Law plays an enormous role in the rental real estate business. Since a majority of the business is made up of negotiating contracts and exchanging money, laws are what keep the entire industry flowing in harmony. Although some specific rules drastically vary from state to state (and even city to city), there are many larger rental real estate law topics that are universal everywhere. Below we take a deep dive into these main components of rental real estate law.
Landlord-Tenant Law Definition
Landlord-Tenant Law is the field of law that governs the rights and duties of landlords and tenants, where the relationship between the two is outlined via legal contracts and enforced by laws of the local government.
Rental Property Documents
Agreements & Contracts
Notices & Letters
Agreements, notices, and letters are important tools of the trade for rental real estate professionals. From buying and selling, to managing rental properties, the entire landlord and tenant relationship is bound by what is put in writing. Since most Landlords are not savvy Lawyers, there are thankfully many prewritten forms available as templates for property owners and managers to use without the need to draft one from scratch. Technologies such as digital signatures also allow for more efficient and even remote agreements to be executed.
Rental Property Digital Signature Software
Digital signatures for rental property documents are becoming increasingly popular among rental real estate industry professionals; especially since they can be as legally binding as traditional ink signatures. Landlords and tenants can sign lease agreements and other rental documents online using this software, which offers convenience and time efficiency.
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Rental Real Estate Ownership
Sole Ownership
Corporation
REIT
Since rental real estate is treated as a business, legal ownership can take many different forms. There are many different types of ownership to choose from: Corporation, Trust, LLC, Partnership, REIT, and more. Choosing the right form of property ownership is extremely important for several reasons such as liability protection, controlling tax liabilities, and staying on top of administrative requirements.
Rental Property Evictions
Evictions
Abandonment
3-Day Notices
Things in business unfortunately don’t always go as planned. The most common type of unfortunate occurrence in the rental real estate business is when a tenant stops paying rent or severely violates a lease agreement that requires them to be removed from the property. Similar cases may also include a tenant who defaults on a lease agreement and then abandons the unit before the term is over. Thankfully, there are laws and procedures that property owners can take to correct these issues.
Rental Real Estate Law Jobs
A career in real estate law is a highly respected professional path that takes a deep dive into the legal aspects of owning and operating rental properties. The most common type of jobs in this sector are Lawyers and Paralegals. They are employed by real estate law firms (or can practice on their own) and undertake a wide variety of duties, ranging from evaluating and drafting contracts to litigating disputes that may arise. These rental real estate jobs require extensive in-depth knowledge of relevant laws and regulations associated with renting properties, as well as solid communication and negotiation skills to find the best solution to any contentious issues.
Disclaimer: The information provided on this website does not, and is not intended to, constitute legal advice. As such, all information, content, and materials available on this site are for general informational purposes only.