Being a Landlord: Responsibilities and Rights

Being a landlord can be a huge responsibility, but it’s also an opportunity to make a solid real estate investment. When you’re a landlord it’s important to make sure you understand your responsibilities and rights in order to protect you and your property.

Responsibilities ofThe Landlord

Being a landlord goes far beyond just collecting rent. As a landlord, it’s your responsibility to:

• Provide a clean and safe living environment
• Repair or replace appliances, fixtures and furniture according to applicable laws
• Maintain the property and proactively address any arising issues
• Respect privacy and keep up with any required disclosures
• Ensure the rental agreement is upheld
• Respond to tenant issues quickly and properly
• Follow applicable laws and regulations

Rights of The Landlord

It’s important to also understand the rights that you have as a landlord:

• Charge a security deposit
• Collect rent on time
• Screen potential tenants
• Approve and/or decline potential residents
• Evict tenants for violating the terms of the lease
• Decide how many people to allow in the rental unit
• Set rules for noise levels, pets, smoking, and other such conditions

Conclusion

Being a landlord is a big responsibility. Knowing your rights and responsibilities is a fundamental part of being a successful landlord. By understanding and following the legal requirements, managing a rental property can be a great source of income.