Landlording 101
Category Property News
The pandemic forced landlords to take great cuts in rental income to accommodate their tenant's financial situations. Be aware of your rights and obligations as a landlord;
- Agreements must be communicated, preferably in writing confirming the parties' details, property description, rental charged and the duration of term
- The deposit, the amount used to settle any damages claims or outstanding arrears, must be kept in an interest bearing trust account
- Deposits should be returned within 7 days after the termination of the lease term, should no damages be claimed
- Upon early lease termination, the tenant is liable for the rental, penalty for the loss of rental whilst the property remains vacant, and commission costs
- Should a tenant default on rent, it is a criminal offence to lock a tenant out of the property, disconnect utilities or remove their possessions
Utilise an estate agency to ensure proper credit checks are conducted to safeguard yourself as a landlord.
Author: Prime Property Marketing
