What as landlords are we reliable for? The rent does not include utilities...so what can and can't the renters ask us for?
2007-09-10 13:11:20 · 3 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
WOW !!
I just answered a similar question.
Since, there's already great advice here, I'll just paste the same thing I said to the other poster.
The one thing I will add for you to be cautious about is "Entity Vesting". A lot of people are told to form a legal corporation (LLC, S, C, etc.) & transfer title of the house to the name of the company in order to limit "personal" liability when renting property.
There can be a small snag with this ... Most mortgages have a small clause called the "Due on Sale Clause". This clause can be triggered by the simple act of changing the title on your property.
Basically, it means that if you change title to some corporation, the mortgage is now due in FULL !!
This doesn't mean that you can't transfer title to a corporation, but it's best to use a Real Estate attorney to make sure it all gets taken care of properly.
2007-09-10 13:30:10 · answer #1 · answered by pabonsam 1 · 1⤊ 2⤋
Repairing and maintaining the home. You need to have everything spelled out in the lease.
That is why I use a property manager, they have the experience and the contracts in place that cover all of this. The amount they take of the rent is nothing if I made a mistake and didn't have something covered. They also do the criminal and credit check on any application.
2007-09-10 13:20:00 · answer #2 · answered by Tim 7 · 0⤊ 0⤋
Unless stipulated in state law or local ordinance, virtually everything (including utilities) is negotiable.
2007-09-10 13:21:12 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋