Laurence Harmon

Being a landlord certainly sounds easy. All you have to do is line up responsible residents, maintain the property, and count your money as the rent rolls in, right? Actually, no. Owning and leasing residential real estate requires that you comply with a host of federal, state, and local laws. Certain residents may complicate your life by taking legal action against you or forcing you to take legal action against them.

As the landlord, you may think that changing the terms of a rental contract is necessary. But, when can you do that? When you and your resident sign a rental contract, neither party can change the terms of the contract except in the following situations: You and your resident have a month-to-month rental contract, and you’ve given the resident notice of the change as required by your state.

Carefully screening applicants is essential to keep your rental units occupied with residents who pay on time, take care of the property, and get along with their neighbors. Careful screening can help you avoid legal issues, because you have less need to take legal action against good residents, and they’re less likely to file legal claims against you.

As a landlord, you can choose to document your arrangement with renters using a lease or a rental agreement. You should know what each of these is and which is best for any given situation. All enforceable contracts, including leases and rental agreements, have three requirements: Offer: One party offers the other something in return for receiving something else.

If you’re thinking about buying a rental property and becoming a landlord, you need to start by researching the property and its current residents, if any, and finding out exactly what’s included in the sale. During the due diligence period, which is when your escrow and purchase are pending, ask lots of questions.

Landlords and residents often have many good reasons to terminate a lease. Maybe a resident is getting married, or moving out of town for word. In any case, you can terminate a lease in any of the following three ways: Let the lease expire and don’t renew it. Mutually agree with your resident to end the lease.

As a landlord, it’s good for you to realize that resident rights extend beyond the doors of their dwellings and beyond the confines of the rental property. You also need to respect and protect any personal data you collect about residents, avoid the temptation to contact your resident at work, and be very careful not to spread negative rumors about a resident.

Dozens of federal, state, and local laws govern the residential rental industry and the landlord-resident relationship. All of these laws are important. The following calls to your attention ten important laws for you to know and follow when you're a landlord. The Fair Housing Act The Fair Housing Act prohibits you from discriminating against applicants or residents based on any of the seven protected classes: Race Color Sex National origin Religion Handicap Family status The Fair Housing Act establishes only the minimum protections.