What You Need To Know About Responsibilities Of A Landlord

tenancy bondThe role of the landlord begins once your owner-occupier or investment property goes in the hand of tenants and ends when – Well! It never really ends. As a landlord you are expected to comply with guidelines provided by the State, not to mention the need to strictly adhere to various laws.

Prefigure these in your prospective tenant

While choosing a tenant, it is crucial to set up thorough parameters of review. You will do well to learn about their religion, marital status, and number of children (toddlers if any), pets, pregnancy, mental illnesses if any, and disabilities, among other things.

Tenancy Bond

If you do not have a property manager on your side, you will personally have to seek information about the police records, employment statistics, and rental history of your prospective tenants.

Globally, tenants pay a bond, which insures the landlord against any future defaults or disruptive engagements. In this context, you will need to get a bond lodgement form signed by your tenants right at the beginning of the lease term.

Rent-to-own format

While some apartments and detached houses are for rent only, others may be acquired in a rent-to-own format where a tenant can become the owner in due course of time. If the latter is not what you intend, you should be clear about it in the rental clause, thereby disallowing your tenants from harbouring any such intention.

Condition Report and Rental Guide

A Condition Report is crucial to avoiding any later-day skirmishes. Landlords are expected to create a detailed report of the present condition of the property and attach it with photographic evidences. If the tenants find there is a part of the property which is in paltry shape, he should highlight it to the landlord before the beginning of the lease term.

It is also among the responsibilities of a landlord to prepare a rental guide for the tenants, stipulating a tenant’s expected course of behaviour.

Expenses incurred by landlord

As landlord, the expenses which fall within your ambit may include, but are not limited to, fee and taxes, utility expense, supply charge for sewerage and water distribution (paid annually), repairs, maintenance, and body corporate fee.

Repairs can be broadly classified as urgent and non-urgent repairs. While you can put off repairs like fixing up kitchen countertops for another day, blocked lavatory system, incongruous electric system and basement flooding cannot be left for future.

Have you ever been involved in a courtroom debate as a landlord?