Three Business Laws Property Management Companies Need to Know
There can be certain times when laws seem a bit hazy. In order to ensure the safety of your company and the happiness of your tenants, make sure to be aware of these laws:
The Landlord-Tenant Law
For privacy reasons, landlords are not typically allowed inside a tenant’s home without due reason. There are specifications to the law that are written in your lease, so be familiar with the details. Most leases will allow the landlord to enter the premise in order to check-up or do repairs, but only with a 24-hour notice. Whether the lease specifically mentions this clause or not, it is safe to err on the side of caution and inform your tenants well in advance. However, they do have the right to decline.
Increasing Rent Mid-Lease
Though it seems somewhat like common sense, increasing the rent in the middle of a term is against the law. That is essentially equivalent to breaking a contract. There are exceptions, however. As long as both parties agree to the price change due to outstanding reasons, a lease change in the middle of the term can be possible. These reasons can range from improvements to additional services. Nonetheless, it is always safest to discuss these changes with your tenants before acting on them.
The Certificate of Occupancy
Having a Certificate of Occupancy is an easy way to assure your tenants’ safety in a well-maintained living space as well as protect you from any lawsuit or legal action. Once passing an inspection and various other assessments, you’ll be given the certificate. Most well-established apartments and property management companies have one, as they should. However, it wouldn’t hurt showing your tenants the certificate, even if they don’t directly ask to see it.
As a property management company, we’re sure your number one goal is the safety of your tenants while steering clear of legal trouble. Contact us at Filejet with any more questions or concerns about forming a business entity.
