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Hey Landlord! Is Your Lease Legal?
The longer you are a landlord the more you strive to create the perfect lease/rental agreement. Landlords learn in the school of hard-knocks that some tenants are certified trouble makers and we try our best to protect ourselves with a carefully structured restrictive lease.
That's just good business.... but be careful you don't include any provisions in your lease that may not be legal. For example...
It would be illegal to include a provision that states the resident agrees not to include his or her lease (the lease on your property) in their bankruptcy filing... should their bankruptcy become necessary.
Bankruptcy laws are Federal.. lease law is state law.
Anyone can file for bankruptcy and invoke all protections afforded to them by the U.S. Bankruptcy Code... including not making lease payments... at least temporarily.
Here's another caution...
It would be illegal for your lease to require that residents be responsible for injuries he or she sustain during the lease term. The law can legally hold landlords liable for damages and injuries caused due to negligence. A landlord cannot contract that away.
How about repairs....
The same would apply to a requirement that the tenant be responsible for all necessary repairs. In every state the law mandates that landlords perform certain repairs to maintain the property and keep it habitable.
Does your lease contain a clause concerning attorney fees?...
Requiring a renter to pay for all of the landlord's legal fees and costs regardless of a court case out come would also be a lease no-no.
Most good leases have stood the test of time and will help you avoid legal problems. Just don't ask tenants to sign it until you have read and completely understand every line of the lease you are using.
You'll find the lease we use here...
Investing In Commercial Property
Why commercial property?Compared to residential property investments, commercial property offers some key advantages:Long-term secure cashflow -- Commercial lets normally have long lease contracts, with periods of 10 years and more not being uncommon. In addition to this, commercial property tenants are less likely to default on payments and even if the tenant goes into liquidation, the liquidator may continue paying the rent in order to stop the lease being forfeited.
Good Tenants - Learn Twelve Ways Landlords Keep Them
Happy, Long-term Good Tenants Paying On Time How to Create a Win-Win Relationship for the Both of You!After you've found your tenants, how do you keep them? Establish a friendly, pleasant, business-like relationship with your tenants, so they'll want to renew again each year. By using one or a few ideas below, you will learn how to keep good tenants.
Should You Allow Buyer To Rent During Closing?
It's not uncommon for an investor to sell a house and have the buyer request the right to rent and occupy the property while the closing is being completed.You're a bad guy if you refuse and often in hot water of you agree.
Maintaining Small Town Charm In An Ever-Changing World
Virtually any state in the country has the appeal of multiple small towns. Ask almost anyone who lives in small town why they are here and they'll tell you they enjoy the small town feeling while being close to all the conveniences of a larger city.
Real Estate Investment Requires A Team
I had a hard time at first with real estate investment. One of the reasons was that I tended to be a "lone wolf," trying to do too much myself.
What To Expect In Closing Costs On A Home Purchase
Many are taking advantage of this year's low mortgage rates to purchase a home. Pent up with excitement, many families, who have scrimped and saved for a down-payment, jump for joy when the mortgage lender finally approves their application.
Real Estate Negotiation Secrets
When you bought your home, you offered less than you were willing to pay, right? That's the most common negotiation technique. For experienced investors, however, that's just one little secret among the many more powerful ones.
Landlords Dance The FICO Fandango
Fair Isaac Corporation is the creator of the FICO credit score that is used today by most lenders to evaluate consumer credit risk. FICO scores range from a poor credit low of 500 to a best credit rating of 850.
Business Credit Card Dirty Tricks
My system teaches people that the proper use of credit is the fastest way to speed up your profits in real estate investing.And you can use this system no matter what your own credit score is.
Is It Wise to Take My Home Off the Market for the Holidays?
Let's say you've had your home on the market for many months without a sale. The holidays are drawing near.
Avoid The Traps Of Finance
Most consumers are told where to get their mortgage because few people personally know and trust a mortgage or loan officer or correspondent (the same thing). It used to be agents would take their buyers out to find the house they wanted, then to their favorite mortgage company.
FSBO: For Sale By Owners Chapter One
She reached the phone on its second ring. "This is Tami!" She confidently answered.
10 Home Purchase Abroad Tips For Success
Are you seeking your little corner of sun drenched heaven on earth? If you are you're certainly not alone!Many Northern Europeans, Americans and Canadians are looking overseas for investment real estate or for a holiday bolt hole and if you're considering buying a second home in the sun, a home from home abroad or an investment property overseas and you're in a hurry to get started, these top 10 home purchase abroad tips for success should set you off in the right direction.1) Legal AdviceLegal systems differ from country to country so never assume that you understand how exactly the entire house purchase process is going to work, and never expect things to necessarily go exactly your way! To be assured of the fact that your personal interests are being looked after and that you, your money and your property are 100% secure, legal and legitimate it's essential to seek independent legal representation in the country you're considering buying property in.
Real Estate Remains A Strong Investment
Opportunities to make big, quick profits in residential real estate tend to come and go in cycles. When a local market is hot, families may find it possible to buy a house at an attractive price, fix it up, and watch its value rise in just a few years.
Protective Covenants - Buying A Home
In addition to zoning, some properties have covenants recorded at the courthouse that "run with the land." These "protective covenants" can put a serious pinch in your plans for a piece of property.
Chapter One FSBO the Russ Miles thriller/mystery novel
Chapter OneShe reached the phone on its second ring. "This is Tami!" She confidently answered.
Crossing the Gap from this Home to the Next: Bridge Loan
So you're thinking of getting into a bigger house. You call up the real estate agent and make an appointment to go see what the market has to offer.
11 Steps Away From Buying a Home
There is no doubt that the market for houses has been on fire recently. More and more people are taking advantage of low interest rates and easy mortgage loan terms to go from being renters to being home owners.
Selling a House is Easy
The thought of selling a house strikes fear into most people. The contracts, the legalese, the exorbitant costs - they all conspire to make the experience unpleasant at best, and a nightmare at worst.
How to Buy a Property in Bulgaria
The CostAlthough the property prices in Bulgaria are quite low compared to the other European countries, there is still a wide variety of prices depending on the property type and location (as a rule the properties in Sofia and at the Black Sea are more expensive). The first thing you will need to figure out is how much you can afford to spend and thereafter to determine the price range for your purchase.
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