What rights do you have as a landlord?
Are you thinking of investing in real estate and renting it out? If you are, you should familiarize yourself with the rights that you have as a landlord.
Here are a few rights that you should know.
1. As a landlord, one of your most important rights is to collect the rent from your tenants before the due date each month. This is an important landlord right because without this, you may not be able to repay the mortgage and not to mention that you will be letting somebody live in the property for free.
2. Another landlord right is the ability to inspect the property that you are renting as determined on the rental agreement. This will differ from state, but as a landlord you will be able to inspect your property at pre determined times in order to protect your investment.
3. Another landlord right that needs to be clearly outlined in the rental agreement is the recourse or penalties for late payment of rent. Sooner or later you are going to run into somebody that does not pay their rent on time and you must have the ability to assess a late fee in order to cover the losses or damages that you will incur
State laws differ and so do landlord rights. You should make it a point to understand the landlord rights in your particular state or you may end up making a very costly mistake.
Your rental agreement should clearly define your rights as the landlord. If they are not, you need to amend your agreement right away.
Do note that your rights as a landlord are defined in the lease as well as the Landlord Tenant Act.