You know that owning a rental property can be a profitable, successful, long-term investment. But what you might not know is that there are laws, codes, and regulations that go along with rental property management in Dallas that govern your investment business. Landlords must know all of these rules if they want to avoid a potential lawsuit. Not only are lawsuits time-consuming, but they can come with expensive fines. In fact, one legal issue could end up costing the same or more money as the annual profit from a rental property.
Regulations Plano Property Management Need to Know
- Habitability Laws— Although each state is different, most habitability laws require that your rental property is “habitable” or “livable” for an individual or family. Home Conditions include:
- Having running water
- Protection from the elements
- No mold
- Carbon monoxide and smoke detectors that work properly
- Collection and Eviction Laws— There are rules and regulations in place for collecting rent and evicting residents. If you need to evict a tenant, but don’t take the proper steps, a lawsuit could be in your future.
In addition to these laws, a rental property owner must keep accurate written records of all interactions with tenants. This includes documents relating to financial transactions, notices, complaints, etc. All private information a tenant has filled out in a rental application or at some stage of the leasing agreement process should be kept confidential and secure.
For the best Plano property management, owners trust Specialized Property Management to keep up with landlord and tenant codes and to be in strict compliance with all laws relating to your rental property. In addition to an in-house legal counsel, Specialized Property Management conforms to all trust accounting laws and regulations. We are up to date and current on all:
- State property code laws
- Local city ordinances
- Department of Real Estate
- Tenant screening regulations
- Real estate contract law on residential leases
- Trust and escrow laws on security deposits and monthly rental payments
- Tenant and landlord maintenance laws
- Collection and eviction laws
- Property inspection regulations
Count on Specialized Property Management to be in the know. Our experienced team is ready to work for your rental success. Give us a call today: (214) 233-7572