Uncategorized May 7, 2012

That you should not complete an MLS lease for a client unless your client is ready to rent the property under the terms of the lease? Submitting a lease is not simply an offer to rent – if the landlord signs the lease, it is a binding agreement.

Leases have no Form 17 and no neighborhood review, nor are there a set number of days after completing the agreement during which the tenant may rescind the agreement without penalty. An offer to lease would be a completed application form, not a completed lease agreement.

Uncategorized April 30, 2012

DID YOU KNOW?

That the Fair Tenant Screening Act goes into effect on June 7, 2012? One of the new requirements is that landlords may not charge an applicant for screening unless they first post or notify the applicant in writing of the criteria that will be used to screen applicants.

Landlords must get a signature from the applicant showing that they have seen the criteria that will be used to determine the outcome of the application.

We are here to help you and your clients with all aspects of the rental market. Please contact us for further assistance!

Uncategorized April 16, 2012

To show or not to show..

That typically the owner has the right during the last 30 days of the rental agreement to have the property shown with 24 hours’ notice?  The tenants have the right to reasonably say no to showings. 

The Landlord Tenant Act does not address lockboxes, signs or open houses.  These should all be discussed with the tenant by the owner and listing broker prior to listing the property.

Uncategorized April 16, 2012

To show or not to show..

That typically the owner has the right during the last 30 days of the rental agreement to have the property shown with 24 hours’ notice?  The tenants have the right to reasonably say no to showings. 

The Landlord Tenant Act does not address lockboxes, signs or open houses.  These should all be discussed with the tenant by the owner and listing broker prior to listing the property.

Uncategorized April 16, 2012

Showing an occupied rental property

Typically the owner has the right during the last 30 days of the rental agreement to have the property shown with 24 hours’ notice? The tenants have the right to reasonably say no to showings.

The Landlord Tenant Act does not address lockboxes, signs or open houses. These should all be discussed with the tenant by the owner and listing broker prior to listing the property.

We are here to help you and your clients with all aspects of the rental market. Please contact us for further assistance!

Uncategorized March 19, 2012

Foreclosure & Tenant’s rights.

That the federal law offering protection for tenants in foreclosed rentals has been extended?  The “Protecting Tenants at Foreclosure Act” (PTFA) was originally scheduled to expire on December 31, 2012, but the Dodd-Frank Act has extended it to December 31, 2014.

Per the act tenants with a “bona fide” lease that was entered into before the notice of foreclosure can remain in the foreclosed home until the end of the lease, unless the bank sells the property to someone who intends to make it his/her primary residence.  If the new owner intends to occupy the home, a 90-day notice is required, even if the tenant is on a month-to-month lease.

Per the PTFA, in a “bona fide” lease:

  • (1) the tenant cannot be the mortgagor or the child, spouse, or parent of the mortgagor;
  • (2) the lease or tenancy must be the result of an arms-length transaction; and
  • (3) the rent cannot be substantially less than fair market rent for the property unless the unit’s rent is reduced or subsidized due to a Federal, State, or local subsidy.
Uncategorized February 6, 2012

Co-habi-what ?!?

Uncategorized January 30, 2012

Good faith efforts may come up short.

That if a tenant breaks a lease the landlord is required to make a good faith effort to re-rent the property?  The courts usually interpret requirement as meaning that the property must be marketed for rent for the same terms – such as rent and deposits – as the vacating tenant had.  If the landlord decides to sell the property instead of renting it again, s/he has not complied with this requirement and probably cannot charge the tenant for lost rent. 

Uncategorized January 25, 2012

ADU & you!

That an owner-occupied property with an accessory dwelling unit (ADU) may be considered a duplex if sold to an investor who rents both units?   Typically is it easier to get zoning permission for an owner-occupied property with an ADU than for a duplex.  If a rental property is found to be in violation of local codes due to the ADU, a landlord could be required to pay relocation costs for the displaced tenant.

Uncategorized January 18, 2012

Cold weather tips!

That frozen pipes can occur even in occupied properties?  Here are some tips for prevention:

  • Locate the main water shut off before a broken pipe occurs. 
  • Disconnect all hoses; if the water freezes in the hose, it can break the spigot. 
  • Most new spigots have a shut off valve inside the house or garage; shut off any spigots with this feature.
  • Put spigot covers on all outside faucets.
  • Make sure that there is some heat on in the house at all times, including when no one is home.
  • Keep the garage door closed so any heat will be kept inside.
  • If the temperature drops below 20° during the day, let water trickle in all the faucets.
  • In periods of extreme cold, leave cupboard doors open under sinks on exterior walls so the heat will get to the pipes.