A landlord is a person or organization that leases a portion of a building or land to a tenant. The most commonly known landlords are property owners who lease out apartments, commercial buildings, homes, condos, and town-homes. Typically when a space is rented to a tenant, the property owner is compensated in the form of rent.
This is a widely viewed and accepted definition of what a landlord is. Today, we will be focusing on leasing out residential property in the form of apartments, condos, town-homes, multifamily and single-family homes.
So what does it really mean to own property and rent if out to someone else?
Digging a little deeper, when property is leased out, the owner is transferring certain rights to the tenant. Some of the more prominent rights include the ability to restrict others from accessing the property, peaceful enjoyment of the property and its amenities, controlling the activities that take place at the property, and finally the ability to reside, occupy or live in the property.
In addition to relinquishing many rights to the tenant, a landlord also assumes responsibility. You didn't think it would be that easy, did you?
While laws vary from one city to another, property owners typically have a requirement to maintain the property in a certain condition. In many cases this includes things like providing hot and cold running water, trash and sewage disposal, heating and air conditioning, and finally a roof over someone’s’ head with locks and keys to provide the tenant with a certain level of security.
Risk and liability is something else that landlords take on when leasing out property. This is by far the most important and one of the most difficult aspects of being a landlord; mainly because it is not always easy to see or identify the kinds of risks that exist. Types of risks include concerns over the safety and well-being of the tenant, protecting the property from damage, the impact that the lease or tenant can have on others, and the financial responsibility that comes with owning the property.
This site will go beneath the surface and discuss key issues that affect property owners on a regular basis. Ranging from their implied obligations to the risks that they face and provide them with valuable tools and solutions that will help manage the daily challenges of being landlord.
July 27, 2013