rights as a Landlord?
Renter and Landlord Rights PART 1
Your renter
and landlord rights may not be the most exciting thing in the world but
it is certainly one of the most important. Let us show you
what are your rights as a landlord today and how you can use them to
make
your life a lot easier.
Knowing
what are
your rights as a landlord will give you a good idea of the dos and
don'ts when it comes to handling your tenants.
If you look at it from another angle, the rights of a landlord are in
fact his renter's responsibilities.
Please use our guide to give yourself a
general idea of the renter and landlord rights you are entitled to.
If you are
still at the stage of tenant screening, Click
here to learn your landlord tenant rights for choosing and rejecting
renter applicants.
What
are Your Rights as a Landlord for Setting and Deducting
Security Deposits?
- Once
you have signed the lease agreement with your tenant, it is the
rights of landlord to collect both the first month's payment and
security
deposit from them.
- You have
the landlord right to
decide how much security deposits to ask for as long as it is
not over the limit imposed by your area's landlord tenant laws. Most
countries restricted the maximum sum of security deposits to 2 month's
rent.
- While the
amount of security deposits demanded by different landlords
can range from 1 week to 3 month's rent, most landlords will ask for 1
month's rent as deposits.
- You can
deduct money from your tenant's security for the following
reasons - Your tenants or their occupants caused damage to your
property due to abuse or neglect. If your tenant has moved out and he
still owes you rent or utility bills, you are also allowed to pay for
it using his security deposits.
To find out
more about handling your tenant's security deposits, Click here for our complete
guide to tenant deposits.
What
are Your Rights as a Landlord for Setting and Collecting Rent Payments?
- You are
allowed to set the rent amount if your area's laws do not
specify a maximum rent amount. If your
area has a rent ceiling, then you have to set your
rent below or at the same amount as the ceiling.
- If your
tenants have a regulated
tenancy or they are part of housing subsidy program, you are
not allowed to set your own rent unless your tenant agrees to it.
Otherwise you will need to have a housing official to decide the rent
amount for you.
- It is the
rights of a landlord to receive full rent payment from your tenants on
the due date as stated on your lease agreement.
- If you have
a fixed term tenancy, you cannot raise the rent until the lease expires
or your written lease agreement allows you to review and increase the
rent.If you have a week to week or month to month tenancy, you can
increase the rent by giving your tenants a written notice 1 to 2 months
in advance.
- If your
tenants are late in paying you rent, your have the landord right to
ask for late fee charges as long as your rental agreement states that
you are allowed to do. However, the amount of late fee charges that you
impose has to be considered fair by your area's law or else your tenant
can protest against it.
Are you ready to uncover other
crucial renter and landlord rights when it comes comes to managing your
tenants and rental repairs?
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