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.

Landlord's Legal Kit For Dummies has more than 150 forms that can help make being a landlord easier. Following the law and making sure you're complying with legal developments can improve the odds of staying out of trouble and increase your probability of success with your income-producing real estate investments.

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.

If you hire an individual to manage one or more properties for you, you become an employer (if you aren’t one already) and subject to a host of additional laws and accounting tasks, including the following: Verifying employment eligibility: The Immigration Reform and Control Act (IRCA) requires that you verify any new employee’s identity and complete and submit a United States Citizen and Immigration Services (USCIS) Form I-9 Employment Eligibility Verification form.

Full compliance with fair housing laws doesn’t give landlords immunity from prosecution. Anyone can file a claim of housing discrimination against you, and you can be hauled into court over even frivolous lawsuits. The following information clarifies the legal process, so you know what to expect if someone files a housing discrimination claim against you.

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.

Residents often need or want to take on a new roommate, sublet the rental unit, or assign their rental contract to someone else. To deal with these types of situations, consider this advice when you’re a landlord: Require that all prospective roommates be screened and added to the rental contract. Prohibit residents from subletting their rental units.

One of the most common sources of landlord-resident disputes is the return of security deposits. To prevent confusion and disagreements, make sure you establish security deposit policies and procedures that address the following: Amount: Usually no more than the equivalent of one- or two-month's rent. Some states and municipalities have specific limits.