When new landlords
get into the business, sometimes they think success comes down to using common
sense and building relationships. They think if they perform the proper tenant screening and get someone to
sign a lease, they’ll be good to go.
While in theory these are two of the most basic practices in
the business of renting property, a good landlord understands that the
tenant-landlord relationship is regulated by very important laws, laws you should
familiarize yourself with before that first lease is signed. Most aspects of
landlord-tenant relationships are regulated by state and local landlord-tenant laws. But federal law
also comes into play, especially when it comes to preventing forms of discrimination
when selecting tenants and making proper accommodations for their needs.
Landlord-Tenant
Law protects landlords and tenants in the renting of real property, both
residential and commercial. It defines the rights and obligations of landlords
and tenants during the tenancy. A number of states have based their statutory
law on either the Uniform Residential Landlord and Tenant Act (URLTA) or the
Model Residential Landlord Tenant Code. Some city and county governments also
have enacted various landlord-tenant regulations that you should be aware of
before beginning your business.
Failure to obey the law can be costly, and ignorance of the
law is not a legal excuse. So look up the various state and local laws and read
through them carefully before you select your first tenant and sign your first
lease.
