|Real Estate Information|
Hey Landlord! Is Your Lease Legal?
The longer you are a landlord the more you strive to create the perfect lease/rental agreement. Landlords learn in the school of hard-knocks that some tenants are certified trouble makers and we try our best to protect ourselves with a carefully structured restrictive lease.
That's just good business.... but be careful you don't include any provisions in your lease that may not be legal. For example...
It would be illegal to include a provision that states the resident agrees not to include his or her lease (the lease on your property) in their bankruptcy filing... should their bankruptcy become necessary.
Bankruptcy laws are Federal.. lease law is state law.
Anyone can file for bankruptcy and invoke all protections afforded to them by the U.S. Bankruptcy Code... including not making lease payments... at least temporarily.
Here's another caution...
It would be illegal for your lease to require that residents be responsible for injuries he or she sustain during the lease term. The law can legally hold landlords liable for damages and injuries caused due to negligence. A landlord cannot contract that away.
How about repairs....
The same would apply to a requirement that the tenant be responsible for all necessary repairs. In every state the law mandates that landlords perform certain repairs to maintain the property and keep it habitable.
Does your lease contain a clause concerning attorney fees?...
Requiring a renter to pay for all of the landlord's legal fees and costs regardless of a court case out come would also be a lease no-no.
Most good leases have stood the test of time and will help you avoid legal problems. Just don't ask tenants to sign it until you have read and completely understand every line of the lease you are using.
You'll find the lease we use here...
Mark Walters is a third generation real estate investor who shares his experience from two Web sites... CashFlowInstitute.tk ThePowerLetter.tk
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Homeowners who are seeking a property appraiser often ask "How should I choose which real estate appraiser to use?" When selecting a property appraiser, keep the following in mind:Always make sure a property appraiser is licensed or certified by the state to perform real estate appraisals. While state licensing and/or certification isn't always an indication of quality, it ensures that an individual is has met certain standards and been authorized to perform property appraisals.
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How to Get Started in the Real Estate Game Fixing and Flipping Houses
If you're looking to get started investing in real estate by fixing and flipping houses, you'll want to know what to type of property to buy. Many real estate investors make millions turning ugly houses into dollhouses.
Real Estate: A Strong Investment
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Property Investing Secrets 1
When property investing, pay the seller their asking price but negotiate the terms under which you can buy property. You'd be absolutely surprised when property investing at how many sellers will help fund you into their property.
Buy or Sell First?
When it comes to home buying, the ideal situation would be to find a new home, just as you receive an offer on your existing home. You would then be able to close concurrently and move into your new home a few days prior to closing on your previous home.
Is a Vacation Home Right for You?
Many of us dream about owning the vacation home in the Mountains, or on the Lake or Ocean. A place where one can retreat periodically from the hustle-bustle of everyday life.
Home Selection Checklist - A Good Aid When Choosing a Home
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