Plano real estate is governed by numerous laws and regulations. It is vital that your Plano property managers are aware of and understand these laws to protect you from the legalities of breaking them.
Regulations on Cost and Fees for Plano Property Managers
- What is the limit on rent amount?
Texas does not impose a limitation on rent amount. Landlords can raise rent rates, but depending on the lease agreement there are regulations about giving a rent-increase notification before the rates go up.
- What is the limit on application fees?
Texas does not impose a limitation on application fees. Fees differ from application deposits that imply you intend to sign a lease if your application is approved and holds a rental from being leased by someone else. The fee is to cover the time and expense the landlord uses to process an application. Plano property managers usually do not return fees if the application is rejected, but deposits should be returned if it is the landlord that is choosing not to lease to a serious applicant.
- What is the limit on security deposits?
Texas does not impose a limitation on security deposits. Deposits are collect to cover any future repair needs when a tenant moves out. State laws require that owners keep a written record of the money used for specific repairs and that security deposits that are not used for repairs be returned within 30 days of the move-out.
- What restrictions exist for late fees?
Late fees will vary from unit to unit. If a landlord incurs a late fee, like a fee to a mortgage company, for example, that fee can roll down to the tenant. Fees must be clearly outlined in the lease and cannot be imposed until at least one day beyond the due date.
- What restrictions exist for fees imposed when a rent check doesn’t clear?
Texas Business and Commerce Code Section 3.506(a) outlines the maximum charge for this fee to be $30.
Other Regulations for Plano Property Managers
- Is a separate bank account needed for security deposits?
Texas does not impose this regulation on security deposits; however, detailed and accurate records for security deposits are vital.
- Are there regulations for pet fees, deposits, and rent?
Texas leasing laws do not regulate how a landlord charges a tenant for having pets. The lease agreement should explain policies and charges if pets are allowed in unit. A pet occupant can be charged an additional monthly rent amount, a one-time pet deposit, or fees based on incurred damage. What a unit’s pet policy will be is entirely up to the property management. Plano owners that allow pets in their units need to make sure that pet policies are carefully detailed in the lease agreement.
Leasing property is more than just collecting the rent. Specialized Property Management has over thirty years experience writing leases, explaining policies, and keeping investment property compliant with rental laws. Learn more about what Specialized Property Management can do for your investing success. Contact us today!