Law

Things to Remember Before Investing in Rental Properties

Tenant and landlord law is a feature of what is known as common law detailing what are the duties and rights of landlords and their tenants. It also includes aspects of both contract law as well as real property law governing both commercial and residential rental property.

State laws

Numerous states base their legal law on both: 

  • Uniform Residential Landlord and Tenant Act
  • Model Residential Landlord-Tenant Code

This is according to the Cornell University Law School. The relationship between tenant and landlord is subject to those duties described in the respective state’s statutory law, the common law and individual leases. Common to most state statutes is the landlord’s obligation to maintain the premises in accordance with:

  • Building
  • Housing
  • Health codes

The laws also state that tenants are normally required to keep the premises that they are occupying clean as well as sanitary. 

Governing landlords

Another basic law in these laws governing landlords and tenants, states that landlords have the permission to do inspections of tenants’ dwelling (house or apartment) to make certain that compliance is made with building codes as well as a safety measure; as long as the tenants are given reasonable notice. 

Casey Ryan Richards

This is pointed out in some postings by Casey Ryan Richards. Mr. Richards went to school at Ohio University where he earned degrees in Economics, Business and Psychology. He posts on Blogger in areas that concern real estate and real estate as an investment. 

Before you invest

All the above information does take into consideration points that are important to remember when any person purchases a rental property as an investment. Becoming a landlord is a lot of time-consuming responsibility and might not make this investment worth the time or the money needed. There are many landlords who spend more time in court taking up a lot of time as well as money. It is important to consider this when thinking about the rental property as an investment.