how an attorney changed the outcome of my lawsuit

Posted on: 6 April 2015

Now that the real estate market is on the upswing, home purchases are hot again. The great news about purchasing a home is that you can rent it out for a monthly income. But,= there's a lot more you'll have to deal with above and beyond collecting rent from your tenants. The first thing you'll need to do is find a lawyer who specializes in real estate law, for the following reasons: 

You'll Need An Attorney To Draw Up A Rental Agreement

Here's some questions you'll need to ask yourself before you allow tenants to move into your home: 

• How long will the tenants be allowed to stay? 
• How much money are they required to pay you each month? 
• What bills are they responsible for paying? 
• What are their maintenance responsibilities, and what are yours? 

These are only a few questions will need to be addressed within your rental agreement. The agreement, commonly known as a rental lease, helps you to establish legal boundaries with your tenants. The lease lets your tenants know what your expectations are, along with what their rights and responsibilities are. If your tenant violates the rental agreement, then you can eventually move to have them evicted from your property. However, since the tenant is protected by tenancy laws, you'll need to consult with your real estate attorney to ensure that you're not in violation of laws protecting their personal rights.

A Real Estate Attorney Helps You To Establish An Escrow Account

Typically, you'll require your property rental tenants to pay a security deposit along with their first month's rental fee. The security deposit covers any fees that you'll need to pay for extensive property cleaning or damage that the tenant causes. For example, if you'll need to replace your carpeting due to pet stains, or if the tenant has caused damage to the structure of your home, then you can withhold their security deposit as payment towards the reconstruction of your property. However, if the tenant has left your property in reasonable condition, then they're entitled to receive their security deposit back after they've vacated your property. 

During the time that the tenants lives on your property, their security deposit sits in an escrow account, protected until it's time to either use it or return it to the tenant.  

Lots of property owners earn a nice income each month by renting their homes out to tenants. Before you make any agreements with tenants, it's necessary for you to consult with an attorney so that you can legally establish your important transactions. Contact a firm like Schulze Howard & Cox for more information.