If you own a rental home, there are hefty fines for not following federal, state, and local laws. Your profits drastically decrease if caught up in legal trouble. When working with a property management company, Plano landlords can avoid costly landlord mistakes when educated on applicable rules and regulations. Specialized Property Management is a Plano property management company available to help you understand the potential legal pitfalls you face as a rental homeowner.
WAYS YOU CAN VIOLATE THE LAW
When selecting tenants, be mindful of Fair Housing laws and do not discriminate. This includes being aware of the Americans with Disabilities Act. Landlords cannot restrict or charge for service animals.
Homeowners must comply with habitability laws. You must urgently and effectively take care of any safety or structural concerns. This includes mold and foundation issues. Furthermore, all smoke alarms and carbon monoxide detectors should be in working order.
Tenant information must be kept strictly confidential. Keep all records and documents in a safe place. Any correspondence such as leases, complaints, notices, and accounting details need to be safely maintained even once tenants move out. Also, properly handle all security deposits and funds. There are trust and escrow laws on security deposits and monthly rental payments.
PROTECT YOUR PROPERTY WITH THE HELP OF A PLANO PROPERTY MANAGEMENT COMPANY
Specialized Property Management is a property management company Plano homeowners can turn to for reliable information on all laws and regulations. We understand the rental industry and know what is required to safeguard your rental investment. Put our experienced team to work for you. Contact us today.