Being a landlord comes with its fair share of challenges. Landlording is a costly endeavor as you need to cover mortgage note payments, property taxes, maintenance, and any other miscellaneous costs.
With a signed lease agreement & a security deposit from the tenant, there are certain protections a Landlord can take. This can ease the situation knowing that if worst comes to worst there is a way to pay for tenant damages without dipping into your own pocket first. But, you have to know how to do it legally so that you are not paying triple damages, attorney fees, and costs.
As a Landlord What Can I do?
The experienced landlord will spend a little extra money up front in order to protect themselves and their investment from future damages. That little extra spent is pennies on the dollar when compared to those many amateur landlords who blindly collect the rents and security deposits in advance without considering if there are any consequences. Contact my office to get you set up properly to minimize or eliminate problems that will surely come up when you are a landlord renting a property.
Minor Apartment Damage
Every apartment or home lease agreement is different in terms of language and what is considered minor damage, so before moving forward it is important to look at the exact verbiage of your lease agreement. As a landlord, it is important to note that wear and tear is a loose term, based on the contract language it can account for a variety of things. According to the Landlord and Tenant Act of 1985: “A tenant cannot be charged for any damages that would have occurred over the course of someone living in the residence”.
Taking a Security Deposit from a tenant can be done, as long as, it is done legally and with strict adherence to the law. There are many things required of the landlord who decides to request first and last month’s rent in advance and a security deposit. Most amateur landlords do not do it right and it costs them dearly in the end.
Damage on the property has been discovered, and the apartment is a mess, now what? There are numerous steps that a landlord can take that involve both civil and legal actions. Each situation varies greatly based on circumstance, so if you are unsure of the next step to take, consult a lawyer who specializes in landlord / tenant disputes. Better yet, dprotect yourself before there is any damage.