Category Archives for Rental Property Owner

What you must know as the rental property owner

Being an owner of real estate and planning to go into renting business will face you will a lot of specific requirements you’ll have to resolve, including the legislative ones. There are some law and administrative obligations imposed on all landlords in Spokane, Washington and you should study them thoroughly before renting your property for the first time.

Rental-Agreement

Aside these formal aspects, interaction with your tenants brings more specific issues to deal with. But this article will analyze only the legislative obligations.

Deposit stays intact

Many landlords require a deposit from their new tenants, but the law determines your rights and duties with this money. Be aware that deposit money has to be kept in a separate account. And must not be used except under legally determined conditions. This money stays tenant’s, and you have to give it back when the tenant moves out. Only if the tenant leaves unpaid rents, bills or damages within your property, you are allowed to keep that money.

Duties regarding repairs

Namely, a tenant rents your property in a certain condition, leaning on a paid qualities and settings. You are required to provide various repairs if they happen to be needed and the law determines timeframes for each of them you shouldn’t expand. Unless the tenant is personally responsible for the glitch and broken stuff, then you may leave the responsibility to him.

vacation-rental-property

Notarized leased periods

Namely, Spokane real estate laws impose the rule that rental agreements are allowed to be up to a yearlong. If you have an agreement that includes a period longer than 12 months. You will have to provide notary for it.

Avoid hidden costs

Real estate market in Spokane is quite competitive. And you have to maintain a certain good reputation to stay in business. One of the major aspects you have to accomplish is to be fair to tenants and keep your business just and transparent. Aside from showing basic respect to your tenants and tolerance for various requirements, be open and honest about traits of your property and clear about costs.

Avoid unpleasant surprises with additional costs, underlying damages and issues attached to the property hidden in the moment of renting and many similar things. For example, if the mold tends to be an issue occasionally, it’s better to say it right away. Then to leave tenants to discover it after they’ve moved in.