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Uncategorized Mortgage vs Rent- The nuts and bolts That rent and a mortgage are different? Obviously you did. However, it is easy for investment owners to think that the monthly rent and the monthly mortgage amount are related, but they are not. A mortgage is an agreement with the bank based on the amount of the loan, the buyer’s credit history and the […]
Uncategorized How hot is too hot? That since 1983, by Washington State law, RCW 19.27A.060, hot water heaters must be set no higher than 120 degrees when the tenant first takes occupancy? If the tenant wants the temperature raised an acknowledgement and disclaimer should be signed first.
Uncategorized Renter’s insurance, but why? That landlords can require that tenants have renter’s insurance? From my perspective, the primary purpose is to protect owners if a problem occurs which causes damage to the tenant’s belongings, such as a pipe break or roof leak. If the tenant thinks the owner is responsible for the repair or replacement of the tenant’s personal […]
Uncategorized Do I have to? But I don’t wanna…. That fair housing laws require that landlords permit, at the expense of the person with a disability, reasonable modifications of the rental property if necessary for the tenant’s full enjoyment of the premises? The landlord can require that the tenant restore the property to its original condition when the tenant vacates if the modification will […]
Uncategorized Keep it up-to-date. Literally! That the rental market is slowly improving? Per Dupre and Scott, “Rents peaked in late 2008 and bottomed out a year ago. Since then they have been rising, but rents are still below their peak level. In the past 12 months, rents climbed 2.5%.” Tenants are demanding high end finishes and rental value on new […]
Uncategorized Tenant Notices-Delivery That if notices are mailed to tenants, such as pay rent or vacate notices, they must be mailed from the same county as where the rental property is located? RCW 59.12.040 – When a copy of notice is sent through the mail . . . service shall be deemed complete when such copy is deposited […]
Uncategorized Tenant Abandonment That if a tenant abandons a rental property, the landlord must store the tenant’s belongings for 45 days after learning of the abandonment? The courts have stated that there must be, “clear, unequivocal and decisive evidence” of “an absolute relinquishment of premises by a tenant.” The landlord must attempt to notify the tenant of the […]
Uncategorized Tenant Abandonment That if a tenant abandons a rental property, the landlord must store the tenant’s belongings for 45 days after learning of the abandonment? The courts have stated that there must be, “clear, unequivocal and decisive evidence” of “an absolute relinquishment of premises by a tenant.” The landlord must attempt to notify the tenant of the […]
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Uncategorized Investment purchase and security deposit That when a property is sold with a tenant in place, the purchase and sale agreement needs to address how all deposits and pre-paid last month’s rent will be transferred to the buyer? The buyer will also need a copy of the original move in inspection report. Without one, the tenant cannot be charged for […]
Uncategorized City Code & Requirements That different cities have different codes regarding rentals? For instance, the Seattle Municipal Code* includes requirements that there be deadbolts on entry doors, dead bolts or other approved locking devices on all sliding patio doors, that locks be re-keyed between tenants and the prohibition against double cylinder deadbolts. It also specifies the type of locks […]
Uncategorized Violence, abuse & lease termination? That a victim of domestic violence, sexual assault or stalking may terminate the agreement without penalty if certain steps are taken? Any pre-paid rent must be refunded and the deposit must be accounted for as if the entire term of the lease was fulfilled. Co-tenants who are not victims may remain bound to the terms […]
Uncategorized Mobile Home Laws That there is a separate series of laws in Washington regarding mobile home rentals? Different rules apply if only the mobile home is rented or if just the land is rented. Furthermore, different laws apply for mobile home parks than for a single mobile home. RCW 59.18 Residential Landlord/Tenant Act RCW 59.20 Manufactured/Mobile Home Landlord/Tenant […]
Uncategorized Reporting Income That under the Small Business Jobs Act, landlords will need to issue a 1099-MISC to report payments totaling $600 or more during the course of the year for any expenses relating to their rental properties. This requirements starts in 2011 and includes payments to service providers such as plumbers, carpenters, yard services and repair people. […]
Uncategorized Happy Holidays That the entire Property Management team wishes you and yours all the joys of the season? We thank you for your support in 2010 and look forward to helping you build your business in 2011. Happy Holidays! Wishing you a happy, healthy and prosperous New Year!
Uncategorized Rental Evaluation That when determining the rental value of a single family home, typically most of the value is in the structure? Even a view will have less value on the rental market than it does on the sales market. For example, a small older home on a large view lot will have a relatively low rental […]
Uncategorized Rental Caps & HOA That some condominiums have restrictions regarding the rental of units in the complex? Because lenders typically require a minimum owner-occupancy, many condominiums have rules limiting the number of rental units allowed. Some require that the owner live in the property for a specified period before the property is rented. Move in and move out fees […]
Uncategorized Rental Caps & HOA That some condominiums have restrictions regarding the rental of units in the complex? Because lenders typically require a minimum owner-occupancy, many condominiums have rules limiting the number of rental units allowed. Some require that the owner live in the property for a specified period before the property is rented. Move in and move out fees […]
Did you know... Insurance- Landlord Policy That owners of rental properties should have a landlord insurance policy?  A landlord insurance policy will cover the rental property, including fixtures, but will not include personal property.  The lease should require the tenant to have a renter’s insurance policy, which would provide coverage for the tenant’s personal property.  If the owner is leaving any […]
Did you know... Discrimination- Marital Status That marital status is a protected class in Washington State? Marital status includes being single, married, separated, engaged, widowed and divorced. In the City of Seattle and unincorporated King County marital status includes cohabitating.
Uncategorized Agency Disclosure That the Agency Law applies to rentals also? You must give prospective tenants the agency pamphlet just as you would give it to buyers. Rental applicants must sign an agency disclosure form when filling out an application and the lease must include disclosure of both the listing and leasing brokers and who each represented.

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