I am interested in renting out my house. Can anyone tell me the legal things that I need to do?

Question

This is in the state of Ohio.

Answer 1

First step, don't listen to bad advice.

LANDLORDING 101

First, go to a book store and get a good book on landlording. There are scores of them. It should give you generic information on landlord and tenant rights and responsibilities, screening tenants, how to decide on the amount of rent, how to handle deposits, maintenance of rentals, inspections, paperwork, information on rental assistance programs like Section 8, everything you need.

Second, spend a couple hundred dollars and make an appointment to talk to a good real estate attorney. Most forms you get on the Internet and in office supply stores are often too generic. You need a good lease form that complies with local laws and ordinances and yet still protects your interests. The lawyer can give you a brief rundown on local regs you need to know, and point you to a good lease form.

It always amazes me that new landlords just think they can ask a couple of questions, get a generic form somewhere and start being a landlord. You must realize you are taking an investment of many thousands of dollars and putting it into the legal and physical control of a stranger. If you do it right, it is a great thing,. But if you do something wrong it is a disaster that will cost you hundreds, if not thousands of dollars and weeks or months of losses.

If you doubt that statement, just browse through this area for the hundreds of posts by landlords talking about troubles with tenants, and it normally comes down to the landlord didn't understand the law, didn't screen their tenants, or screwed up with the deposit. Find out about all of this first.

The good news, is it really isn't that hard. Anyone can learn the fundamentals in a few hours with a good book to give you the basics and a good lawyer to bring you up to speed on your local laws.

Good luck

Answer 2

What does your lease say interior the element of termination. you ought to start there. Is the customer desirous to instruct the residing house over to a single family contributors precise away? i'm effective the customer and seller can negotiate something. yet having reported that i do no longer understand the sellers economic place. If the customer purchases at a sturdy value, in keeping with probability he could like the income on a non everlasting foundation or in keeping with probability the seller can discover you yet another place to stay. He needs to honor your lease. If, this is a shortsale or looming foreclosures then uncertain. actual sources as you already know isn't the comparable. attempt to artwork with the seller, replace isn't continually effortless yet in keeping with probability you the two can artwork something out. stay effective, each and every little thing continually works out.

Answer 3

Just get a rental or lease agreement form from a stationary store or online and fill in the blanks. Also I would talk to your homeowners insurance about some amount of renters insurance, just in case.

I would recommend making up or finding a form for each prospective tennant to fill out also so that you can check references and employers, etc.

Answer 4

Have EVERYTHING in writing. The terms of the lease. The length the renter is locked into. Damage payments. renters can cause a LOT of damage to property. Also think about what they can and can do to the exterior of the house and yard.

Answer 5

check the laws in your state. when i started 4 years ago, i just printed off a lease from the internet. get a lease signed and for gods sake get a deposit.

Answer 6

screen the renters very carefully for once they are in the place only a court order with a sheriff officer can legally get them out

run a credit criminal background check,

Answer 7

Check with zoning to make sure you can; check with your mortgage holder to make sure your note permits it without an "assignement of rents and leases" or other modification

Answer 8

what state?