Did you know... • July 15, 2013

Free Legal Advice – Washington State

by Michael Waggoner

The NW Justice Project, Washington State, has a free advice and referral service for low-income people for civil matters, including Landlord-Tenant issues. This toll free, state-wide service called CLEAR 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;
Refer to another provider of legal aid.

Contact information:

Outside King County: Call 1-888-201-1014 weekdays 9:15 a.m. until 12:15 p.m.
King County: Call 211 or 1-877-211-WASH for information and referral to an appropriate legal services provider weekdays 8:00 a.m. – 6:00 p.m.
Persons 60 and Over: Persons 60 or over may call CLEAR*Sr at 1-888-387-7111, regardless of income.
On line: http://nwjustice.org/get-legal-help

Did you know... • July 9, 2013

HOLDING DEPOSITS

by Michael Waggoner

If the landlord requires a deposit to hold a property, (not rent it until the applicant has been financially approved, as one example) the applicant must receive a receipt and a written statement of any conditions under which the deposit may be retained by the landlord. If the prospective tenant does move into the rental property, the amount of the deposit must be applied towards the first month’s rent or the tenant’s deposit. If the tenant does not move in, the landlord may keep the holding deposit as long as doing so is in accordance with the statement of conditions given to the prospective tenant. (Washington State Law) – (RCW 59.18.253)

Did you know... • July 3, 2013

Happy 4th!

by Michael Waggoner

Happy 4th!

Have a great 4th of July!

Did you know... • July 2, 2013

Insurance and Condos

by Michael Waggoner

If you are an investor and you own a rental condo, you may need a landlord insurance policy! The homeowners’ (HOA) policy typically covers only the structure and not the carpets, appliances or drapes. Most policies don’t cover the costs of plumbing problems within the unit – problems that can cause damage to the condo and/or to the unit below. In addition, many HOAs have large deductibles in order to keep premiums down. Finally, the HOA policy will not cover landlord liability. Even if the mortgage company does not require additional insurance, you should talk to your insurance agent.

Did you know... • June 17, 2013

A TENANT HAS RIGHTS!

by Michael Waggoner

A lease cannot waive tenant rights as granted by the Washington State Residential Landlord/Tenant Act. A lease also cannot limit the landlord’s liability for injury or damages. A lease/rental agreement can increase the rights of a tenant, but cannot decrease them. Whatever provision offers the greatest protection to the tenant will stand in court, whether it comes from the Landlord Tenant Act, and local ordinances like the Seattle Rental Ordinance or the terms of the lease.

Did you know... • June 10, 2013

Buying A rental property?

by Michael Waggoner

What you need to ask for if you represent someone buying a property with a tenant in place? The following should be requested as part of the buyer’s due diligence:

§ Lease and any addendums – the property is subject to the lease terms. At the end of the lease or if a month-to-month rental agreement, terms can be changed with a 30 day notice.

§ Move in inspection report – the tenant cannot be charged for any damages unless there is a written move in inspection report.

§ Rent ledger – this will tell the buyer whether the tenant pays rent on time.

The following need to be transferred at closing:

§ Any deposits and pre-paid rent (last month’s rent).

§ Pro-rated rent for the month of closing.

§ Keys (easy to forget if buyer isn’t taking possession at closing).

§ Tenant contact information.

The buyer must notify the tenant in writing of the Washington State bank and branch where the deposit will be held in trust, where to mail rent and who to contact in case of a problem.

Did you know... • June 3, 2013

Washington State – NOTICES

by Michael Waggoner

Notices mailed to tenants, such as pay rent or vacate notices; they must be mailed from the same county as the one where the property is located?

RCW 59.12.040 – In the state of Washington, when a copy of a 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 in the county in which the property is situated, properly addressed with postage prepaid.

Do it right the FIRST time!

Did you know... • May 28, 2013

Client Security

by Michael Waggoner

Not only is it common sense to shred confidential documents, it’s also Federal Law! The Fair and Accurate Credit Transactions Act (FACTA) requires that all information taken from consumer reports must be shredded before disposal. Consumer reports include credit reports and scores, residential or tenant records, check writing histories (tenant ledgers) and insurance claims. The law covers all media – paper, discs, hard drives and CDs all have to be destroyed.

Did you know... • May 27, 2013

We Remember

by Michael Waggoner

We Remember

Did you know... • May 20, 2013

Investment Buyers

by Michael Waggoner

There has been a significant increase in investment sales? Per Dupre & Scott, last year was the third best year ever for apartment sales in the Puget Sound region. Based on our requests for assistance from real estate brokers, there are also many investment buyers looking to purchase single family homes and condos. We can help with estimates of rental values, analyses of the pros and cons of potential listings and, of course, we’re happy to help clients who lack the time or expertise to manage an investment property with property management services.

www.cbbainrentals.com

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