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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 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 […]
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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 […]
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.
Uncategorized Buy Vs. Rent Ratios- Seattle ranked #2 to rent! That on October 8, 2010, Trulia released a report indicating that it is cheaper to rent than to buy in Seattle? What does this mean for you? If your client wants to rent the property rather than lower the sales list price, this means that there is an excellent chance that rent in the current […]
Uncategorized Cap Rate That the cap rate is net operating income (NOI) divided by the sales price or value of the property? NOI is annual income minus expenses, before income taxes and interest. A five unit apartment building with monthly rents of $3,750 would have a maximum gross annual rent of $45,000. ($3,750 x 12 = $45,000). If […]
Uncategorized Maintenace Requests That critical maintenance issues have to be addressed even if a tenant is behind in rent? For example, a tenant who is being evicted for non-payment of rent still has the right to a working heating system. Furthermore, while the Washington State Landlord/Tenant Act restricts the actions a tenant can take to force a landlord […]
Uncategorized Landlord/Tenant Issues? There is free help! That Washington State has a free advice and referral service for low-income people for civil matters, including Landlord-Tenant issues?  CLEAR has limited resources, but may: Give verbal or written advice that may help solve the problem; Send written legal information and/or forms to help solve the problem; Try to resolve the problem through negotiation; Referral […]
Uncategorized Sending Notices That state law requires that notices mailed to tenants be mailed from the same county as where the rental property is located?  RCW 59.12.040 specifies: When a copy of notice is sent through the mail, as provided in this section, service shall be deemed complete when such copy is deposited in the United States mail […]

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