by In2assets  |   February 16, 2015

Letting procedures must be in line with the law.

Letting Real Estate is a serious business and a landlord needs to be equipped for the implementation.

Letting Real Estate is a serious business. There can be many legal and financial consequences when not done properly. Most Landlords think it is as simple as just renting out their rental property to a tenant until they face some problems. Some Landlords end up in a court case or living an ongoing battle that is wasting resources and energies unnecessary. 

To help you navigate through the challenges of being a Landlord here are some of the most common mistakes that Landlords make. Be aware of them and ensure you are fully knowledgeable about the law pertaining to rental contracts.

•            The failure to properly screen applicants

•            Using rental deposits incorrectly

•            Improperly completing the lease and rental agreement

•            Failing to issue proper notice before entering a tenants unit

•            Failing to respond to repair requests in a timely manner

•            Failing to conduct a thorough walk-through with a move-in and / or move-out checklist

•            Failure to return a security deposit within the timeline stipulated by law

•            Failure to perform and report Security Deposit Accounting and complete it correctly

Make always sure to comply with the legal requirements in respect of a lease agreement and know the tenants’ rights and the landlord’s rights. Become a member of the in2assets buyers’ club and you will gain access to vital information guiding property investors.