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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 of the lease.
Uncategorized •
January 31, 2011
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 Act
Uncategorized •
January 10, 2011
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. The Form is provided to the IRS and to the service provider. The new requirement applies to both residential and commercial property.
Although the requirement to issue the 1099s doesn’t take effect until 2012, landlords need to start keeping records of payments starting January 1, 2011, so they will be prepared to issue correct 1099s. They will also need to obtain the name, address and taxpayer identification number of the service provider, using Form W-9 or a similar form.
Uncategorized •
December 27, 2010
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 •
December 20, 2010
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 value, even if the sales value is high. The tenant doesn’t care about the potential of the property; s/he is renting that small older home. This is especially true in the current market where many properties that were prepared for the sales market – totally updated or even new construction – are now on the rental market.
Uncategorized •
December 12, 2010
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 may also be imposed and, finally, there may be leasing and application requirements imposed by the homeowners’ association.
Before your investor client buys a condominium as a rental, make sure your client does due diligence.
Uncategorized •
December 12, 2010
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 may also be imposed and, finally, there may be leasing and application requirements imposed by the homeowners’ association.
Before your investor client buys a condominium as a rental, make sure your client does due diligence.
Did you know... •
November 8, 2010
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 personal property in the rental, such as a television or other audio visual equipment, the owner may need a rider to the insurance policy for coverage.
Did you know... •
October 31, 2010
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 •
October 27, 2010
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.
