Being a landlord is a tough job. In addition to keeping up on the maintenance to one or more residences, you may sometimes have trouble getting your tenants to pay the rent. Your ability to collect the money owed to you starts with the language in your lease agreement. A Real Estate Attorney in Bremerton WA may be able to help you draft a lease that protects you against property damage and nonpayment of rent by tenants who don’t respect your property.
With a legally enforceable lease, you will be able to evict a tenant who doesn’t follow your rules. Your lease should include your tenant’s rights as well as their responsibilities. Be sure to keep up your end of the agreement as well. If your lease says you will pay for annual maintenance to your HVAC system, you need to do it. You will also need to respond promptly to any requests for maintenance from your tenants. In some cases, you may be able to charge them for repairs, but you have to respond to their calls to avoid a lawsuit for breach of contract.
When you choose a Real Estate Attorney in Bremerton WA who also handles business formation issues, you may also get advice about how to structure your real estate business so you can limit your personal liability. Many property owners register as limited liability companies to avoid losing their personal assets if they are sued by a disgruntled tenant. Your attorney may also recommend business insurance to cover your liability in such cases. This insurance is separate from the property insurance that protects your building against losses related to fire, storm damage and vandalism.
An experienced real estate attorney can be a tremendous asset to a landlord and may save a lot of money over time. In addition to helping you with your lease, a lawyer may also help you with any issues that arise over the course of your venture as a real estate investor. If you decide you want to invest in more property, your lawyer may be able to help you negotiate a contract. Visit Silverdalelawyers.com for more information.
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